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The following six-column table for Bullseye Ranges includes the unadjusted trial balance as of December 31, 2005. BULLSEYE RANGES December 31, 2005 Unadjusted Adjust- Adjust Trial ments ed Balance Trial Balance DR CR DR CR DR CR Cash $ 13,000 Accounts receivable 0 Supplies 5,500 Equipment 130,000 Accumulated depreciation- Equipment $ 25,000 Interest payable 0 Salaries payable 0 Unearned member fees 14,000 Notes payable 50,000 T. Allen, Capital 58,250 T. Allen, Withdrawals 20,000 Member fees earned 53,000 Depreciation expense? Equipment 0 Salaries expense 28,000 Interest expense 3,750 Supplies expense 0 Totals $200,250 $200,250 Required 1. Complete the six-column table by entering adjustments that reflect the following information: a. As of December 31, 2005, employees had earned $900 of unpaid and unrecorded salaries. The next payday is January 4, at which time $1,600 of salaries will be paid. b. The cost of supplies still available at December 31, 2005, is $2,700. c. The notes payable requires an interest payment to be made every three months. The amount of unrecorded accrued interest at December 31, 2005, is $1,250. The next interest payment, at an amount of $1,500, is due on January 15, 2006. d. Analysis of the unearned member fees account shows $5,600 remaining unearned at December 31, 2005. e. In addition to the member fees included in the revenue account balance, the company has earned another $9,100 in unrecorded fees that will be collected on January 31, 2006. The company is also expected to collect $8,000 on that same day for new fees earned in January 2006. f. Depreciation expense for the year is $12,500. 2. Prepare journal entries for the adjustments entered in the six-column table for part 1. 3. Prepare journal entries to reverse the effects of the adjusting entries that involve accruals. 4. Prepare journal entries to record the cash payments and cash collections described for January.

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  • Just Gort
    Just Gort Jul 16, 2010

    Jazzyshoes.... Here is my proposed solution. It will be removed from the Internet on or before 7/20/2010: . . .https://cid-cf773ece75abc7c4.office.live... . . Thanks for using FixYa; however, you will be unable to rate this post. Do you need help with Excel spreadsheet formatting or do you really need "accounting" assistance? If you need Excel assistance, then ask for "GORT" in your questions so that other experts do not get down-rated for trying to help you sort-out your questions. Please be nice .... and I can ... and will help you. -GORT.

  • Just Gort
    Just Gort Jul 16, 2010

    https://cid-cf773ece75abc7c4.office.live...

  • Just Gort
    Just Gort Jul 16, 2010

    http://cid-cf773ece75abc7c4.office.live....^_FixYa.xls

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This is an accounting problem, u have the wrong wweb site

Posted on Jul 15, 2010

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