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Saudi Electronic University - ACCT 201 FINANCIAL ACCOUNTING ACCT 201 ASSIGNMENT 3 Q1) What is a prepaid expense? Q2
Saudi Electronic University - ACCT 201
FINANCIAL ACCOUNTING ACCT 201
ASSIGNMENT 3
Q1) What is a prepaid expense?
Q2. What is unearned revenue?
Q3. The adjusted trial balance of Ryan Financial Planners appears below. Using the information from the adjusted trial balance, you are required to prepare for the month ending December 31:
RYAN FINANCIAL PLANNERS |
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|
|
Adjusted Trial Balance |
||
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December 31, 2012 |
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|
Debit |
Credit |
|
Cash Accounts Receivable.......................................................................... |
$4,400 2,200 |
|
|
Office Supplies................................................................................... |
1,800 |
|
|
Office Equipment............................................................................... |
15,000 |
|
|
Accumulated Depreciation—Office Equipment................................ |
|
€ 4,000 |
|
Accounts Payable............................................................................... |
|
3,800 |
|
Unearned Revenue............................................................................. |
|
5,000 |
|
Share Capital–Ordinary..................................................................... |
|
10,000 |
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Retained Earnings (Beginning balance, 1st Dec 2012)....................... |
|
4,400 |
|
Dividends .......................................................................................... |
2,500 |
|
|
Service Revenue................................................................................. |
|
3,700 |
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Office Supplies Expense.................................................................... |
600 |
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|
Depreciation Expense........................................................................ |
2,500 |
|
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Rent Expense..................................................................................... |
1,900 |
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|
|
$30,900 |
$30,900 |
Q4. The trial balance before adjustment of XYZ Company reports the following balances:
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Dr. |
Cr. |
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Accounts receivable |
$100,000 |
|
|
Allowance for doubtful accounts |
|
$ 2,500 |
|
Sales (all on credit) |
|
750,000 |
|
Sales returns and allowances |
40,000 |
|
Instructions
Prepare the entries for estimated bad debts assuming that doubtful accounts are estimated to be (1) 6% of gross accounts receivable and (2) 1% of net sales.
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