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ACCT 212 Week 3 Homework Assignment (100%correct answers)

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1. Question: Golden Eagle Company prepares monthly financial statements for its bank. The November 30 adjusted trial balance includes the following account information: …….. The following informat ion is known for the month of December: 1. Purchases of supplies during December total $4,500. Sup...

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  • September 9, 2022
  • 11
  • 2022/2023
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  • acct 212 week 3 homework assignment 100correct answers
  • 1 question golden eagle company prepares monthly financial statements for its bank the november 30 adjusted trial balance includes the foll

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Week Three Homework:

1. Golden Eagle Company prepares monthly financial statements for its
bank. The November 30 adjusted trial balance includes the following
account information:




- 1. Purchases of supplies during December total $4,500.
Supplies on hand at the end of December equal $3,500.
Supplies $2,000 + Supplies purchased $4,500 =
$6,500
Less: $3,500 on hand
Equals 3,000 used during December
Supplies Expense Debit $3,000
Supplies Credit $3,000
- 2. No insurance payments are made in December. Insurance
cost is $2,000 per month.
Insurance Expense Debit $2,000
Prepaid Insurance Credit $2,000
- 3. November salaries payable of $11,000 were paid to
employees in December. Additional salaries for December
owed at the end of the year are $16,000.
Salaries Payable Debit $11,000
Cash Credit $11,000
Adjusting Entry
Salaries Expense Debit $16,000
Salaries Payable Credit $16,000
- 4. On November 1, a tenant paid Golden Eagle $4,500 in
advance rent for the period November through January,
and Deferred Revenue was credited for the entire amount.
Cash Debit $4,500
Deferred Revenue Credit $4,500
Rent per month = $4,500/3 = $1,500
Adjusting Entry
Deferred Revenue Debit $1,500
Service Revenue Credit $1,500
2. Consider the following transactions for Huskies Insurance Company:

, - 1. Equipment costing $36,600 is purchased at the beginning
of the year for cash. Depreciation on the equipment is $6,100
per year.
Depreciation Expense Debit $6,100
Accumulated Depreciation Credit $6,100
- 2. On June 30, the company lends its chief financial officer
$41,000; principal and interest at 7% are due in one year.
Amount of Principal ($41,000) x Annual interest rate (7%)
x Fraction of the year (6/12) = Interest
$1,435
Interest Receivable Debit $1,435
Interest Revenue Credit $1,435
- 3. On October 1, the company receives $12,400 from a
customer for a one-year property insurance policy. Deferred
Revenue is credited.
Advance payment ($12,400) x Fraction of the year (3/12)
= Revenue Earned $3,100
Deferred Revenue Debit $3,100
Service Revenue Credit $3,100
3. Consider the following situations for Shocker:
- 1. On November 28, 2021, Shocker receives a $4,200
payment from a customer for services to be rendered evenly
over the next three months. Deferred Revenue is credited.
Cash Debit $4,200
Deferred Cash $4,200
Service Revenue for December = $4,200/3 = $1,400
Adjusting Entry:
Deferred Revenue Debit $1,400
Service Revenue Credit $1,400
- 2. On December 1, 2021, the company pays a local radio
station $2,640 for 30 radio ads that were to be aired, 10 per
month, throughout December, January, and February. Prepaid
Advertising is debited.
Prepaid Advertising Debit $2,640
Cash Credit $2,640
Advertising Expense = $2,640/3 = $880
Adjusting Entry:
Advertising Expense Debit $880
Prepaid Advertising Credit $880
- 3. Employee salaries for the month of December totaling
$7,800 will be paid on January 7, 2022.

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