Intermediate Accounting 1 - Test 3 Name: Montolalu,Wahyu Yohanes 150/150
Problem 1
Presented below is the adjusted trial balance of Abbey Corporation at
December 31, 2012.
Accounts Debits Credits Income Statemen
Cash $6,850.00 Service Revenue
Supplies $1,200.00 Salaries and Wages Expense
Prepaid Insurance $1,000.00 Insurance Expense
Equipment $48,000.00 Rent Expense
Accum Depr.—Equipment $9,000.00 Interest Expense
Trademarks $950.00 Net Income
Accounts Payable $10,000.00
Salaries & Wages Payable $500.00 Balance Sheet
Unearned Service Revenue $2,000.00 Cash
Bonds Payable (due 2017) $9,000.00 Supplies
Common Stock $10,000.00 Prepaid Insurance
Retained Earnings $20,000.00 Equipment
Service Revenue $10,000.00 Accum Depr.—Equipment
Salaries and Wages Expense $9,000.00 Trademarks
Insurance Expense $1,400.00 Accounts Payable
Rent Expense $1,200.00 Salaries & Wages Payable
Interest Expense $900.00 Unearned Service Revenue
Total $70,500.00 $70,500.00 3 Bonds Payable (due 2017)
Additional information: No dividends were declared during 2012. Common Stock
Instructions: Retained Earnings
a. Complete the missing cash amount Total
b. Prepare the Income Statement and Balance sheet
124
150
83%
Income Statement
$10,000.00
Wages Expense $9,000.00
$1,400.00
$1,200.00
$900.00 $12,500.00
-$2,500.00 13
Balance Sheet
$6,850.00
$1,200.00
$1,000.00
$48,000.00
pr.—Equipment $9,000.00
$950.00
$10,000.00
ages Payable $500.00
rvice Revenue $2,000.00
le (due 2017) $9,000.00
$10,000.00
$20,000.00
$49,000.00 $49,000.00 25
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Problem 2
Mason Advertising was founded in January 2016. Presented below are unadjusted trial balances as of Dece
As service company Mason does have cost of goods sold account, and all expenses are classified as operat
Instructions:(a) Arrange the trial balance accounts according to the proper arrangement
block (A12:C30)- click Sort&filter-click smallest to largest
MASON ADVERTISING
Trial Balance
December 31, 2020
Unadjusted Adjusting entries
DR CR DR
1.1 Cash $10,000
1.2 Accounts Receivable $17,000 1,500
1.3 Supplies $8,000
1.4 Prepaid Insurance $3,000
1.5 Equipment $60,000
1.51 Accumulated Depreciation—Equipment $25,000
2.1 Accounts Payable $5,000
2.2 Interest Payable
2.3 Notes Payable 8% $5,000
2.4 Unearned Service Revenue $7,000 1,400
2.5 Salaries and Wages Payable
3.1 Common Stock Par $10 $10,000
3.2 Retained Earnings $2,500
4.1 Service Revenue $53,500
5.1 Salaries and Wages Expense $10,000 1,500
5.2 Insurance Expense 1,500
5.3 Depreciation Expense 2,083
5.3 Interest Expense 400
5.4 Supplies Expense 3,000
1 1 8
Instructions
(b) Journalize the annual adjusting entries.
Dec Debit
31 Service revenue of $1500 was rendered, but not yet paid
Accounts Receivable 1,500
Service Revenue
31 Supplies on Hand $3000
Supplies Expense 3,000
Supplies
31 Half of Insurance has expired
Insurance Expense 1,500
Prepaid Insurance
31 Depreciation- straight line for 12 years
Depreciation Expense 2,083
Accumulated Depreciation—Equipment
31 Accrued interest on Notes Payable was recognized
Interest Expense 400
Interest Payable
31 20% Unearned service revenue was recognized
Unearned Service Revenue 1,400
Service Revenue
31 Accrues Salaries $1500 was recognized
Salaries and Wages Expense 1,500
Salaries and Wages Payable
(c) Complete the worksheet - Adjusted Trial Balance
(d) Prepare the Income Statement and Balance Sheet
djusted trial balances as of December 31, 2020.
xpenses are classified as operating expenses
rrangement
MASON ADVERTISING
Income Statement
For year Ended Dec. 31, 2020
Adjusting entries Adjusted Service Revenue
CR DR CR Salaries and Wages Expense $11,500.00
10,000 Insurance Expense $1,500.00
$ 18,500 Depreciation Expense $2,083.33
3,000 $ 5,000 Interest Expense $400.00
1,500 $ 1,500 Supplies Expense $3,000.00
60,000 Net Income
2,083 27,083
5,000 MASON ADVERTISING
400 400 Balance Sheet
5,000 December 31, 2020
5,600 Cash
1,500 1,500 Accounts Receivable
10,000 Supplies
2,500 Prepaid Insurance
2,900 56,400 Equipment
11,500 Accumulated Depreciation—Equipment
1,500 Accounts Payable
$ 2,083 Interest Payable
400 Notes Payable 8%
3,000 Unearned Service Revenue
Salaries and Wages Payable
7 11 10 38 Common Stock Par $10
Retained Earnings
Total
Credit
1,500 4
3,000 4
1,500 4
2,083 4
400 4
1,400 4
1,500 4
83
28 108
NG
nt
1, 2020
$56,400.00
$18,483.33
$37,916.67 14
VERTISING
Sheet
31, 2020
$10,000.00
$18,500.00
$5,000.00
$1,500.00
$60,000.00
$27,083.33
$5,000.00
$400.00
$5,000.00
$5,600.00
$1,500.00
$10,000.00
$2,500.00
$67,916.67 $67,916.67
28
