E3-1B| (Transaction Analysis—Service Company) Brown is actually a licensed CPA (CERTIFIED PUBLIC ACCOUNTANT). During the first month of operations of her business (a sole proprietorship), the subsequent events and transactions happened. | | |

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| 3| Purchased supplies upon account $1, 610. |

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| 11| Finished a tax assignment and billed consumer $2, 530 for services rendered. | | 12| Received $7, 360 enhance on a administration consulting engagement. | | 17| Received cash of $5, 290 for providers completed intended for Calunga Co. | | 21| Paid insurance expenditure $253. |

| 30| Owe the secretary-receptionist $2, 668 for the month. | | 30| A count of supplies suggested that $276 of products had been used.

| | 30| Purchased a new computer to get $14, 030|

(LO 4)|

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InstructionsJournalize the orders in the basic journal. (Omit explanations. )Problem #3| |

E3-3B | (Corrected Trial Balance) The trial balance of Cervantes Firm, below, would not balance. | | |

CERVANTES CORPORATIONTRIAL BALANCEAPRIL 30, 2010| | Debit| Credit|

Cash| $11, 824| |

Accounts Receivable| 10, 480| |

Materials on Hand| 5, 934| |

Furniture and Equipment| 12, 200| |

Accounts Payable| | $14, 088|

Prevalent Stock| | 16, 000|

Maintained Earnings| | 4, 000|

Service Revenue| | 10, 400|

Office Expense| eight, 640| |

| $49, 078| $44, 488|

An examination of the ledger reveals these problems. | 1 . | Money received by a customer on account was recorded as $2, 760 rather than $3, 660. | |

2 . | The purchase on account of a computer priced at $6, four hundred was recorded as being a debit to Office Price and a credit to Accounts Payable.

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3. | Services were performed on be the cause of a client, $4, 500, for which Accounts Receivable was debited $4, 500 and Services Revenue was credited $450. | |

5. | A payment of $190 to get telephone expenses was entered as a debit to Business office Expenses and a debit to Funds. | |

5. | The Service Revenue account was totaled by $10, four hundred instead of $10,50, 560. |

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(LO 4)|

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InstructionsFrom this information make a corrected trial balanceProblem #4| |

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E3-5B | (Adjusting Entries) The ledger of Chan Rental Agency about March thirty-one of the current year includes the following selected accounts prior to adjusting entries have been prepared. | | |

| Debit| Credit|

Prepaid Insurance| $ two, 700| |

Supplies| 2, 100| |

Equipment| 18, 750| |

Gathered Depreciation—Equipment| | $ 6, 300|

Notes Payable| | 12-15, 000|

Unearned Rent Revenue| | 6, 975|

Lease Revenue| | 45, 000|

Curiosity Expense| –0– | |

Income Expense| twelve, 500| |

An analysis in the accounts shows the following. | 1 . | The equipment depreciates $188 per month. | |

2 . | One-third of the unearned rent was earned through the quarter. | |

3. | Interest of $375 is usually accrued for the notes payable. | |

some. | Products on hand total $637. |

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5. | Insurance expires in the rate of $225 each month. |

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(LO 5)|

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InstructionsPrepare the adjusting records at Mar 31, let’s assume that adjusting articles are made quarterly. Additional accounts are: Downgrading Expense; Insurance Expense; Curiosity Payable; and Supplies Price. | |

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Trouble # a few | |

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E3-8B | (Adjusting Entries) Dement is the fresh owner of Fung Computer system Services. At the end of August 2010, his first month of title, Dement is attempting to prepare regular monthly financial transactions. Below is some information

relevant to unrecorded expenditures that the organization incurred during August. | 1 . | At Aug 31, Dement owed his employees $2, 280 in wages that will be paid upon September 1 ) | |

2 . | At the end from the month he had not yet received the month’s utility expenses. Based on past experience, this individual estimated the bill would be roughly $720. | |

3. | On Aug 1, Dement borrowed $36, 000 by a local financial institution on a 15-year mortgage. The annual interest level is 6%. | |

some. | A telephone expenses in the sum of $140 covering Aug charges can be unpaid for August 23. 5. During August, Dement earned 1000 dollar of $6000 that was received by a client at the conclusion of September. |

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(LO 5)|

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InstructionsInstructionsPrepare the adjusting journal entries as of August thirty-one, 2010, recommended by the details above. | |

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