PROBLEM SET B Problem 3-1B (10 minutes)
1. D 5. G 2. C 3. H
6. B 7. E
9. E 10. F 11. G 12. A
4. I 8. B
Problem 3-2B (30 minutes)
Part 1
Adjustment (a) Oct. 31 Office Supplies Expense ....................................... 16,787 Office Supplies ................................................ 16,787
To record cost of supplies used ($3,950 + $16,313 - $3,476).
Adjustment (b) 31 Insurance Expense .................................................
Prepaid Insurance ...........................................
To record annual insurance coverage cost.
Policy Cost per Month A $451 ($10,824/24 mo.) B 265 ($9,540/36 mo.) C 702 ($8,424/12 mo.) Total
Months Active in 2009 12 7 3
9,373
9,373
2009 Expense $5,412 1,855 2,106 $9,373
Adjustment (c) 31 Salaries Expense ....................................................
Salaries Payable..............................................
To record accrued but unpaid wages (2 days x $2,610).
5,220
5,220
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Problem 3-2B (Concluded)
Adjustment (d) Oct. 31 Depreciation Expense—Building .......................... 21,800 Accumulated Depreciation—Building .......... 21,800
To record annual depreciation
[($695,000-$41,000) / 30 years = $21,800].
Adjustment (e) 31 Rent Receivable ......................................................
Rent Earned .....................................................
To record earned but unpaid Oct. rent.
3,200
3,200
Adjustment (f) 31 Unearned Rent ........................................................
Rent Earned .....................................................
To record rent earned for September and October (2 x $2,899).
5,798
5,798
Part 2
Cash Payment for (c) Nov. 7 Salaries Payable ..................................................... Salaries Expense* .................................................. Cash .................................................................
To record payment of accrued and
current salaries. *(3 days x $2,610)
5,220 7,830
13,050
Cash Payment for (e)
15 Cash .........................................................................
Rent Receivable .............................................. Rent Earned .....................................................
To record past due rent for two months.
6,400
3,200 3,200
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Fundamental Accounting Principles, 19th Edition
Problem 3-3B (90 minutes) Parts 1 and 2
Cash Bal. 27,000 Accounts Receivable Unadj. Bal. 0 (f) 9,750 Adj. Bal. 9,750 Teaching Supplies Unadj. Bal. 10,000 (b) 7,000 Adj. Bal. 3,000 Prepaid Insurance Unadj. Bal. 16,000 (a) 3,000 Adj. Bal. 13,000 Prepaid Rent Unadj. Bal. 2,073 (h) 2,073 Adj. Bal. 0 Professional Library Bal. 31,000 Accumulated Depreciation— Professional Library Unadj. Bal. 9,000 (d) 6,000 Adj. Bal. 15,000 Equipment Bal. 72,719 Accumulated Depreciation— Equipment Unadj. Bal. 17,000 (c) 17,000 Adj. Bal. 34,000
(e) Bal.
Accounts Payable Bal. 35,600 Salaries Payable Unadj. Bal. 0 (g) 340 Adj. Bal. 340 Unearned Training Fees Unadj. Bal. 13,000 5,200 Adj. Bal. 7,800 C. Augustus, Capital Bal. 66,000 C. Augustus, Withdrawals 41,000
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Problem 3-3B (Continued) Parts 1 and 2
Tuition Fees Earned Unadj. Bal. 106,000 (f) 9,750 Adj. Bal. 115,750 Training Fees Earned Unadj. Bal. 39,000 (e) 5,200 Adj. Bal. 44,200 Depreciation Expense— Professional Library Unadj. Bal. 0 (d) 6,000 Adj. Bal. 6,000 Depreciation Expense— Equipment Unadj. Bal. 0 (c) 17,000 Adj. Bal. 17,000 Salaries Expense Unadj. Bal. 50,000 (g) 340 Adj. Bal. 50,340 Insurance Expense Unadj. Bal. 0 (a) 3,000 Adj. Bal. 3,000 Rent Expense Unadj. Bal. 22,808 (h) 2,073 Adj. Bal. 24,881 Teaching Supplies Expense Unadj. Bal. 0 (b) 7,000 Adj. Bal. 7,000
Advertising Expense 7,000 Utilities Expense 6,000
Bal. Bal.
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Fundamental Accounting Principles, 19th Edition
Problem 3-3B (Continued) Part 2
Adjustment (a) Dec. 31 Insurance Expense ................................................ Prepaid Insurance ..........................................
To record the insurance expired.
3,000
3,000
Adjustment (b) 31 Teaching Supplies Expense ................................. Teaching Supplies .........................................
To record the cost of supplies used
($10,000 - $3,000).
7,000
7,000
Adjustment (c) 31 Depreciation Expense—Equipment..................... 17,000 Accumulated Depreciation—Equipment ..... 17,000
To record equipment depreciation.
Adjustment (d) 31 Depreciation Expense—Professional Library .... Accumulated Depreciation— Professional Library .............................
To record professional library depreciation.
6,000
6,000
Adjustment (e) 31 Unearned Training Fees ....................................... Training Fees Earned ....................................
To record training fees earned that were
collected in advance (2,600 x 2).
5,200
5,200
Adjustment (f) 31 Accounts Receivable ............................................ Tuition Fees Earned.......................................
To record tuition earned ($3,900 x 2 1/2 mo).
9,750
9,750
Adjustment (g) 31 Salaries Expense ................................................... Salaries Payable.............................................
To accrue salaries expense (2 days x $170).
340
340
Adjustment (h) 31 Rent Expense ........................................................ Prepaid Rent ...................................................
To record expiration of prepaid rent.
2,073
2,073
?McGraw-Hill Companies, 2009
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