Classify accruals and deferrals Accounting Problems help

Exercises 3-6, 3-13, 3-23 and 3-26

Template is required

Get Your Custom Essay Written From Scratch
We have worked on a similar problem. If you need help click order now button and submit your assignment instructions.
Just from $13/Page
Place an Order

Get Assignment Writing Help

Our experts are ready to complete your assignment, course work. essay, test, dissertation, research paper, quiz

Get Started

E3-6

Classify accruals and deferrals

Obj|3

Classify the following items as (a) deferred expense (prepaid expense), (b) deferred revenue (unearned revenue), (c) accrued expense (accrued liability), or (d) accrued revenue (accrued asset).

·  1.Subscriptions received in advance by a magazine publisher.

·  2.A three-year premium paid on a fire insurance policy.

·  3.Fees received but not yet earned.

·  4.Fees earned but not yet received.

·  5.Utilities owed but not yet paid.

·  6.Supplies on hand.

·  7.Salary owed but not yet paid.

·  8.Taxes owed but payable in the following period.

E3-13

Adjustment for accrued salaries

Obj|3

North Slope Realty Co. pays weekly salaries of $7,900 on Friday for a five-day week ending on that day. What is the adjustment at the end of the accounting period, assuming that the period ends (a) on Wednesday, (b) on Thursday? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease.

E3-23

Adjustment for depreciation

Obj|3

The estimated amount of depreciation on equipment for the current year is $41,700.

·  a.How is the adjustment recorded? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease.

·  b.If the adjustment in (a) was omitted, which items would be erroneously stated on (1) the income statement for the year and (2) the balance sheet as of December 31?

E3-26

Classify assets

Obj|4

Identify each of the following as (a) a current asset or (b) property, plant, and equipment:

·  1.Accounts Receivable

·  2.Building

·  3.Cash

·  4.Office Equipment

·  5.Prepaid Insurance

·  6.Supplies

Needs help with similar assignment?

We are available 24x7 to deliver the best services and assignment ready within 3-4 hours? Order a custom-written, plagiarism-free paper

Order Over WhatsApp Place an Order Online

"Do you have an upcoming essay or assignment due?


Get any topic done in as little as 6 hours

If yes Order Similar Paper

All of our assignments are originally produced, unique, and free of plagiarism.

Stuck with a Question?

Get it solved from our top experts within 8 hrs!

Ask Your Question Now!

"Are you looking for a similar assignment? if yes, we are ready to help"

Order New Solution

You will get 100% plagiarism free and professional written paper.