Expert answer:ACCT 220 Accounting I Homework (Please show work)

Answer & Explanation:ACCT 220 Week 2 Homework – Chapter 3.xls
acct_220_week_2_homework___chapter_3.xls

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Name:
B-03.04
Date:
Section:
Following are three separate transactions that pertain to prepaid items. Evaluate each
item and prepare the journal entries that would be needed for the initial recording and
subsequent end-of-20X3 adjusting entry. Assume the company uses the balance sheet
approach, and the initial recording is to an asset account. The company has a calendar
year-end and does not make any adjusting entries prior to December 31.
(1) The company purchased an 18-month insurance policy for $18,000 on June 1, 20X3.
GENERAL JOURNAL
Date
Accounts
Debit
Credit
1-Jun
31-Dec
The company started 20X3 with $20,000 in supplies (this was previously recorded, and
(2) you do not need to make an entry for the beginning balance), purchased $30,000 in
supplies during the year, and found only $13,000 in supplies on hand at the end of 20X3.
GENERAL JOURNAL
Date
Accounts
Debit
Credit
various
31-Dec
(3)
The company paid $2,500 to rent a truck. The rental period began on December 16,
20X3, and ends on February 14, 20X4.
Name:
B-03.04
Date:
Section:
GENERAL JOURNAL
Date
16-Dec
31-Dec
Accounts
Debit
Credit
Name:
B-03.05 (a)
Date:
Section:
Mohamed Bakar Alidini recently formed a business in the Republic of Yemen to process
liquefied natural gas for export to other countries. Natural gas can be converted to a liquid by
cooling it to -163 degrees Celsius. It then assumes a highly compressed state and can be
transported by specially designed cryogenic vessels. Mohamed’s business invested
80,000,000 (Yemeni Rials/YER) in a cooling/containment chamber with a 4-year life. The
chamber will have no remaining value at the end of the 4-year period.
(a)
(b)
Prepare journal entries to record annual depreciation for each of the four years, assuming
Alidini uses the straight-line method.
Show how the annual depreciation will appear in each year’s income statement.
(c) Show how the asset, and related accumulated depreciation will appear in each year’s
balance sheet.
GENERAL JOURNAL
Date
20X1
20X2
20X3
20X4
Accounts
Debit
Credit
Name:
Date:
B-03.05 (a)
Section:
Name:
Date:
B-03.05 (a)
Section:
Name:
Date:
B-03.05 (a)
Section:
Name:
Date:
B-03.05 (a)
Section:
ALIDINI CORPORATION
Income Statement
For the Year Ending December 31, 20X1
…
Expenses
…
Depreciation
…
ALIDINI CORPORATION
Balance Sheet
December 31, 20X1
Name:
Date:
B-03.05 (a)
Section:
Assets
…
Cooling chamber
Less: Accumulated depreciation
…
ALIDINI CORPORATION
Income Statement
For the Year Ending December 31, 20X2
…
Expenses
…
Depreciation
…
ALIDINI CORPORATION
Balance Sheet
December 31, 20X2
Assets
…
Cooling chamber
Less: Accumulated depreciation
…
ALIDINI CORPORATION
Income Statement
For the Year Ending December 31, 20X3
…
Expenses
Name:
Date:
B-03.05 (a)
Section:
…
Depreciation
…
ALIDINI CORPORATION
Balance Sheet
December 31, 20X3
Assets
…
Cooling chamber
Less: Accumulated depreciation
…
ALIDINI CORPORATION
Income Statement
For the Year Ending December 31, 20X4
…
Expenses
…
Depreciation
…
ALIDINI CORPORATION
Balance Sheet
December 31, 20X4
Assets
…
Cooling chamber
Less: Accumulated depreciation
…
Name:
Date:
B-03.05 (a)
Section:
Name:
B-03.06
Date:
Section:
Stargate Publishing issues the Weekly Window. The company’s primary sources of revenue
are sales of subscriptions to customers and sales of advertising in the Weekly Window.
Stargate owns its building and has excess office space that it leases to others.
The following transactions involved the receipt of advance payments. Prepare the indicated
journal entries for each set of transactions.
On September 1, 20X5, the company received a $24,000 payment from an advertising
(1) client for a 6-month advertising campaign. The campaign was to run from November,
20X5, through the end of April, 20X6. Prepare the journal entry on September 1, and the
December 31 end-of-year adjusting entry.
GENERAL JOURNAL
Date
Accounts
Debit
Credit
1-Sep
31-Dec
The company began 20X5 with $120,000 in unearned revenue relating to sales of
subscriptions for future issues. During 20X5, additional subscriptions were sold for
(2) $1,230,000. Magazines delivered during 20X5 under outstanding subscriptions totaled
$1,020,000. Prepare a summary journal entry to reflect the sales of subscriptions, and the
end-of-year adjusting entry to reflect magazines delivered.
GENERAL JOURNAL
Date
various
31-Dec
Accounts
Debit
Credit
Name:
B-03.06
Date:
Section:
The company received a $3,000 rental payment on December 16, 20X5, for the period
(3) running from mid-December to Mid-January. Prepare the December 16 journal entry, as
well as the December 31 end-of-year adjusting entry.
GENERAL JOURNAL
Date
16-Dec
31-Dec
Accounts
Debit
Credit
Name:
B-03.07
Date:
Section:
Creative Hearing Technologies of London recently introduced a Bluetooth-enabled hearing aid
that allows hearing-disabled users to not only hear better, but also interface with their cell
phones and digital music players.
The company reports the following four transactions and events related to December of 20X7,
and is seeking your help to prepare the end-of-year adjusting entries needed at December 31.
(1)
On December 1, the company borrowed £10,000,000 at an 8% per annum interest rate.
The loan, and all accrued interest, is due in 3 months.
Early in December, the company licensed its new technology to Apple Bites Computer,
Inc., for use in Apple’s existing product lines. The agreement provides for a royalty
(2) payment from Apple to Creative based on Apple’s sales of products using the licensed
technology. As of December 31, £45,000 is due under the agreement for actual sales
made by Apple to date.
(3)
Creative pays many employees on an hourly basis. As of December 31, there are 5,320
unpaid labor hours already worked, at an average hourly rate of £17.
(4)
The company estimates that utilities used during December, for which bills will be received
in January, amount to £20,000.
GENERAL JOURNAL
Date
31-Dec
31-Dec
31-Dec
31-Dec
Accounts
Debit
Credit
Name:
Date:
B-03.07
Section:
…
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