Accounting Analysis Of Prepaid Account Balance Homework Help
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1. Analysis of prepaid account balance.
The following information relates to Action Sign Company for 20X2:
Insurance expense $4,350
Prepaid insurance, December 31, 20X2 1,900
Cash outlays for insurance during 20X2 6,200
Compute the balance in the Prepaid Insurance account on January 1, 20X2.
2. Understanding the closing process.
Examine the following list of accounts:
|Interest Payable||Accumulated Depreciation: Equipment|
|Alex Kenzy, Drawing||Accounts Payable|
|Accounts Receivable||Supplies Expense|
Which of the preceding accounts
a. appear on a post-closing trial balance?
b. are commonly known as temporary, or nominal, accounts?
c. generate a debit to Income Summary in the closing process?
d. are closed to the capital account in the closing process?
3.Bank reconciliation and entries.
The following information was taken from the accounting records of Palmetto Company for the month of January:
|Balance per bank||$6,150|
|Balance per company records||3,580|
|Bank service charge for January||20|
|Deposits in transit||940|
|Interest on note collected by bank||100|
|Note collected by bank||1,000|
|NSF check returned by the bank with the bank statement||650|
a. Prepare Palmetto’s January bank reconciliation.
b. Prepare any necessary journal entries for Palmetto.
4.Direct write-off method.
Harrisburg Company, which began business in early 20X7, reported $40,000 of accounts receivable on the December 31, 20X7, balance sheet. Included in this amount was $550 for a sale made to Tom Mattingly in July. On January 4, 20X8, the company learned that Mattingly had filed for personal bankruptcy. Harrisburg uses the direct write-off method to account for uncollectibles.
a. Prepare the journal entry needed to write off Mattingly’s account.
b. Comment on the ability of the direct write-off method to value receivables on the year-end balance sheet.
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You have been retained to examine the records of Kathy’s Day Care Center as of December 31, 20X3, the close of the current reporting period. In the course of your examination, you discover the following:
• On January 1, 20X3, the Supplies account had a balance of $2,350. During the year, $5,520 worth of supplies was purchased, and a balance of $1,620 remained unused on December 31.
• Unrecorded interest owed to the center totaled $275 as of December 31.
• All clients pay tuition in advance, and their payments are credited to the Unearned Tuition Revenue account. The account was credited for $75,500 on August 31. With the exception of $15,500 all amounts were for the current semester ending on December 31.
• Depreciation on the school’s van was $3,000 for the year.
• On August 1, the center began to pay rent in 6-month installments of $21,000. Kathy wrote a check to the owner of the building and recorded the check in Pre¬paid Rent, a new account.
• Two salaried employees earn $400 each for a 5-day week. The employees are paid every Friday, and December 31 falls on a Thursday.
• Kathy’s Day Care paid insurance premiums as follows, each time debiting Pre¬paid Insurance:
|Date Paid||Policy No.||Length of Policy||Amount|
|Feb. 1, 20X2||1033MCM19||1 year||$540|
|Jan. 1, 20X3||7952789HP||1 year||912|
|Aug. 1, 20X3||XQ943675ST||2 years||840|
The center’s accounts were last adjusted on December 31, 20X2. Prepare the adjusting entries necessary under the accrual basis of accounting.
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