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This is an accounting problem This is an accounting problem that I need help with. Preparing adjusting, reversing, and next period entries. The following six-column table for Bullseye Ranges includes the unadjusted trial balance as of December 31, 2005. Bullseye Ranges December 31, More This is an accounting problem that I need help with. Preparing adjusting, reversing, and next period entries. The following six-column table for Bullseye Ranges includes the unadjusted trial balance as of December 31, 2005. Bullseye Ranges December 31, 2005 Accounts Title Unadjusted Adjustments Adjusted Trial Trial Balance 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 required 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 eared 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 revise the effects of the adjusting entries that involve accruals.

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    Janet Jul 16, 2010

    Thank you so much

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Hi,
This link should help you as that is too much to write in one message as fixya limits our responses to only be so long:
http://www.jiskha.com/display.cgi?id=1243186869
Thank you,
Lee

Posted on Jul 16, 2010

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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...


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!!

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www.cpahispano.com

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