Question

Assessing Financial Statement effects of Adjustments The following information relates to December 31 accounting adjustments for Fulton Fast Print Company. The firmes fiscal year ends on December 31. 1. Weekly salaries for a five-day week 4.320, payable on Fridays December 31 of the current year is a Tuesday 2. Fulton Fast Print has $24,000 of notes payable outstanding at December 31, interest of 200 has accrued on these notes by December 31 but will not be paid until the notes mature next year. 3. During December. Rulton Fast Print provided 51,080 of printing races to clients who will be billed on January 2. The firm is the fees receivable account to reflect amounts earned but not yet billed 4. Starting December 1, al maintenance work on Fulton Fast Print's equipment is handled by Richardson Repair Company under an agreement whereby Fulton Fast Print paysafed monthly charge of 40. Fulton Fast Print paid six months service charge of 2.300 cash in advance on December and increased its Prepaid maintenance account by 52.880 5. The firm paid $1,080 cash on December 15 for a series of radio commercials to run during December and January. One third of the commercials aired by December 31. The $1.000 payment was recorded in is prepaid advertising account 6. Starting December 16, Puto Fast Print rented 960 square feet of storage space from a neighboring business. The morthly rent or 0.80 per square foot is due in advance on the first of each month. Nothing was paid in December, however, because the neighboring business agreed to add the rent-hat of December to the january payment 7. Fanfare invested $6,000 cash insecurities on December and earned interest of 546 on these securities by December 31. No interest will be received until January 8. Annual depreciation on the equipment is 52.610. No depreciation has been recorded during the year Prepare to Fast Print Company's accounting austments required December using the financial statement effects template Note: For each account Category, indicate the appropriate accountamenter for any account Category that is not used for a transaction Note: Indicate a decrease in an account Category by including a negative with the amount . . . . 0 . Check

Answer 1

Answer:

	Balance sheet	Income statement
Transaction	Cash	Non cash account	Liabilities	Contributed capital	Earned capital	revenue	Expense	Net income
1			1,728		(1,728)		1,728	(1,728)
			Salaries payable				Salaries expense
2			240		(240)		240	(240)
			Interest payable				Interest expense
3		1,080			1,080	1,080		1,080
		Fees receivable				Fees earned
4		(480)			(480)		480	(480)
		Prepaid maintenance					Maintenance expense
5		(360)			(360)		360	(360)
		Prepaid advertising					Advertising expense
6			384		(384)		384	(384)
			Accrued expenses payable				Rent expense
7		46			46	46		46
		Interest receivable				Interest revenue
8		(2,610)			(2,610)		2,610	(2,610)
		Accumulated depreciation - equipment					Depreciation expense

Explanation:

NO.	Date	Accounts titles and explanation	Debit	Credit
1	Dec 31	Salaries expense	1,728
		Salaries payable		1,728
		(To record salaries expense this paid in future.) (Mon and Tue = 2 days) (4320*2/5)
2	Dec 31	Interest expense	240
		Interest payable		240
		(To record accrued interest expense.)
3	Dec 31	Fees receivable	1,080
		Fees earned		1,080
		(To record accrued fees revenue.)
4	Dec 31	Maintenance expense	480
		Prepaid maintenance		480
		(To record maintenance expense.)
5	Dec 31	Advertising expense	360
		Prepaid advertising		360
		(To record advertising expense.) (1080*1/3)
6	Dec 31	Rent expense	384
		Accrued expenses payable, if not available, then accounts payable		384
		(To record rent expense.) (Half month of Dec = 0.5) (960*0.80*0.5 half month)
7	Dec 31	Interest receivable	46
		Interest revenue		46
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