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Question 7 – Set 2
(TCO F) This is a 2-part question.
Part 1) Journalize the adjusting entries below at year-end December 31,
XXXX. Please share your supporting calculations for the adjusting
entries requiring computations.
Beginning prepaid insurance, $500. Payments for insurance during the
period are $900. Ending prepaid insurance is $600.
(b) Interest revenue of $1,500 has been earned but not yet received.
(c) Accrued Service Revenue of $12,000
(d) The weekly payroll is $20,000. Employees are owed for 4 days of a
5-day work week.
The unadjusted balance of the Supplies account is $1,200. The total cost
of supplies remaining is $300.
(f) Equipment was purchased at the beginning of the year for $25,000.
The equipment’s useful life is 5 years, and the residual value is $5,000.
Record the depreciation for this year.
Question 8.8.
(TCO G) Please review the following 6 ratios for Johnson Company and
Lee Enterprises for the year ended 2014, and address the 2 questions
below.
Instructions: This is a 2-part question.
(1) Explain the meaning of each of the Johnson Company ratios above.
(18 points)
(2) State which company performed better for each ratio. (18 points)
(Points : 36)
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