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 Work with Us
Top Quality and Well-Researched Papers
We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.
Professional and Experienced Academic Writers
We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.
Free Unlimited Revisions
If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.
Prompt Delivery and 100% Money-Back-Guarantee
All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.
Original & Confidential
We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.
24/7 Customer Support
Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.
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.
No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.
No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.
Admission Essays & Business Writing Help
An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.
Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.
If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.