ACC – Week 3 – Homework Questions and Answers

ACC Week 3 Questions and Answers
11 pages of Homework Screenshots
Examples:

Question 1
Windsor Advertising Company’s trial balance at December 31 shows Advertising Supplies $6,700 and Advertising
Supplies Expense $0. On December 31, there are $2,700 of supplies on hand.
Prepare the adjusting entry at December 31.

Question 2
On July 1, 2010, Spahn Co. pays $18,000 to Randle Insurance Co. for a 3-year insurance contract. Both companies have
fiscal years ending December 31. Prepare the journal entry on July 1 and the adjusting entry on December 31 for Randle
Insurance Co.

Question 3
The trial balance of Bair Company includes the following balance sheet accounts. Identify the accounts that require
adjustment. For each account that requires adjustment, indicate (a) the type of adjusting entry (prepaid expenses,
unearned revenues, accrued revenues, and accrued expenses) and (b) the related account in the adjusting entry.

Question 4
Drew Carey Company has the following balances in selected accounts on December 31

Question 5
Affleck Company accumulates the following adjustment data at December 31

Question 6
The income statement of Benning Co. for the month of July shows net income of $1,400 based on Service Revenue
$5,500, Wages Expense $2,300, Supplies Expense $1,200, and Utilities Expense $600. In reviewing the statement, you
discover the following.

Question 7
Neosho River Resort opened for business on June 1 with eight air-conditioned units. Its trial balance before adjustment
on August 31 is as follows.
NEOSHO RIVER RESORT
Trial Balance

In addition to those accounts listed on the trial balance, the chart of accounts for Neosho River Resort also contains the
following accounts and account numbers: No. 112 Accounts Receivable, No. 144 Accumulated Depreciation-Cottages,
No. 150 Accumulated Depreciation-Furniture, No. 212 Salaries Payable, No. 230 Interest Payable, No. 620 Depreciation
Expense-Cottages, No. 621 Depreciation Expense-Furniture, No. 631 Supplies Expense, No. 718 Interest Expense, and
No. 722 Insurance Expense.

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