1. Explain why the following accounts are being adjusted in the followingentries:
The following accounts are being adjusted to be able to balance the accounting equation.
2. Explain what the following termsmean:
g. Unearned servicerevenue:
h. Servicerevenue: .
3. Answer the followingquestions:
a. What type of normal balance does the Retained earnings account have—debit orcredit?
b.Which Income Statement account has the same type of balance as the Retainedearnings account?
c. Which type of Income Statement account has the opposite type of balance as theRetained earningsaccount?
d.What do we call the difference between total debits and total credits on the IncomeStatement?
Into what account is the difference figure closed at the end of theperiod?
4. It is December 31 and time for you to close thebooks.
R1. Journalize the closing entries for Brett KauffmanEnterprises:
5. It is December 31 and time for your business to close the books. The followingbalances appear on the books of Cedrick OwensEnterprises.
R1. Set up each T-account given and insert its adjusted balance as given (denote as Bal)at December 31. Also set up a T-account for Retained earnings, $20,300, and for Incomesummary. R2. Post the closing entries to the accounts, denoting posted amounts asClo.
6. Lipsky Insurance Agency reported the following items at September 30,2011:
R1. Journalize Lipsky’s closing entries, as needed for theseaccounts
7. Kaminsky Insurance Agency reported the following items at June30:
R1. Prepare T-accounts for Kaminsky Insurance Agency. Insert the account balances priorto closing. Post the closing entries to these accounts, and show each account’s endingbalance after closing. Also show the Income summary T-account. Denote a balance as Bal and aclosing entry amount asClo.
8. After closing its accounts at February 28, 2010, Watts Electric Company had thefollowing accountbalances:
R1. Prepare Watts’ postclosing trial balance at February 28,2010.
9. Ink Jet Printing reported the following (amounts inthousands):
R1. Identify the assets (including contra assets) andliabilities.
R2. Classify each asset and each liability as current orlong-term.
10. Examine Ink Jet Printing’s account balances in problem#9.
R1. Identify or compute the following amounts for Ink JetPrinting:
11. Granite State Telephone and Telegram has these account balances at December31, 2011:
R1. Compute Granite State Telephone and Telegram’s current ratio and debtratio.
R2. How much in current assets does Granite State Telephone and Telegram have forevery dollar of current liabilities that itowes?
12. The trial balance of Data Link, Inc., at September 30,follows:
Additional information at September 30,2011:
R1. Complete Data Link’s work sheet for the month ended September 30,2011.
R2. How much was net income forSeptember?
13. Use your answer from problem#12.
R1. Journalize Data Link’s adjusting and closing entries at September 30,2011.
14. Consider the entries prepared in problem #13.
R1. Set up T-accounts for those accounts affected by the adjusting and closing entries inproblem
R2. Post the adjusting and closing entries to the accounts; denote adjustment amounts byAdj, closing amounts by Clo, and balances by Bal. Double underline the accounts with zerobalances after you close them, and show the ending balance in eachaccount.
Why Choose Us
We value our clients. For this reason, we ensure that each paper is written carefully as per the instructions provided by the client. Our editing team also checks all the papers to ensure that they have been completed as per the expectations.
Professional Academic Writers
Over the years, our Acme Homework has managed to secure the most qualified, reliable and experienced team of writers. The company has also ensured continued training and development of the team members to ensure that it keep up with the rising Academic Trends.
Our prices are fairly priced in such a way that ensures affordability. Additionally, you can get a free price quotation by clicking on the "Place Order" button.
We pay strict attention on deadlines. For this reason, we ensure that all papers are submitted earlier, even before the deadline indicated by the customer. For this reason, the client can go through the work and review everything.
At Essay Writing Help, all papers are plagiarism-free as they are written from scratch. We have taken strict measures to ensure that there is no similarity on all papers and that citations are included as per the standards set.
Customer Support 24/7
Our support team is readily available to provide any guidance/help on our platform at any time of the day/night. Feel free to contact us via the Chat window or support email: firstname.lastname@example.org.
Try it now!
How it works?
Follow these simple steps to get your paper done
Place your order
Fill in the order form and provide all details of your assignment.
Proceed with the payment
Choose the payment system that suits you most.
Receive the final file
Once your paper is ready, we will email it to you.
Essay Writing Help has stood as the world’s leading custom essay writing services providers. Once you enter all the details in the order form under the place order button, the rest is up to us.
At Essay Writing Help, we prioritize on all aspects that bring about a good grade such as impeccable grammar, proper structure, zero-plagiarism and conformance to guidelines. Our experienced team of writers will help you completed your essays and other assignments.
Admission and Business Papers
Be assured that you’ll definitely get accepted to the Master’s level program at any university once you enter all the details in the order form. We won’t leave you here; we will also help you secure a good position in your aspired workplace by creating an outstanding resume or portfolio once you place an order.
Editing and Proofreading
Our skilled editing and writing team will help you restructure you paper, paraphrase, correct grammar and replace plagiarized sections on your paper just on time. The service is geared toward eliminating any mistakes and rather enhancing better quality.
We have writers in almost all fields including the most technical fields. You don’t have to worry about the complexity of your paper. Simply enter as much details as possible in the place order section.