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    BE3-2 A. Item Type of Adjustment

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    Yurika Fadilla
    The document provides information on adjusting journal entries for various accounts including: 1) Prepared expenses, accrued revenues, accrued expenses, and unearned revenues 2) The effect of various adjustments on account balances 3) Cash basis vs accrual basis net income calculations 4) Examples of adjusting journal entries 5) Trial balance of Cuono Company after adjusting entries The document contains information on adjusting accounting records and calculating accrual basis income.

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    BE3-2 A. Item Type of Adjustment

    Uploaded by

    Yurika Fadilla
    105 views7 pages
    The document provides information on adjusting journal entries for various accounts including: 1) Prepared expenses, accrued revenues, accrued expenses, and unearned revenues 2) The effect of various adjustments on account balances 3) Cash basis vs accrual basis net income calculations 4) Examples of adjusting journal entries 5) Trial balance of Cuono Company after adjusting entries The document contains information on adjusting accounting records and calculating accrual basis income.

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    Tugas 3 Akuntansi

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    The document provides information on adjusting journal entries for various accounts including: 1) Prepared expenses, accrued revenues, accrued expenses, and unearned revenues 2) The effect of various adjustments on account balances 3) Cash basis vs accrual basis net income calculations 4) Examples of adjusting journal entries 5) Trial balance of Cuono Company after adjusting entries The document contains information on adjusting accounting records and calculating accrual basis income.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    105 views7 pages

    BE3-2 A. Item Type of Adjustment

    Uploaded by

    Yurika Fadilla
    The document provides information on adjusting journal entries for various accounts including: 1) Prepared expenses, accrued revenues, accrued expenses, and unearned revenues 2) The effect of various adjustments on account balances 3) Cash basis vs accrual basis net income calculations 4) Examples of adjusting journal entries 5) Trial balance of Cuono Company after adjusting entries The document contains information on adjusting accounting records and calculating accrual basis income.

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    BE3-2

    A.

    Item Type of adjustment

    1 Prepared Expenses

    2 Accrued Revenues

    3 Accrued Expenses

    4 Unearned Revenues

    B.

    Item Account balances before adjustment


    1 Assets overstated
    Expenses understated

    2 Assets understated
    Revenues understated

    3 Expenses understated
    Liabilities understated

    4 Liabilities overstated
    Revenues understated

    E3-3

    a. Cash received from revenue $112,000


    Cash paid for expenses (72,000)
    Cash-basis net income $40,000

    b. Revenues $126,000
    Expenses (82,000)
    Accrual-basis net income $44,000
    E3-5

    1. Interest Expenses 3,600


    Interest Payable
    ($240,000 x 6% x 3/12) 3,600

    2. Supplies Expenses 50,100


    Supplies
    ($73,500 - $23,400) 50,100

    3. Depreciation Expenses 30,000


    Accumulate Depreciation Equipment 30,000

    4. Insurance Expenses 36,750


    Prepaid Insurance
    ($63,000 x 7/12) 36,750

    5. Unearned Service Revenue 225,000


    Service Revenue
    ($900,000 x 1/4) 225,000

    6. Accounts Receivable 117,000


    Service Revenue 117,000

    7. Salaries and wages Expenses 162,000


    Salaries and wages payable
    ($270,000 x 3/5) 162,000
    P3-1A
    (a)
    J3
    Date Account Titles and Explanation Ref. Debit Credit
    2017
    June 30 Supplies Expense 631   1,260
    Supplies
      (€1,600 – $340) 126 1,260 

    30 Utilities Expense 732   185


    Accounts Payable 201   185

    30 Insurance Expense 722   250


    Prepaid Insurance
      (€3,000 : 12 bulan) 130   250

    30 Unearned Service Revenue 209 2,500


    Service Revenue 400 2,500

    30 Salaries and Wages Expense 726 1,600


    Salaries and Wages
       Payable 212 1,600

    30 Depreciation Expense 711   300


    Accumulated Depreciation—
      Equipment 158   300

    30 Accounts Receivable 112 2,400


    Service Revenue 400 2,400
    (b)

    Cash No. 101


    Date Explanation Ref. Debit Credit Balance
    2017
    June 30 Balance  6,200

    Accounts Receivable No. 112


    Date Explanation Ref. Debit Credit Balance
    2017
    June 30 Balance   6,000
    30 Adjusting J3 2,400  8,400

    Supplies No. 126


    Date Explanation Ref. Debit Credit Balance
    2017
    June 30 Balance   1,600
    30 Adjusting J3 1,260  340

    Prepaid Insurance No. 130


    Date Explanation Ref. Debit Credit Balance
    2017
    June 30 Balance   3,000
    30 Adjusting J3 250  2,750

    Equipment No. 157


    Date Explanation Ref. Debit Credit Balance
    2017
    June 30 Balance  14,400
    Accumulated Depreciation Equipment No. 158
    Date Explanation Ref. Debit Credit Balance
    2017
    June 30 Adjusting J3 300    300

    Accounts Payable No. 201


    Date Explanation Ref. Debit Credit Balance
    2017
    June 30 Balance   4,700
    30 Adjusting J3 185 4,885

    Unearned Service Revenue No. 209


    Date Explanation Ref. Debit Credit Balance
    2017
    June 30 Balance   4,000
    30 Adjusting J3 2,500  1,500

    Salaries and Wages Payable No. 212


    Date Explanation Ref. Debit Credit Balance
    2017
    June 30 Adjusting J3 1,600 1,600

    Share Capital—Ordinary No. 311


    Date Explanation Ref. Debit Credit Balance
    2017
    June 30 Balance  20,000

    Service Revenue No. 400


    Date Explanation Ref. Debit Credit Balance
    2017
    June 30 Balance   7,900
    30 Adjusting J3 2,500 10,400
    30 Adjusting J3 2,400 12,800
    Supplies Expense No. 631
    Date Explanation Ref. Debit Credit Balance
    2017
    June 30 Adjusting J3 1,260 1,260

    Depreciation Expense No. 711


    Date Explanation Ref. Debit Credit Balance
    2017
    June 30 Adjusting J3 300   300

    Insurance Expense No. 722


    Date Explanation Ref. Debit Credit Balance
    2017
    June 30 Adjusting J3 250   250

    Salaries and Wages Expense No. 726


    Date Explanation Ref. Debit Credit Balance
    2017
    June 30 Balance   4,400
    30 Adjusting J3 1,600  6,000

    Rent Expense No. 729


    Date Explanation Ref. Debit Credit Balance
    2017
    June 30 Balance  1,000

    Utilities Expense No. 732


    Date Explanation Ref. Debit Credit Balance
    2017
    June 30 Adjusting J3 185   185
    (c) CUONO COMPANY
    Adjusted Trial Balance
    June 30, 2017

    Debit Credit
    Cash  € 6,200
    Accounts Receivable   8,400
    Supplies 340
    Prepaid Insurance   2,750
    Equipment  14,400
    Accumulated Depreciation—
      Equipment € 300
    Accounts Payable   4,885
    Unearned Service Revenue   1,500
    Salaries and Wages Payable   1,600
    Share Capital—Ordinary  20,000
    Service Revenue  12,800
    Supplies Expense 1,260
    Depreciation Expense     300
    Insurance Expense     250
    Salaries and Wages Expense   6,000
    Rent Expense   1,000
    Utilities Expense     185              
    €41,085 €41,085

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