acct 557. need help

Elvira Industries had the following transactions.

1.		Borrowed $6,289 from the bank by signing a note.
2.		Paid $3,144 cash for a computer.
3.		Purchased $566 of supplies on account.

(a) Indicate what accounts are increased and decreased by each transaction.

		Debit Analysis				Credit Analysis
1.		[removed]		[removed]		[removed]		[removed]
2.		[removed]		[removed]		[removed]		[removed]
3.		[removed]		[removed]		[removed]		[removed]

(b) Journalize each transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.	Account Titles and Explanation	Debit	Credit
1.	[removed]	[removed]	[removed]
	[removed]	[removed]	[removed]
2.	[removed]	[removed]	[removed]
	[removed]	[removed]	[removed]
3.	[removed]	[removed]	[removed]
	[removed]	[removed]	[removed]

Selected transactions from the journal of Roberta Mendez, investment broker, are presented below.

Date		Account Titles and Explanation		Ref.		Debit		Credit
Aug.1		Cash				5,375
		Common Stock						5,375
		(Investment of cash for stock)
10		Cash				2,903
		Service Revenue						2,903
		(Received cash for services provided)
12		Equipment				5,375
		Cash						1,075
		Notes Payable						4,300
		(Purchased office equipment for cash and notes payable)
25		Accounts Receivable				1,720
		Service Revenue						1,720
		(Billed clients for services provided)
31		Cash				914
		Accounts Receivable						914
		(Receipt of cash on account)

Post the transactions to T accounts. (Post entries in the order displayed in the problem statement.)

Cash
[removed]	[removed]	[removed]	[removed]
[removed]	[removed]	[removed]	[removed]
[removed]	[removed]	[removed]	[removed]
[removed]	[removed]	[removed]	[removed]
Accounts Receivable
[removed]	[removed]	[removed]	[removed]
[removed]	[removed]	[removed]	[removed]
Equipment
[removed]	[removed]	[removed]	[removed]
Notes Payable
[removed]	[removed]	[removed]	[removed]
Common Stock
[removed]	[removed]	[removed]	[removed]
Service Revenue
[removed]	[removed]	[removed]	[removed]
[removed]	[removed]	[removed]	[removed]
[removed]	[removed]	[removed]	[removed]

Prepare a trial balance at August 31, 2014.

ROBERTA MENDEZ, INVESTMENT BROKER Trial Balance August 31, 2014
	Debit	Credit
[removed]	$[removed]	$[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
	$[removed]	$[removed]

Presented below is the ledger for Sparks Co.

Cash
No. 101
10/1	5,189	10/4	310
10/10	730	10/12	1,062
10/10	4,472	10/15	176
10/20	555	10/30	297
10/25	1,675	10/31	475
Accounts Receivable
No. 112
10/6	843	10/20	555
10/20	742
Supplies
No. 126
10/4	310
Equipment
No. 157
10/3	3,342	Balance
Notes Payable
No. 200
		10/10	4,472
Accounts Payable
No. 201
10/12	1,062	10/3	3,342
Common Stock
No. 311
		10/1	5,189
		10/25	1,675
Dividends
No. 332
10/30	297
Service Revenue
No. 400
		10/6	843
		10/10	730
		10/20	742
Salaries and Wages Expense
No. 726
10/31	475
Rent Expense
No. 729
10/15	176

Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20 and provide explanations for each. (Record entries in the order displayed in the T-Accounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
[removed]	[removed]	[removed]	[removed]
	[removed]	[removed]	[removed]
	(Issued shares of stock for cash)
[removed]	[removed]	[removed]	[removed]
	[removed]	[removed]	[removed]
	(Received cash for services provided)
[removed]	[removed]	[removed]	[removed]
	[removed]	[removed]	[removed]
	(Obtained loan from bank)
[removed]	[removed]	[removed]	[removed]
	[removed]	[removed]	[removed]
	(Received cash in payment of account)
[removed]	[removed]	[removed]	[removed]
	[removed]	[removed]	[removed]
	(Billed clients for services provided)

Determine the October 31 balance for each of the accounts above, and prepare a trial balance at October 31, 2014.

SPARKS CO. Trial Balance October 31, 2014
	Debit	Credit
[removed]	$[removed]	$[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
	$[removed]	$[removed]

Kara Shin is a licensed CPA. During the first month of operations of her business, Kara Shin, Inc., the following events and transactions occurred.

May 1		Stockholders invested $22,437 cash in exchange for common stock.
2		Hired a secretary-receptionist at a salary of $1,718 per month.
3		Purchased $2,900 of supplies on account from Hartig Supply Company.
7		Paid office rent of $823 cash for the month.
11		Completed a tax assignment and billed client $2,773 for services provided.
12		Received $3,990 advance on a management consulting engagement.
17		Received cash of $1,090 for services completed for Lucille Co.
31		Paid secretary-receptionist $1,718 salary for the month.
31		Paid 45% of balance due Hartig Supply Company.

Kara uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No. 209 Unearned Service Revenue, No. 311 Common Stock, No. 400 Service Revenue, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense.

Journalize the transactions. (Record entries in the order displayed in the problem statement. If no entry is required, select “No entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
[removed]	[removed]	[removed]	[removed]
	[removed]	[removed]	[removed]
[removed]	[removed]	[removed]	[removed]
	[removed]	[removed]	[removed]
[removed]	[removed]	[removed]	[removed]
	[removed]	[removed]	[removed]
[removed]	[removed]	[removed]	[removed]
	[removed]	[removed]	[removed]
[removed]	[removed]	[removed]	[removed]
	[removed]	[removed]	[removed]
[removed]	[removed]	[removed]	[removed]
	[removed]	[removed]	[removed]
[removed]	[removed]	[removed]	[removed]
	[removed]	[removed]	[removed]
[removed]	[removed]	[removed]	[removed]
	[removed]	[removed]	[removed]
[removed]	[removed]	[removed]	[removed]
	[removed]	[removed]	[removed]

Post to the ledger accounts. (Post the entries into ledger in the order displayed in Part 1.)

Cash					No. 101
Date	Explanation	Ref	Debit	Credit	Balance
[removed]		J1	[removed]	[removed]	[removed]
[removed]		J1	[removed]	[removed]	[removed]
[removed]		J1	[removed]	[removed]	[removed]
[removed]		J1	[removed]	[removed]	[removed]
[removed]		J1	[removed]	[removed]	[removed]
[removed]		J1	[removed]	[removed]	[removed]
Accounts Receivable					No. 112
Date	Explanation	Ref	Debit	Credit	Balance
[removed]		J1	[removed]	[removed]	[removed]
Supplies					No. 126
Date	Explanation	Ref	Debit	Credit	Balance
[removed]		J1	[removed]	[removed]	[removed]
Accounts Payable					No. 201
Date	Explanation	Ref	Debit	Credit	Balance
[removed]		J1	[removed]	[removed]	[removed]
[removed]		J1	[removed]	[removed]	[removed]
Unearned Service Revenue					No. 209
Date	Explanation	Ref	Debit	Credit	Balance
[removed]		J1	[removed]	[removed]	[removed]
Common Stock					No. 311
Date	Explanation	Ref	Debit	Credit	Balance
[removed]		J1	[removed]	[removed]	[removed]
Service Revenue					No. 400
Date	Explanation	Ref	Debit	Credit	Balance
[removed]		J1	[removed]	[removed]	[removed]
[removed]		J1	[removed]	[removed]	[removed]
Salaries and Wages Expense					No. 726
Date	Explanation	Ref	Debit	Credit	Balance
[removed]		J1	[removed]	[removed]	[removed]
Rent Expense					No. 729
Date	Explanation	Ref	Debit	Credit	Balance
[removed]		J1	[removed]	[removed]	[removed]

Prepare a trial balance on May 31, 2014.

KARA SHIN, INC. Trial Balance May 31, 2014
	Debit	Credit
[removed]	$[removed]	$[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
	$[removed]	$[removed]

The trial balance of the Garland Company shown below does not balance.

Garland Company Trial Balance May 31, 2014
		Debit		Credit
Cash		$4,878
Accounts Receivable				$2,790
Prepaid Insurance		817
Equipment		13,028
Accounts Payable				5,528
Unearned Service Revenue		677
Common Stock				12,728
Service Revenue		8,680
Salaries and Wages Expense		4,317
Advertising Expense				983
Utilities Expense		800
		$33,197		$22,029

Your review of the ledger reveals that each account has a normal balance. You also discover the following errors.

1.		The totals of the debit sides of Prepaid Insurance, Accounts Payable, and Utilities Expense were each understated $100.
2.		Transposition errors were made in Accounts Receivable and Service Revenue. Based on postings made, the correct balances were $2,470 and $8,860, respectively.
3.		A debit posting to Salaries and Wages Expense of $200 was omitted.
4.		A $1,093 cash dividend was debited to Common Stock for $1,093 and credited to Cash for $1,093.
5.		A $445 purchase of supplies on account was debited to Equipment for $445 and credited to Cash for $445.
6.		A cash payment of $710 for advertising was debited to Advertising Expense for $71 and credited to Cash for $71.
7.		A collection from a customer for $346 was debited to Cash for $346 and credited to Accounts Payable for $346.

Prepare a correct trial balance. (Hint: It helps to prepare the correct journal entry for the transaction described and compare it to the mistake made.)

GARLAND COMPANY Trial Balance May 31, 2014
	Debit	Credit
[removed]	$[removed]	$[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
	$[removed]	$[removed]

Orwell Company accumulates the following adjustment data at December 31.

1.		Services provided but not recorded total $1,420.
2.		Supplies of $300 have been used.
3.		Utility expenses of $225 are unpaid.
4.		Unearned service revenue of $260 is recognized for services performed.
5.		Salaries of $800 are unpaid.
6.		Prepaid insurance totaling $380 has expired.

For each of the above items indicate the following. (Answer for account balances before adjustment should be entered in alphabetical order.)

(a)		The type of adjustment (prepaid expense, unearned revenue, accrued revenue, or accrued expense).
(b)		The status of accounts before adjustment (overstatement or understatement).

Item		Type of Adjustment		Accounts before Adjustment
1.		[removed]		[removed]
				[removed]
2.		[removed]		[removed]
				[removed]
3.		[removed]		[removed]
				[removed]
4.		[removed]		[removed]
				[removed]
5.		[removed]		[removed]
				[removed]
6.		[removed]		[removed]
				[removed]

The ledger of Villa Rental Agency on March 31 of the current year includes the selected accounts, shown below, before adjusting entries have been prepared.

		Debit		Credit
Prepaid Insurance		$ 7,200
Supplies		2,954
Equipment		23,125
Accumulated Depreciation—Equipment				$ 7,770
Notes Payable				22,000
Unearned Rent Revenue				10,200
Rent Revenue				58,531
Interest Expense		0
Salaries and Wages Expense		17,617

An analysis of the accounts shows the following

1.		The equipment depreciates $370 per month.
2.		One-third of the unearned rent revenue was recognized during the quarter.
3.		Interest of $550 is accrued on the notes payable.
4.		Supplies on hand total $805.
5.		Insurance expires at the rate of $400 per month.

Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are: Depreciation Expense, Insurance Expense, Interest Payable, and Supplies Expense. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

No.	Date	Account Titles and Explanation	Debit	Credit
1.	Mar. 31	[removed]	[removed]	[removed]
		[removed]	[removed]	[removed]
2.	Mar. 31	[removed]	[removed]	[removed]
		[removed]	[removed]	[removed]
3.	Mar. 31	[removed]	[removed]	[removed]
		[removed]	[removed]	[removed]
4.	Mar. 31	[removed]	[removed]	[removed]
		[removed]	[removed]	[removed]
5.	Mar. 31	[removed]	[removed]	[removed]
		[removed]	[removed]	[removed]

A partial adjusted trial balance of Ruiz Company at January 31, 2014, shows the following.

Ruiz Company Adjusted Trial Balance January 31, 2014
		Debit		Credit
Supplies		$ 835
Prepaid Insurance		1,926
Salaries and Wages Payable				$ 731
Unearned Service Revenue				653
Supplies Expense		851
Insurance Expense		321
Salaries and Wages Expense		2,907
Service Revenue				3,236

Answer the following questions, assuming the year begins January 1.

(a)If the amount in Supplies Expense is the January 31 adjusting entry, and $780 of supplies was purchased in January, what was the balance in Supplies on January 1?

The balance in Supplies on January 1

$[removed]

(b) If the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for one year, what was the total premium and when was the policy purchased?

The total premium		$[removed]
The policy purchased		[removed]

(c) If $3,680 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2013?

The balance in Salaries and Wages Payable at December 31, 2013

$[removed]

Joey Cuono started his own consulting firm, Cuono Company, on June 1, 2014. The trial balance at June 30 is shown below.

CUONO COMPANY Trial Balance June 30, 2014
Account Number				Debit		Credit
101		Cash		$ 6,099
112		Accounts Receivable		5,950
126		Supplies		2,296
130		Prepaid Insurance		2,544
157		Equipment		18,144
201		Accounts Payable				$ 4,604
209		Unearned Service Revenue				3,889
311		Common Stock				23,722
400		Service Revenue				7,995
726		Salaries and Wages Expense		3,817
729		Rent Expense		1,360
				$40,210		$40,210

In addition to those accounts listed on the trial balance, the chart of accounts for Cuono Company also contains the following accounts and account numbers: No. 158 Accumulated Depreciation—Equipment, No. 212 Salaries and Wages Payable, No. 631 Supplies Expense, No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 732 Utilities Expense.

Other data:

1.		Supplies on hand at June 30 are $722.
2.		A utility bill for $255 has not been recorded and will not be paid until next month.
3.		The insurance policy is for a year.
4.		$2,802 of unearned service revenue has been earned at the end of the month.
5.		Salaries of $2,246 are accrued at June 30.
6.		The equipment has a 5-year life with no salvage value. It is being depreciated at $378 per month for 48 months.
7.		Invoices representing $1,249 of services performed during the month have not been recorded as of June 30.

Prepare the adjusting entries for the month of June. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

No.	Date	Account Titles and Explanation	Debit	Credit
1.	June 30	[removed]	[removed]	[removed]
		[removed]	[removed]	[removed]
2.	June 30	[removed]	[removed]	[removed]
		[removed]	[removed]	[removed]
3.	June 30	[removed]	[removed]	[removed]
		[removed]	[removed]	[removed]
4.	June 30	[removed]	[removed]	[removed]
		[removed]	[removed]	[removed]
5.	June 30	[removed]	[removed]	[removed]
		[removed]	[removed]	[removed]
6.	June 30	[removed]	[removed]	[removed]
		[removed]	[removed]	[removed]
7.	June 30	[removed]	[removed]	[removed]
		[removed]	[removed]	[removed]

Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances. (Post entries in the order of journal entries posted in the previous part of the question.)

Cash					No. 101
Date	Explanation	Ref	Debit	Credit	Balance
June 30	Balance	√	[removed]	[removed]	[removed]
Accounts Receivable					No. 112
Date	Explanation	Ref	Debit	Credit	Balance
June 30	Balance	√	[removed]	[removed]	[removed]
June 30	Adjusting	J3	[removed]	[removed]	[removed]
Supplies					No. 126
Date	Explanation	Ref	Debit	Credit	Balance
June 30	Balance	√	[removed]	[removed]	[removed]
June 30	Adjusting	J3	[removed]	[removed]	[removed]
Prepaid Insurance					No. 130
Date	Explanation	Ref	Debit	Credit	Balance
June 30	Balance	√	[removed]	[removed]	[removed]
June 30	Adjusting	J3	[removed]	[removed]	[removed]
Equipment					No. 157
Date	Explanation	Ref	Debit	Credit	Balance
June 30	Balance	√	[removed]	[removed]	[removed]
Accumulated Depreciation—Equipment					No. 158
Date	Explanation	Ref	Debit	Credit	Balance
June 30	Adjusting	J3	[removed]	[removed]	[removed]
Accounts Payable					No. 201
Date	Explanation	Ref	Debit	Credit	Balance
June 30	Balance	√	[removed]	[removed]	[removed]
June 30	Adjusting	J3	[removed]	[removed]	[removed]
Unearned Service Revenue					No. 209
Date	Explanation	Ref	Debit	Credit	Balance
June 30	Balance	√	[removed]	[removed]	[removed]
June 30	Adjusting	J3	[removed]	[removed]	[removed]
Salaries and Wages Payable					No. 212
Date	Explanation	Ref	Debit	Credit	Balance
June 30	Adjusting	J3	[removed]	[removed]	[removed]
Common Stock					No. 311
Date	Explanation	Ref	Debit	Credit	Balance
June 30	Balance	√	[removed]	[removed]	[removed]
Service Revenue					No. 400
Date	Explanation	Ref	Debit	Credit	Balance
June 30	Balance	√	[removed]	[removed]	[removed]
June 30	Adjusting	J3	[removed]	[removed]	[removed]
June 30	Adjusting	J3	[removed]	[removed]	[removed]
Supplies Expense					No. 631
Date	Explanation	Ref	Debit	Credit	Balance
June 30	Adjusting	J3	[removed]	[removed]	[removed]
Depreciation Expense					No. 711
Date	Explanation	Ref	Debit	Credit	Balance
June 30	Adjusting	J3	[removed]	[removed]	[removed]
Insurance Expense					No. 722
Date	Explanation	Ref	Debit	Credit	Balance
June 30	Adjusting	J3	[removed]	[removed]	[removed]
Salaries and Wages Expense					No. 726
Date	Explanation	Ref	Debit	Credit	Balance
June 30	Balance	√	[removed]	[removed]	[removed]
June 30	Adjusting	J3	[removed]	[removed]	[removed]
Rent Expense					No. 729
Date	Explanation	Ref	Debit	Credit	Balance
June 30	Balance	√	[removed]	[removed]	[removed]
Utilities Expense					No. 732
Date	Explanation	Ref	Debit	Credit	Balance
June 30	Adjusting	J3	[removed]	[removed]	[removed]

Prepare an adjusted trial balance at June 30, 2014.

CUONO COMPANY Adjusted Trial Balance June 30, 2014
	Debit	Credit
[removed]	$[removed]	$[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
[removed]	[removed]	[removed]
	$[removed]	$[removed]