Problem Topik 4 Penyesuaian Terhadap Perkiraan. Debits Cash $ 9,500 Accounts Receivable 14,000 Equipment 45,000 Insurance Expense 1,800 Salaries Expense

Problem Topik 4Problem Topik 4Penyesuaian Terhadap

Perkiraan

Debits

Cash $ 9,500Accounts Receivable 14,000Equipment 45,000Insurance Expense 1,800Salaries Expense 30,000Supplies Expense 3,700Advertising Expense 1,900Rent Expense 1,500Utilities Expense 1,700

$109,100

Credits

Notes Payable $ 20,000Account Payable 9,000Jill Salzer, Capital 22,000Graphic Revenue 52,100Consulting Revenue 6,000

$109,100

P4-1 Salzer Grafics Company was organized on January 1, P4-1 Salzer Grafics Company was organized on January 1, 2005, by Jill Salzer. At the end of first 6 months of 2005, by Jill Salzer. At the end of first 6 months of operations, the trial balance contained the operations, the trial balance contained the following account.following account.

Analysis reveals the following additional data.• The $3,700 balance in Supplies Expense represent

supplies –purchased in January. At June 30, $1,300 of supplies was on hand.

• The note payable was issued on February 1. It is a 12%, 6-month note.

• The balance in Insurance Expense in the premium on a one-year policy, dated March 1, 2005.

• Consulting fees are credited to revenue when received. At June 30, consulting fees of $1,100 are unearned.

• Graphic revenue earned but unrecorded at June 30 totals $2,000

• Depreciation is $3,000 per year.

Instruction

a) Journalize the adjusting entries at June 30. (Assume adjustment are recorded every 6 months.)

b) Prepare an adjusted trial balance.

c) Prepare an income statement and owner’s equity statement for the 6 months ended June 30 and a balance sheet at June 30.

Solution 4-1

(a) 1. June 30 Supplies ................................................... 1,300 Supplies Expense........................... 1,300 2. 30 Interest Expense..................................... 1,000 ($20,000 X 12% X 5/12) Interest Payable .............................. 1,000 3. 30 Prepaid Insurance .................................. 1,200 [($1,800 ÷ 12) X 8] Insurance Expense......................... 1,200 4. 30 Consulting Revenue............................... 1,100 Unearned Consulting Revenue..... 1,100 5. 30 Accounts Receivable ............................. 2,000 Graphic Revenue ............................ 2,000 6. 30 Depreciation Expense............................ 1,500 ($3,000 ÷ 2) Accumulated Depreciation— Equipment ................................... 1,500

(b) SALZER GRAPHICS COMPANYAdjusted Trial Balance

June 30, 2005 Debit Credit Cash....................................................................... Accounts Receivable ($14,000 + $2,000) .......... Supplies ................................................................ Prepaid Insurance................................................ Equipment............................................................. Accumulated Depreciation ................................. Notes Payable ...................................................... Accounts Payable ................................................ Interest Payable ................................................... Unearned Consulting Revenue .......................... Jill Salzer, Capital ................................................ Graphic Revenue ($52,100 + $2,000) ................. Consulting Revenue ($6,000 – $1,100) .............. Salaries Expense ................................................. Supplies Expense ($3,700 – $1,300) .................. Advertising Expense ........................................... Rent Expense ....................................................... Utilities Expense .................................................. Depreciation Expense ......................................... Insurance Expense ($1,800 – $1,200) ................ Interest Expense ..................................................

$ 9,500 16,000 1,300 1,200 45,000

30,000 2,400 1,900 1,500 1,700 1,500 600 1,000 $113,600

$ 1,500 20,000 9,000 1,000 1,100 22,000 54,100 4,900

$113,600

(c) SALZER GRAPHICS COMPANYIncome Statement

For the Six Months Ended June 30, 2005

Revenues Graphic revenue.............................................. $54,100 Consulting revenue ........................................ 4,900 Total revenues......................................... 59,000 Expenses Salaries expense............................................. $30,000 Supplies expense............................................ 2,400 Advertising expense....................................... 1,900 Utilities expense.............................................. 1,700 Rent expense................................................... 1,500 Depreciation expense..................................... 1,500 Interest expense.............................................. 1,000 Insurance expense.......................................... 600 Total expenses ........................................ 40,600

Net income .............................................................. $18,400

SALZER GRAPHICS COMPANYOwner’s Equity Statement

For the Six Months Ended June 30, 2005

Jill Salzer Capital, January 1..................................................... $ 0 Investment by owner .................................................................. 22,000 Add: Net income ....................................................................... 18,400 Jill Salzer, Capital, June 30........................................................ $40,400

SALZER GRAPHICS COMPANYBalance SheetJune 30, 2005

Assets Cash.......................................................................... $ 9,500 Accounts receivable............................................... 16,000 Supplies ................................................................... 1,300 Prepaid insurance................................................... 1,200 Equipment................................................................ $45,000 Less: Accumulated depreciation ......................... 1,500 43,500 Total assets.............................................. $71,500 Liabilities and Owner’s Equity Liabilities Notes payable.................................................. $20,000 Accounts payable ........................................... 9,000 Interest payable............................................... 1,000 Unearned consulting fees.............................. 1,100 Total liabilities ......................................... 31,100 Owner’s equity Jill Salzer, Capital ........................................... 40,400 Total liabilities and owner’s equity.................................................... $71,500

P4-2 Costello Advertising Agency was founded by John Costello in January P4-2 Costello Advertising Agency was founded by John Costello in January of 2004. Presented on the next page are both the adjusted and of 2004. Presented on the next page are both the adjusted and unadjusted trial balances as of December 31, 2005.unadjusted trial balances as of December 31, 2005.

Costello Advertising AgencyTrial Balance

December 31, 2005Unadjusted Adjusted

Dr. Cr. Dr. Cr.

Cash $ 11,000 $ 11,000

Accounts Receivable 20,000 23,500

Art Supplies 8,600 5,000

Prepaid Insurance 3,350 2,500

Printing Equipment 60,000 60,000

Accumulated Depreciation $ 28,000 $33,000

Accounts Payable 5,000 5,000

Interest Payable -0- 150

Notes Payable 5,000 5,000

Unearned Advertising Fees 7,200 5,600

Salaries Payable -0- 1,300

J. Costello, Capital 25,500 25,500

J. Costello, Drawing 12,000 12,000

Advertising Revenue 58,600 63,700

Salaries Expense 11,300

Insurance Expense 850

Interest Expense 350 500

Depreciation Expense 5,000

Art Supplies Expense 3,600

Rent Expense 4,000 4,000

$129,300 $129,300 $139,250 $139,250

Instructionsa) Journalize the annual adjusting entries that were

made.b) Prepare an income statement and a statement of

owner's equity for the year ending December 31, 2005, and a balance sheet at December 31.

c) Answer the following questions.(1) If note has been outstanding 6 months,

what is the annual interest rate on that note?(2) If the company paid $14,500 in salaries in 2005,

what was the balance in Salaries Payable onDecember 31, 2004

Solution 4-2

(a) Dec. 31 Accounts Receivable ..................................... 3,500 Advertising Revenue.............................. 3,500 31 Unearned Advertising Fees........................... 1,600 Advertising Revenue.............................. 1,600 31 Art Supplies Expense..................................... 3,600 Art Supplies............................................. 3,600 31 Depreciation Expense.................................... 5,000 Accumulated Depreciation .................... 5,000 31 Interest Expense ............................................. 150 Interest Payable ...................................... 150 31 Insurance Expense......................................... 850 Prepaid Insurance................................... 850 31 Salaries Expense ............................................ 1,300 Salaries Payable ..................................... 1,300

Revenues Advertising revenue ....................................... $63,700 Expenses Salaries expense............................................. $11,300 Depreciation expense..................................... 5,000 Rent expense................................................... 4,000 Art supplies expense...................................... 3,600 Insurance expense.......................................... 850 Interest expense.............................................. 500 Total expenses ........................................ 25,250 Net income............................................................... $38,450

(b) COSTELLO ADVERTISING AGENCYIncome Statement

For the Year Ended December 31, 2005

COSTELLO ADVERTISING AGENCYOwner’s Equity Statement

For the Year Ended December 31, 2005

J. Costello, Capital, January 1 .................................................. $25,500 Add: Net income ....................................................................... 38,450 63,950 Less: Drawing ............................................................................ 12,000 J. Costello, Capital, December 31............................................. $51,950

COSTELLO ADVERTISING AGENCYBalance Sheet

December 31, 2005

Assets Cash.......................................................................... $11,000 Accounts receivable............................................... 23,500 Art supplies ............................................................. 5,000 Prepaid insurance................................................... 2,500 Printing equipment ................................................. $60,000 Less: Accumulated depreciation—printing equipment............................................................ 33,000 27,000 Total assets.............................................. $69,000 Liabilities and Owner’s Equity Liabilities Notes payable.................................................. $ 5,000 Accounts payable ........................................... 5,000 Interest payable............................................... 150 Unearned advertising fees............................. 5,600 Salaries payable.............................................. 1,300 Total liabilities ......................................... 17,050 Owner’s equity J. Costello, Capital.......................................... 51,950 Total liabilities and owner’s equity.................................................... $69,000

(c) (1) I = P x R x T$150 = $5,000 x R x 1/2$150 = $2,500RR =$150$2,500 R = 6%

(2) Salaries Expense, $11,300 less Salaries Payable 12/31/05, $1,300 = $10,000. Total payments, $14,500 – $10,000 = $4,500 Salaries Payable 12/31/04.

P4-3 Joe Cuono started his own consulting firm, Cuono P4-3 Joe Cuono started his own consulting firm, Cuono Company, on June 1,2005. The trial balance at June Company, on June 1,2005. The trial balance at June is as follows.is as follows.

Cuono CompanyTrial BalanceJune 30, 2005

Account Number Debit Credit

100 Cash $ 7,150

110 Accounts Receivable 6,000

120 Prepaid Insurance 3,000

130 Supplies 2,000

135 Office Equipment 15,000

200 Accounts Payable $4,500

230 Unearned Service Revenue 4,000

300 J. Cuono, Capital 21,750

400 Service Revenue 7,900

510 Salaries Expense 4,000

520 Rent Expense 1,000

$38,150 $38,150

In addition to those accounts listed on the trial balance, the chart of accounts for Cuono Company also contains the following accounts and account numbers: No. 136 Accumulated Depreciation-Office Equipment, No. 210 Utilities Payable, No. 220 Salaries Payable, No. 530 Depreciation Expense, No. 540 Insurance Expense, No. 550 Utilities Expense, and No. 560 Supplies Expense.

Other Data:1. Supplies on hand at June 30 are $1,100.2. A utility bill for $150 has not been recorded and will not be paid until

next month.3. The Insurance policy is for a year.4. $2,500 of unearned service revenue has been earned at the end of

the month.5. Salaries of $1,500 are accrued at June 30.6. The office equipment has a 5-year live with no salvage value. It is

being depreciated at $250 per month for 60 months.7. Invoice representing $2,000 of service performed during the month

have not been recorded as of June 30.

Instructions

a) Prepare the adjusting entries for the month of June. Use J3 as the page number for your journal.

b) Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances and the place a check mark in the posting reference column.

c) Prepare an adjusted trial balance at June 30, 2005

Solution 4-3(a)

Date Account Titles and Explanation Ref. Debit Credit 2005 June 30

Supplies Expense Supplies ($2,000 – $1,100)

560 130

900

900

30 Utilities Expense

Utilities Payable 550

210 150

150 30 Insurance Expense

Prepaid Insurance ($3,000 ÷ 12 months)

540 120

250 250

30 Unearned Service Revenue

Service Revenue 230

400 2,500

2,500 30 Salaries Expense

Salaries Payable 510

220 1,500

1,500 30 Depreciation Expense

Accumulated Depreciation— Office Equipment ($15,000 ÷ 60 months)

530

136

250

250

30 Accounts Receivable

Service Revenue 110

400 2,000

2,000

J3

Date Explanation Ref. Debit Credit Balance 2005 June 30

Balance

7,150

Date Explanation Ref. Debit Credit Balance 2005 June 30 30

Balance Adjusting

J3

250

3,000 2,750

Cash No. 100

Prepaid Insurance No. 120

Accounts Receivable No. 110


Balance Adjusting

J3

2,000

6,000 8,000


Balance Adjusting

J3

900

2,000 1,100

Supplies No. 130


Balance

15,000

Office Equipment No. 135


Adjusting

J3

250

250

Accumulated Depreciation—Office Equipment No. 136

Accounts Payable No. 200


Adjusting

J3

150

150


Balance Adjusting

J3

2,500

4,000 1,500

Salaries Payable No. 220

Unearned Service Revenue No. 230


Adjusting

J3

1,500

1,500


Balance

21,750

Date Explanation Ref. Debit Credit Balance 2005 June 30 30 30

Balance Adjusting Adjusting

J3 J3

2,500 2,000

7,900 10,400 12,400

J. Cuono, Capital No. 300

Service Revenue No. 400

Salaries Expense No. 510


Balance Adjusting

J3

1,500

4,000 5,500


Balance

1,000


Adjusting

J3

250

250


Adjusting

J3

250

250

Rent Expense No. 520

Insurance Expense No. 540

Depreciation Expense No. 530


Adjusting

J3

150

150

Utilities Expense No. 550


Adjusting

J3

900

900

Supplies Expense No. 560

(c) CUONO COMPANYAdjusted Trial Balance

June 30, 2005

Debit Credit Cash....................................................................... Accounts Receivable........................................... Prepaid Insurance................................................ Supplies ................................................................ Office Equipment ................................................. Accumulated Depreciation—Office Equipment ........................................................ Accounts Payable ................................................ Utilities Payable ................................................... Salaries Payable................................................... Unearned Service Revenue ................................ J. Cuono, Capital.................................................. Service Revenue .................................................. Salaries Expense ................................................. Rent Expense ....................................................... Depreciation Expense ......................................... Insurance Expense .............................................. Utilities Expense .................................................. Supplies Expense ................................................

$ 7,150 8,000 2,750 1,100 15,000

5,500 1,000 250 250 150 900 $42,050

$ 250 4,500 150 1,500 1,500 21,750 12,400

$42,050

Documents

Problem Topik 4 Penyesuaian Terhadap Perkiraan. Debits Cash $ 9,500 Accounts Receivable 14,000 Equipment 45,000 Insurance Expense 1,800 Salaries Expense