Professional Documents
Culture Documents
Chapter 3 Self Grading
Chapter 3 Self Grading
Chapter 3 Self Grading
Date: 8/30/2016
I-02.04
Enter Name is a fishing guide offering services to a variety of clients. The following information is needed to record end-of-year adjustin
entries. The company only records adjustments at year end.
Prepare adjusting entries for each of the following transactions. Account titles and amounts are to be selected from the choices found in th
drop down pick lists associated with each entry. A check mark will appear beside a correct entry.
(a) Enter Name Company has a boat. The asset records indicate that annual depreciation is $.
GENERAL JOURNAL
Dec. 31 ### -
###
During the current year some clients began prepaying for future services. Total
(b) collections under prepayment plans were $, of which 75% had been earned by the
end of the year.
GENERAL JOURNAL
Dec. 31 ### -
###
To recognize earned portion of client prepayments
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GENERAL JOURNAL
Dec. 31 -
(d) #VALUE!
GENERAL JOURNAL
Dec. 31 ### -
###
To record earned, but unbilled services provided to customer.
GENERAL JOURNAL
Dec. 31 -
The company began the year with $40,000 of supplies inventory, purchased an
(f) additional $75,000 (which was recored as Supplies), and ended the year with
$25,000.
GENERAL JOURNAL
Dec. 31 -
(g) #VALUE!
GENERAL JOURNAL
Dec. 31 ### -
###
Top record accrued interest on loan
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