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Uop Bis 290 Wk 4 Essay

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Below is an essay on "Uop Bis 290 Wk 4" from Anti Essays, your source for research papers, essays, and term paper examples.

ExerciseBE41 Transactionsthataffectearningsdonotnecessarilyaffectcash. Identifytheeffect,ifany,thateachofthefollowingtransactionswouldhaveuponcashandnetincome.Thefirsttransactionhasbeencompletedasanexample. (a) (b) (c) (d) (e) (f) Cash Purchased$100ofsuppliesforcash. Recordedanadjustingentrytorecorduseof$30oftheabovesupplies. Madesalesof$1,300,allonaccount. Received$800fromcustomersinpaymentoftheiraccounts. Purchasedequipmentforcash,$2,500. Recordeddepreciationofbuildingforperiodused,$600. $100 NickWaegestartedhisownconsultingfirm,WaegeleinConsulting,onJune1,2010.ThetrialbalanceatJune30isasfollows. WAEGELEINCONSULTING TrialBalance June30,2010 Cash AccountsReceivable PrepaidInsurance Supplies OfficeEquipment AccountsPayable UnearnedServiceRevenue CommonStock ServiceRevenue SalariesExpense RentExpense Debit $6,850 7,000 2,640 2,000 15,000 Credit $4,540 5,200 21,750 8,000 4,000 2,000 $39,490 $39,490 Otherdata: 1 2. 3. 4. 5. 6. 7. SuppliesonhandatJune30total$980. Autilitybillfor$180hasnotbeenrecordedandwillnotbepaiduntilnextmonth. Theinsurancepolicyisforayear. $3,900ofunearnedservicerevenuehasbeenearnedattheendofthemonth. Salariesof$1,250areaccruedatJune30. Theofficeequipmenthasa5yearlifewithnosalvagevalueandisbeingdepreciatedat$250permonthfor60months. Invoicesrepresenting$3,500ofservicesperformedduringthemonthhavenotbeenrecordedasofJune30. NetIncome $0 Solution Supplies=($2,000$980)=$1,020 PrepaidInsurance=($2,64012months)=$220 PreparetheadjustingentriesforthemonthofJune. Date Account/Description Debit Credit 1.June30 2.June30 3.June30 4.June30 5.June30 6.June30 7.June30 Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances. Use T-Accounts. WAEGELEINCONSULTING AdjustedTrialBalance June30,2010 Debits $ Credits $ $ Cash AccountsReceivable PrepaidInsurance Supplies OfficeEquipment AccumulatedDepreciationOfficeEquipment AccountsPayable UtilitiesPayable SalariesPayable UnearnedServiceRevenue CommonStock...

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