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Cows

In: Business and Management

Submitted By klauskong
Words 472
Pages 2
Week 2:
In-class exercises:

Question 1: There was a $1,500 balance in the supplies account at the beginning of the period. During the period, the supplies account was increased by $3,000 for supplies purchased. At the end of the period before adjustment, $550 of supplies were on hand. Journalize the necessary adjusting entry.

Question 2: On December 1, 2005, $7,500 was received for services to be performed from December 1, 2005 until May 31, 2006. Make the December 31, 2005 adjusting journal entry if the Unearned Fees at the end of December 2005 was $4,200.

Question 3: The following the unadjusted trial balance of Peter Consulting Inc. as at 31 December 2007
| |Unadjusted |
| |Trial Balance |
| | |
|Cash | 3,000 | |
|Accounts Receivable |30,000 | |
|Supplies | 1,700 | |
|Prepaid Insurance | 2,000 | |
|Equipment | 9,000 | |
|Wages Payable | | |
|Unearned Fees | | 6,000 |
|Ann Cole, Capital |

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