Tugas 4 - Akuntansi [PDF]

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Nama : Dewi Shinta Nim



: 21101109



21101109_Dewi Shinta_Tugas 4_Akuntansi E3-5 Hwang Ltd. has the following balances in selected accounts on December 31, 2017. Accounts Receivable NT$ –0– Accumulated Depreciation—Equipment –0– Equipment 210,000 Interest Payable –0– Notes Payable 240,000 Prepaid Insurance 63,100 Salaries and Wages Payable –0– Supplies 73,500 Unearned Service Revenue 900,000 All the accounts have normal balances. The information below has been gathered at December 31, 2017. 1. Hwang borrowed NT$240,000 by signing a 6%, 1-year note on October 1, 2017. 2. A count of supplies on December 31, 2017, indicates that supplies of NT$23,400 are on hand. 3. Depreciation on the equipment for 2017 is NT$30,000. 4. Hwang paid NT$63,000 for 12 months of insurance coverage on June 1, 2017. 5. On December 1, 2017, Hwang collected NT$900,000 for consulting services to be performed from December 1, 2017, through March 31, 2018. 6. Hwang performed consulting services for a client in December 2017. The client will be billed NT$117,000. 7. Hwang pays its employees total salaries of NT$270,000 every Monday for the preceding 5-day Week (Monday through Friday). On Monday, December 29, employees were paid for the week ending December 26. All employees worked the last 3 days of 2017.



Answer Hwang Ltd Adjusting Entrieas No Account Entries & Explanation 1 Interest Expense Interest Payable (to record interest expense 240.000 X 6% X (3/12 = 3.600) 2 Supplies Expense Supplies (to record supplies used 73.500 - 23.400 = 50.100 3 Depreciation Expense Accumulated Depreciation—Equipment (to record Depreciation Expense) 4 Insurance Expense Prepaid Insurance (to record insuranse Expense 63.000 X 7/12) 5 Unearned Consulting Revenue Consulting Revenue (to record consulting revenue 900.000 / 4 = 225.000 6 Account Receivable Consulting Revenue 7 Salaries Expense Salaries Payable (to record salaries expense 270.000 x 3/5 = 162.000



Ref



Debit 3600



Credit 3600



50.100



50.100



30.000



30.000



36.750



225.000



117.000 162.000



36.750



225.000



117.000 162.000



E3-7 The ledger of Villa Rental Agency SpA on March 31 of the current year includes the selected accounts, shown below, before adjusting entries have been prepared. Prepaid Insurance Supplies Equipment Accumulated Depreciation—Equipment Notes Payable Unearned Rent Revenue Rent Revenue Interest Expense Salaries and Wages Expense



DEBIT CREDIT € 3,600 2,800 25,000 € 8,400 20,000 9,900 60,000 –0– 14,000



An analysis of the accounts shows the following. 1. The equipment depreciates €320 per month. 2. One-third of the unearned rent revenue was earned during the quarter. 3. Interest totaling €500 is accrued on the notes payable for the quarter. 4. Supplies on hand total €840. 5. Insurance expires at the rate of €200 per month. Instructions Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are Depreciation Expense, Insurance Expense, Interest Payable, and Supplies Expense. Answer Villa Rental Agency SpA Adjusting Journal Entries No Account Entries & Explanation 1 Depreciation Expense Accumulated Depreciation—Equipment (to record equipment depreciates 320 x 3 = 960) 2 Unearned rent revenue Rent Revenue (to record Rent Revenue 9.900 / 3 = 3.300) 3 Interest Expense Interest Payable (to record Interest on notes payable) 4 Supplies Expense Supplies (to record Supplies used 2.800 - 840 = 1.960) 5 Insurance Expense Prepaid Payable (to record Insurance Expense 200 x 3 = 600)



Ref



Debit Credit 960 960 3.300



500



1.960



600



3.300



500



1.960



600