The following six-column table for Bullseye Ranges includes the unadjusted trial balance as of December 31, 2011.
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Required
a.
Complete the six-column table by entering
adjustments that reflect the following information.
b.
As of December 31, 20 11. employees had earned
$900 of unpaid and unrecorded salaries. The next pay day is January 4. at which
time $1, 600 of salaries will be paid.
c.
The cost of supplies still available at
December 31, 2011, is $2, 700.
d.
The notes payable requires an interest payment
to be made every three months. The amount of unrecorded accrued interest at
December 31, 2011, is $ 1, 250. The next interest payment. at an amount of $ 1,
500. is due on January 15, 2012.
e.
Analysis of the unearned member fees account
show s $5,600 remaining unearned at December 31, 2011.
f.
In add it ion to the member fees included in
the revenue account balance, the company has earned another $9, 100 ill
unrecorded fees that will be collected on January 31, 2012. The company is also
expected to collect $8, 000 on that same day for new fees earned in January
2012.
g.
Depreciation expense for the year is $ 12, 500.
2. Prepare journal entries for the adjustment s
entered in the six-column tab le 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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