Question

Pamer Indus anal statement and and prepares December 31, 2017: justits counts only at the end of the year. The following information is available for the year and is the end For each of the following stations, Identity and analyze the adjust to be recorded on December 31, 2017. Do not found intermediate c lation freed, round your Palmer purchased computer met years ago for $15,000. The equipment has an estimated use of five years and stated salvage value of $250. U answer to the nearest dollar e method of depreciation n w does this entry affect the coming equation if a francia ment is not affected, select "No Erry and leave them The Office Supplies the balance of 1.600 on January 1, 2017. During 2017, Pamerad 117,000 to the account for purchases of office supplies during the year. A count of the supplies How does this entry weet the counting equations Assets Labtes Equity c. On August 1, 2017, Palmer created a tablity account, Customer Deposit, for $24,000. This sum represents an amount that a customer How does this entry afect the accounting equation? tra financial statement he is not affected, select 'No Entry and leave the amount box blank. If the effect on a financial statement Balance Sheer is negative,

Activity: financing, investing, operatin

Accounts: increase or decrease in prepaid rent and rent expense

Statement(s): balance sheet, income sheet, or both

Answer 1

PAGE NU Solution TAUE 10 - l'aimer purchased equipment for $120 usfe Residual value $200 Amortisasle value $ 14,750 Useful life - 5 years Dep, using straight line nethod = $ 14750 = $ 2950 / _ Depreciciation Enp will be desired with 2900 and accumulated alep will be credited 2950 Activity : Operating - Accomie Lepreciation Expense, Acumelated Diep statement & Income statement & Beelance sheet Balance sheet Assets & Gurpreet licebility t with o Camach -230 Revenue - Income Statement Enpeunes e + 8g.ณ ปี 2 Net Income - 3930 3600 office supplies bead "Jane 2017 Held Purchased 17600 212०० len Supplies at the end Supplies cured during the year 1930

Activity operating Accounts: Supplies enpeuse, Supplies сеше ци: Писма дедилог, Qolomeo fu - Balance sheet : Asset & Cicabilities & Epidly Supplies Retained Ears -19310 - 19350 Income Stactecient Reveuves - Enpeuses a neel Income - +19350e - 19350 (0) Anouud Received on 1 Aug 2017 = & Quero for 6 months at 31 Dec, 2017 (5 months) Easued Revenue (fromtug to Dec) = 240wx5 Activity i operating to have Acconuts : Uneamed, sales Revenue Statement Pucone Statement , kalauce Sheet - Balance sheet Asset . z liabilities & Equity - 29000 Unealted Rev

Revemos + 20,000 Income Stedet сети - Ле им. © 20007 On Nou 1, 2012 Reut paid for 3 months at a hate of a to piom. and recorded at that time prepaid Expeuse, now on 318 Dec, 2 months (Nou te gee) seut has got enpired therefore it should be booked as enpeuses on 31st Dec, 2017. (2700 x 2) Activity: operating - z suo Accounts: Reut eup, Pepaid Reut Statement: Tulonie steettineet Balource Sheet - Balance sheet I Assets e Liab 7 Equity Repaid heut Retarised Earnings - 59ou 2 5400 Decome statement Revanes - Expenses. Net Income a & 5400 - 5400 e note took on Nov 1, 2012 for 120 days & Iztuest enpeun should be booked on 31 alec, 2017 for 6 days (30 +31) @ 9% " In fereat enpeuse z Lobao 6 9 x 6 - 3032

Activity: Operating Account ! Interest Enp, Puterest Payable Statement i Turone statement, Balance sheet Balance sheet Asset a léces & Equity Ruterest Payable + Referred Eacuy + 300 - 300 Preonie Steelexueut_ Revenue Expeuses Net Dheone 3000 = - 3050 Que | Daily Payroll Eupeuse " o $50 I laid on every thursday on 31 sell, 2014, there was sunday, there for the paysal was paid on tuesday il on 28 Dec 2017 Therefore the payroll for 3 days has been accrued. Tafal acesued Payroleup = 500x3 av sino Activity : Operating 1. Accorto : Salary Expense e Salary payable Stafewens "Preome statement, Balanceshet सडक Balence Balene liab Sheet & Saund racings allir Etiso - isho

PAGE No Revenue Ducome statewert - Eupeunes = - sro z net Income - 10 Calculation of total impact of adjustment entries on net income. : @ - 2950 (6) -19350 & Locro - 5400 - 3050 - 1500 -12250 2 If the accountant forgets to record the adjustment entry then the net income has be overstated 3 | Oberstateel , $ 12250