Question about Microsoft Office Accounting Professional 2008 Upgrade: Windows

3 Answers

I have an Accounting problem I have an Accounting problem that I am not understanding, need help with it. Preparing a work sheet, adjusting and closing entries, and financial statements. This is the problem. The following unadjusted trial balance is for Adams Construction Co. as of the end of its 2005 fiscal year. The More I have an Accounting problem that I am not understanding, need help with it. Preparing a work sheet, adjusting and closing entries, and financial statements. This is the problem. The following unadjusted trial balance is for Adams Construction Co. as of the end of its 2005 fiscal year. The June 30, 2004, credit balance of the owner's capital account was $52,660, and the owner invested $25,000 cash in the company during the 2005 fiscal year. Adams Construction Co. Unadjusted Trial Balance June 30, 2005 Account Title Debit Credit Cash $17,500 Supplies 8,900 Prepaid insurance 6,200 Equipment 131,000 Accumulated depreciation- Equipment 25,250 Accounts payable 5,800 Interest payable 0 Rent payable 0 Wages payable 0 Property taxes payable 0 Long-term notes payable 24,000 S. Adams, Capital 77,660 S. Adams, Withdrawals 30,000 Construction fees earned 134,000 Depreciation expense- Equipment 0 Wages expense 45,860 Interest expense 2,640 Insurance expense 0 Rent expense 13,200 Supplies expense 0 Property taxes expense 4,600 Repairs expense 2,810 Utilities expense 4,000 Totals 266,710 266,710 _________________________________________________ Required 1. Prepare a 10-column work sheet for fiscal year 2005, starting with the unadjusted trial balance and including adjustments based on these additional facts: a. The supplies available at the end of fiscal year 2005 had a cost of $3,200. b. The cost of expired insurance for the fiscal year 2005 year is $3,900. c. Annual depreciation on equipment is $8,500. d. The June utilities expense of $500 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $500 amount owed needs to be recorded. e. The company's employees have earned $1,600 of accrued wages at fiscal year-end. f. The rent expense incurred and not yet paid or recorded at fiscal year-end is $200. g. Additional property taxes of $900 have been assessed for this fiscal year but have not been paid or recorded in the accounts. h. The long-term note payable bears interest at 1% per month. The unadjusted Interest Expense account equals the amount paid for the first 11 months of the 2005 fiscal year. The $240 accrued interest for June has not yet been paid or recorded. (Note that the company is required to make a $5,000 payment toward the note payable during the 2006 fiscal year.) 2. Use the work sheet to enter the adjusting and closing entries; then journalize them. 3. Prepare the income statement and the statement of owner's equity for the year ended June 30 and the classified balance sheet at June 30, 2005. 4. Analyze the following separate errors and describe how each would affect the 10-column work sheet. Explain whether the error is likely to be discovered in completing the work sheet and, if not, the effect of the error on the financial statements. a. Assume that the adjustment for supplies used consisted of a credit to Supplies for $3,200 and a debit for $3,200 to Supplies Expense. b. When the adjusted trial balance in the work sheet is completed, the $17,500 Cash balance is incorrectly entered in the Credit column. See less

Posted by on

  • 1 more comment 
  • Justin Case
    Justin Case Jul 18, 2010

    Jazzy,

    The prime focus of this site is to help those with malfunctioning products to either fix them themselves, suggest the most expedient solution to their problem. If your accounting software was malfunctioning, we would be glad to help you.

    While I sometimes help a person with a homework question,that is the exception, not the rule. In this case, I can't help but notice that this is your fifth accounting question.

    Please consider the possibility that you are doing a disservice both to yourself and your potential future clients by asking someone else to do your assignments.

    In addition, one of the variables I consider when choosing a question to respond to is the asker's (you) level of commitment. Each of your questions have been C/P'ed verbatim in a way that makes them extremely difficult to read.

    One can be chalked up to a mistake. Five shows you have little regard for the people you are asking help from as the answer is clearly not worth the effort to make the questions readable.

    In addition, when my fellow experts informed you that you were on the wrong site, you seem to dole out bad ratings just a bit too easily. As if your being in the wrong place, asking the wrong type of questions, even under the wrong categorization were somehow their fault.

    On this thread, you thank taran and yet he still is given a bad rating. Not everyone can understand this rating system.

    So here is the second best advice you will get, A Five Star Expert named Gort offered to help you on one of your questions. Do what Gort tells you. Since he is willing to help you in spite of your entitlement issues, you should be thankful, you should tell him so.

    You should apologize to everyone you down rated. You should retract those ratings and replace them with something that shows a modicum of appreciation.

    No one will answer the questions of a serial downrater

    Thinking about asking for refunds on your premiums once you get the answers you want?
    Same deal. You might get someone to respond, but I wouldn't bet the ranch on the answer you get.

    We experts talk to each other. We've seen the same questions on four different sites.


    Since the path you have chosen virtually gaurantees you will be needing help throughout your career, it may not be the best idea to burn the bridges you will be needing to cross before that career begins.

  • Justin Case
    Justin Case Jul 18, 2010

    Jazzy,

    The prime focus of this site is to help those with malfunctioning products to either fix them themselves, suggest the most expedient solution to their problem. If your accounting software was malfunctioning, we would be glad to help you.

    While I sometimes help a person with a homework question,that is the exception, not the rule. In this case, I can't help but notice that this is your fifth accounting question.

    Please consider the possibility that you are doing a disservice both to yourself and your potential future clients by asking someone else to do your assignments.

    In addition, one of the variables I consider when choosing a question to respond to is the asker's (you) level of commitment. Each of your questions have been C/P'ed verbatim in a way that makes them extremely difficult to read.

    One can be chalked up to a mistake. Five shows you have little regard for the people you are asking help from as the answer is clearly not worth the effort to make the questions readable.

    In addition, when my fellow experts informed you that you were on the wrong site, you seem to dole out bad ratings just a bit too easily. As if your being in the wrong place, asking the wrong type of questions, even under the wrong categorization were somehow their fault.

    On this thread, you thank taran and yet he still is given a bad rating. Not everyone can understand this rating system.

    So here is the second best advice you will get, A Five Star Expert named Gort offered to help you on one of your questions. Do what Gort tells you. Since he is willing to help you in spite of your entitlement issues, you should be thankful, you should tell him so.

    You should apologize to everyone you down rated. You should retract those ratings and replace them with something that shows a modicum of appreciation.

    No one will answer the questions of a serial downrater

    Thinking about asking for refunds on your premiums once you get the answers you want?
    Same deal. You might get someone to respond, but I wouldn't bet the ranch on the answer you get.

    We experts talk to each other. We've seen the same questions on four different sites.


    Since the path you have chosen virtually gaurantees you will be needing help throughout your career, it may not be the best idea to burn the bridges you will be needing to cross before that career begins.

  • Janet
    Janet Jul 19, 2010

    I don't seem to be difficult, I have posted the same question many times only because the way I formatted the question, it changed and appeared to be very confusing for people to read so I tried to format it differently each time I posted it and it still came out confusing. I have got a few answers to my question but for some reason was not able to open the answers up on my computer because the sites were sites that you have to pay to be a member. If anyone can help me out on this one I would appreciate it only ask if it would be possible to have it sent to my email address which is jazzyshoes2004@yahoo.com. Thanks and sorry for being so confusing.

×

3 Answers

  • Level 3:

    An expert who has achieved level 3 by getting 1000 points

    Superstar:

    An expert that got 20 achievements.

    All-Star:

    An expert that got 10 achievements.

    MVP:

    An expert that got 5 achievements.

  • Master
  • 10,515 Answers

Hi,

Download the answer from the file i have already uploaded for you.

http://rapidshare.com/files/407376727/2009-08-24_110929_Taran.xls

Let me know,if needed further assistance.

Hope i helped you.

Thanks for using ' Fixya ' and have a nice day!!

Posted on Jul 17, 2010

  • Janet
    Janet Jul 17, 2010

    I tried to open the file that you sent to me but could not open it. I do thank you for your time and help.

  • taran_2005
    taran_2005 Jul 17, 2010

    Thanks for your response!!

    I have already sent the file to Fixya and they would forward the same to you.

    Do let me know,if you have any questions. It could take a couple of days for you to receive that file.

    Thanks and Regards
    taran_2005


×

  • Level 3:

    An expert who has achieved level 3 by getting 1000 points

    All-Star:

    An expert that got 10 achievements.

    MVP:

    An expert that got 5 achievements.

    Vice President:

    An expert whose answer got voted for 100 times.

  • Master
  • 560 Answers

Hi. This type of work requires time and direct communication with you to avoid posting sensitive information viewable by the public. I suggest that you hire a person online that can work with you on this.

Posted on Jul 17, 2010

  • Level 2:

    An expert who has achieved level 2 by getting 100 points

    Hot-Shot:

    An expert who has answered 20 questions.

    Corporal:

    An expert that has over 10 points.

    Welcome Back:

    Visited the website for 2 consecutive days.

  • Expert
  • 82 Answers

Try using a Collins account book (red cover - found in any staples stationary shop) this should make your end of year transactions much easier.

Posted on Oct 04, 2010

2 Suggested Answers

6ya6ya
  • 2 Answers

SOURCE: I have freestanding Series 8 dishwasher. Lately during the filling cycle water hammer is occurring. How can this be resolved

Hi,
a 6ya expert can help you resolve that issue over the phone in a minute or two.
best thing about this new service is that you are never placed on hold and get to talk to real repairmen in the US.
the service is completely free and covers almost anything you can think of (from cars to computers, handyman, and even drones).
click here to download the app (for users in the US for now) and get all the help you need.
goodluck!

Posted on Jan 02, 2017

leethedeuce
  • 4472 Answers

SOURCE: The following unadjusted trial balance

You can download the .doc file from the link below for free. This has the tables all set up and all the answers you need.
http://www.megaupload.com/?d=84NDKV9J
Thank you and enjoy,
Lee

Posted on Jul 19, 2010

Testimonial: "He was helpful, it was my computer that would not let me download some of his help, but if you could maybe send what you helping me with to my email address at jazzyshoes2004@yahoo.com and then let me see if I can download that. Thanks alot."

Add Your Answer

Uploading: 0%

my-video-file.mp4

Complete. Click "Add" to insert your video. Add

×

Loading...
Loading...

Related Questions:

2 Answers

What Are Accounting Software Modules?


The Accounting software modules contain modules of different transactional and financial records, these modules functions together to make an Accounting Information System. All the accountants of Accounting services like an accountant in Tamworth, an accountant in sage, etc are professionals, who work in these modules to make complete the whole accounting process. Accounting Software Modules contains:
1. General Ledger Module
2. Chart of Accounts Module
3. Trial Balance Module
4. Balance Sheet Module
5. Accounts Receivable Module
6. Accounts Payable Module
7. The point of Sale Module.

accounting-software-modules-4xqf3thdclllujoszhvgvml2-2-1.jpg

Apr 14, 2017 | Computers & Internet

1 Answer

What is accounting?


Accounting is an art of recording and organizing data to make financial statements such as Income Statement, Balance Sheet, Statement of Cash Flows to name the few. The financial statements are crucial in the decision making of the management. Accountant (your possible job title) plays an important role in any organization because he or she gives sound financial decision base on her report. http://www.accountingassignmenthelp.net/

Mar 02, 2016 | Computers & Internet

1 Answer

Code:08-100,what this code means?


Error means the leading edge of the sheet of paper did not arrive at the preregistration sensor in time, causing a jam.
To fix - Open the inverter door and clear area 14. Open the printer right front door and clear area 2. Retry printing.

Nov 06, 2014 | Xerox WC 4150 NETWORK ACCOUNTING...

1 Answer

Ledger wrong posted to balance sheet


Delete testing account and check again

Dec 18, 2013 | Auto Count AutoCount Accounting

1 Answer

I am studying in a university in which i am taking up bachelor of science in management accounting, and we have a screening test before we can step to accountancy,, will i pass the screening? please...


I currently compute a 65% probability that you will fail your upcoming screening test.

This is based on the fact that rather than preparing for this important event, you instead choose to waste your time in front of the computer surfing the web.

Good luck anyway.

Jun 22, 2011 | Computers & Internet

1 Answer

What is tally ?


Tally is an accounts and inventory management software which is having many other features too. With the latest version of this software Tally9 you can
1. do all basic accounting functions,
2. Manage your store and items,
3. do the job costing,
4. manage payroll,
5. get many mis reports which are useful for day today functions,
6. file your tax returns like prepare balance sheet, profit and loss statement, VAT forms, TDS, returns, Service tax returns, e-TDS filing, Excise forms, FBT reports and forms,
7. maintain budgets, scenarios,
8. calculate interest on pending amount
9. manage data over different locations and synchronize it and many more other features.

In fact in todays environment you just need a computer and Tally to manage your business and you to run it.
you can get more info on tally at
http://apnitally.blogspot.com
Hope this can help you to understand tally better.

Mar 01, 2011 | Tally MT661 Printer

1 Answer

What is office


It is an software application package of Microsoft which has various applications like

  • WORD
  • EXCEL
  • ACCESS
  • POWERPOINT
  • OUTLOOK
These applicatons are mainly used in business offices for preparing documents(WORD) , having an mail setup(OUTLOOK), preparing presentations(POWERPOINT),making an accounts calculation sheet(EXCEL).

The above are only few uses of the applications.

Nov 24, 2010 | Microsoft Office Standard 2007: Windows

1 Answer

Financial accounting


Even an individual needs some form of accounting. Organization needs financial accounting not necessarily to achieve its objectives. Does the organization have a Bank Account, does it need money to buy equipment, computer, furniture etc, does it spend money for various purposes? How do you keep track of all the transactions? Is there a Government body like Taxation, or the company executives you have to report to.
about your financial activities, Profit & Loss etc.
These are just couple of reasons, why need a Financial Accounting. Hope this will help.
luciana44

May 18, 2008 | 2008 Honda Element

Not finding what you are looking for?
Microsoft Office Accounting Professional 2008 Upgrade: Windows Logo

1,159 people viewed this question

Ask a Question

Usually answered in minutes!

Top Microsoft Computers & Internet Experts

micky dee

Level 3 Expert

2658 Answers

Piyal Perera
Piyal Perera

Level 3 Expert

528 Answers

Les Dickinson
Les Dickinson

Level 3 Expert

18389 Answers

Are you a Microsoft Computer and Internet Expert? Answer questions, earn points and help others

Answer questions

Manuals & User Guides

Loading...