i need help with these problems in accounting
1. Prospect Realty Co. pays weekly salaries of $27,600 on Monday for a six-day workweek ending the preceding Saturday.
Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends on Friday. Refer to the Chart of Accounts for exact wording of account titles.
2. The prepaid insurance account had a beginning balance of $4,500 and was debited for $16,600 of premiums paid during the year.
Journalize the adjusting entry required at the end of the year, assuming the amount of unexpired insurance related to future periods is $5,600. Refer to the Chart of Accounts for exact wording of account titles.
3. Effect of Errors on Adjusted Trial Balance
For each of the following errors, considered individually, indicate whether the error would cause the adjusted trial balance totals to be unequal. If the error would cause the adjusted trial balance totals to be unequal, indicate whether the debit or credit total is higher and by how much.
a. The adjustment for accrued wages of $5,200 was journalized as a debit to Wages Expense for $5,200 and a credit to Accounts Payable for $5,200.
Enter the difference between the debit and credit totals. If the totals are equal, enter a zero.$
b. The entry for $1,125 of supplies used during the period was journalized as a debit to Supplies Expense of $1,125 and a credit to Supplies of $1,152.
Enter the difference between the debit and credit totals. If the totals are equal,
enter a zero.$
4. Garcia Realty Co. pays weekly salaries of $17,250 on Friday for a five-day workweek ending on that day.
Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends (a) on Wednesday and (b) on Thursday. Refer to the Chart of Accounts for exact wording of account titles.
5. Blake Knudson owns and operates Grab Bag Delivery Services. On January 1, 2018, Retained Earnings had a balance of $918,000. During the year, no additional common stock was issued, and $15,000 of dividends were paid. For the year ended December 31, 2018, Grab Bag Delivery reported a net loss of $43,500.
Prepare a retained earnings statement for the year ended December 31, 2018. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the heading of the statement.
6. After the accounts have been adjusted at April 30, the end of the fiscal year, the following balances were taken from the ledger of Nuclear Landscaping Co.:
Retained Earnings
$643,600
Dividends
10,500
Fees Earned
356,500
Wages Expense
283,100
Rent Expense
56,000
Supplies Expense
11,500
Miscellaneous Expense
13,000
Journalize the four entries required to close the accounts. Refer to the Chart of Accounts for exact wording of account titles
7. Taser Consulting is a consulting firm owned and operated by Annamarie Phipps. The following end-of-period spreadsheet was prepared for the year ended October 31, 2018:
Taser Consulting
End-of-Period Spreadsheet
For the Year Ended October 31, 2018
Unadjusted Trial Balance
Adjustments
Adjusted Trial Balance
Account Title
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Cash
45,000
45,000
Accounts Receivable
119,200
119,200
Supplies
11,900
7,500
4,400
Office Equipment
400,000
400,000
Accumulated Depreciation
56,000
6,000
62,000
Accounts Payable
20,500
20,500
Salaries Payable
9,000
9,000
Common Stock
75,000
75,000
Retained Earnings
180,700
180,700
Dividends
25,000
25,000
Fees Earned
800,000
800,000
Salary Expense
520,000
9,000
529,000
Supplies Expense
7,500
7,500
Depreciation Expense
6,000
6,000
Miscellaneous Expense
11,100
11,100
1,132,200
1,132,200
22,500
22,500
1,147,200
1,147,200
Based on the preceding spreadsheet, prepare an income statement, retained earnings statement, and balance sheet for Taser Consulting. Be sure to read the instructions for each financial statement carefully.
This is how you journal:
JOURNAL ACCOUNTING EQUATION
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
ASSETS
LIABILITIES
EQUITY
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