Questions5213830 (1)

School: Jefferson Community and Technical College - Course: ART MISC - Subject: Accounting

Solutions for Mastery Assignment Chapter 4 Question 1 TransactionsType of adjustment Rent paid in advance for use in propertyDeferred expense Cash received in advance for future servicesDeferred revenue Supplies inventory purchasedDeferred expense Fees earned but not yet collectedAccrued revenue Question 2 A.December adjusting journal entry to bring the balances to correct B.The impact that these transactions had C. Journal DateAccount particularsDebitCredit Dec. 31Legal revenueUnearned revenueTo record the revenue already earned $1,500 $1,500 Question 3 The December 31 adjusting journal entry to bring the balances to correct Journal DateAccount particularsDebitCredit Dec. 31Salary expensePayable salariesTo record payment of salaries $3,575 $3,575 Question 4 A.Journal entries for the original transactions B.Journal entries for the December 31 adjustment needed to bring the balances to correct.

2 C.Activity with the ending balance Journal DateAccount particularsDebitCredit Jan. 1SuppliesCashTo record supplies purchases $8,500 $8,500 Journal DateAccount particularsDebitCredit Jan. 1Supplies expenseSuppliesTo record the supplies used $7,300 $7,300 Question 5 Prepare journal entries to record the following business transaction and related adjusting entry: A.January 12, purchased supplies for cash to be used all year $3,850 Journal DateAccount particularsDebitCredit Jan. 12Supply expenseCashTo record the supplies purchased $3,850 $3,850 B.December 31, physical count of remaining supplies, $800 Journal DateAccount particularsDebitCredit Jan. 1Supplies expenseSuppliesTo record the supplies used $3,050 $3,050