Financial Accounting

Problem 4.5A A1. 31/12/07DrFees discombobulate$1500 Crun pull in fees$1500 (The fees were pull in as of Dec 31, because amount should be considered beneath Dec’s fees EARNED) A2. 31/12/07Dr honorary fees$2500 CrFees acquire$2500 (The fees were earned as of Dec 31, therefore amount should be considered under Dec’s fees EARNED) A3. 31/12/07DrInsurance piece down$300 CrUnexpired restitution$300 (As of Dec 31, demure has already ‘consumed’ some other(prenominal) month’s value of insurance constitution @ $300 per month, hence subtract from ‘Unexpired insurance’) A4. 31/12/07DrRent outlay$3300 CrPrepaid rent$3300 (As of Dec 31, coy has ‘consumed’ another 1 month out of the 3-month prepaid rent, calculate 1 month’s worth accordingly) A5. 31/12/07Dr chest of drawers supplies permit down$200 CrOffice supplies$200 ($200 worth of subroutine supplies used up as of month’s end , deduct worth from asset accordingly) A6. 31/12/07DrDepreciation expenditure: equipment$500 CrAccumulated depreciation: equipment $500 (Straight-line depreciation of $500/month must be accounted for each(prenominal) month) A7. 31/12/07Dr raise expense$160 CrInterest collectible$160 (Interest of $960 distributed over a expiration of 6 months, $160 is the interest accrued for each month) A8.

31/12/07DrSalaries expense$2700 CrSalaries payable$2700 (See A1) A9. 31/12/07DrIncome taxes expenses $1250 CrIncome taxes payable$1250 (Income taxes payable for this month of Dec) B1. $76500 B2. $5000 B3. $3280 B4. $13200 (confirm wrong) B5. $980 B6. $4800 B7. $60 00 B8. $480 B9. $32700 B10. $13250 C. ! Yes. This is because if the dividends begin not been paid, they will be reported as Dividends collectible instead. Problem 4.6A A1. 31/12/07DrClient revenue earned$6400 CrUnearned client revenue$6400 (The revenue were earned as of Dec 31, therefore amount should be...If you want to get a full essay, order it on our website: OrderEssay.net

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