At the end of December 31, 2016, $22,650 of fees have beenearned but have not been billed to clients. Please propose theadjusted journal entry. (5 points)
Date
Account Name
Debit
Credit
The prepaid insurance account had a beginning balance on Jan 1,2016 is $9,600 and was debited for $12,900 of premiums paid duringthe year. Journalize the adjusting entry required at the end of theyear on Dec 31, 2016, assuming the amount of unexpired insurancerelated to future periods is $7,360. (5 points)
Date
Account Name
Debit
Credit
On June 1, 2016, Herbal Co. received $18,900 for the rent ofland for 12 months. Journalize the adjusting entry required forunearned rent on December 31, 2016. (5 points)
Date
Account Name
Debit
Credit
BANK RECONCILIATION
ABC company has bank balance on Dec 31, 2016 is $37,140, and thebook balance at the year-end is $32,500. The other information areas followings:
Checks outstanding totaled $3,620.00
A deposit of $4,496.00 had been made too late to appear on thebank statement.
A check written by AJK Co. (cashed) for $1,233 had beenincorrectly recorded by the company as $233.
The bank collected $4,541.00 on a note left for collection. (Nointerest was included in payment by the customer.)
Bank service charges for December is $25.
Q1: Please work on bank reconciliation for the year end of 2016below (12 points):
ABC Company
Bank Reconciliation
December 31, 2016
Cash balance 12/31/16 per book: $32,500
Cash balance 12/31/16 per bank: $37,140
Add:
Add:
Subtract:
Subtract
Adjusted cash balance per book:
Adjusted cash balance per bank:
Q2: Adjusted journal entries to bank reconciliation (10points)
Ref No.
Account Name
Debit
Credit
Q3: What is your cash balance reported to the financialstatement? (3 points)
CALCULATION- FIFO vs. LIFO (20 points)
1. Roo Inc. maintains a perpetual inventory system. Calculatethe cost of merchandise sold for the month AND thevalue of the ending inventory using the LIFO andFIFO (20 points)
3-Mar
Inventory
12 t-shirts
$15
11-Mar
Purchase
13 t-shirts
$17
14-Mar
Sale
18 t-shirts
21-Mar
Purchase
9 t-shirts
$20
26-Mar
Sale
10 t-shirts
First In First Out(FIFO) Late In First Out (LIFO)
Cost of merchandisesold Cost of merchandise sold
Value of endinginventory Value of ending inventory
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