Accounting Finance Worksheet

10/12/23, 11:25 AMQuestion 1 of 5 – Week 3 – Homework: Chapter 3
Week 3 – Homework: Chapter 3
Question 1 of 5
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Current Attempt in Progress
Luong Corporation encounters the following situations:
Identify what type of adjusting entry (prepaid expense, unearned revenue, accrued expense, or
accrued revenue) is needed in each situation at December 31, 2022.
1.
Luong collects $1,300 from a customer in 2022 for services to be
performed in 2023.
2.
Luong incurs utility expense which is not yet paid in cash or
recorded.
3.
Luong’s employees worked 3 days in 2022 but will not be paid until
2023.
4.
Luong performs services for customers but has not yet received
cash or recorded the transaction.
5.
Luong paid $2,800 rent on December 1 for the 4 months starting
December 1.
6.
Luong received cash for future services and recorded a liability until
the service was performed.
7.
Luong performed consulting services for a client in December 2022.
On December 31, it had not billed the client for services provided of
$1,200.
8.
Luong paid cash for an expense and recorded an asset until the item
was used up.
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10/12/23, 11:25 AM
Question 1 of 5 – Week 3 – Homework: Chapter 3
Luong purchased $900 of supplies in 2022; at year-end, $400 of
9. Week 3 – Homework: Chapter 3
supplies remain unused.
Question 1Luong
of 5 purchased equipment on January 1, 2022; the equipment will – / 7
10.
11.
be used for 5 years.
Luong borrowed $12,000 on October 1, 2022, signing an 8% oneyear note payable. Both the interest and the note will be paid in 1
year.
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10/12/23, 11:27 AM
Question 2 of 5 – Week 3 – Homework: Chapter 3
Week 3 – Homework: Chapter 3
Question 2 of 5
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Current Attempt in Progress
The ledger of Sunland, Inc. on March 31, 2022, includes the following selected accounts before
adjusting entries.
Debit
Prepaid Insurance
$2,800
Supplies
2,100
Equipment
30,300
Unearned Service Revenue
Credit
$9,500
An analysis of the accounts shows the following.
1.
Insurance expires at the rate of $560 per month.
2.
Supplies on hand total $1,500.
3.
The equipment depreciates $600 per month.
4.
During March, services were performed for two-fifths of the unearned service revenue.
Prepare the adjusting entries for the month of March. (List all debit entries before credit entries.
Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
No.
Date
1.
Mar.
31
Account Titles and Explanation
Debit
Depreciation Expense
Accumulated Depreciation-Equipment
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10/12/23, 11:27 AM
Question 2 of 5 – Week 3 – Homework: Chapter 3
record insurance expired)
Week 3 -(To
Homework:
Chapter 3
2.
Mar.
31
Unearned Rent Revenue
Question 2 of 5
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Rent Revenue
(To record supplies used)
3.
Mar.
31
(To record monthly depreciation)
4.
Mar.
31
(To record revenue for services provided)
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List of Accounts
Assistance Used
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Accounts Payable

Accounts Receivable
Accumulated Depreciation-Buildings
Accumulated Depreciation-Equipment
Advertising Expense
Buildings
Cash
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10/12/23, 11:27 AM
Question 2 of 5 – Week 3 – Homework: Chapter 3
Depreciation
Expense Chapter 3
Week 3 – Homework:
Equipment
Question 2 of 5
Insurance Expense
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Interest Expense
Interest Payable
Land
Maintenance and Repairs Expense
Mortgage Payable
No Entry
Notes Payable
Owner’s Capital
Owner’s Drawings
Prepaid Advertising
Prepaid Cleaning
Prepaid Insurance
Prepaid Rent
Rent Expense
Rent Revenue
Salaries and Wages Expense
Salaries and Wages Payable
Sales Revenue
Service Revenue
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10/12/23, 11:27 AM
Question 2 of 5 – Week 3 – Homework: Chapter 3
Subscription
Revenue Chapter 3
Week 3 – Homework:
Supplies
Question 2 of 5
Supplies Expense
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Ticket Revenue
Unearned Rent Revenue
Unearned Service Revenue
Unearned Subscription Revenue
Unearned Ticket Revenue
Utilities Expense
Utilities Payable
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10/12/23, 11:28 AM
Question 3 of 5 – Week 3 – Homework: Chapter 3
Week 3 – Homework: Chapter 3
Question 3 of 5
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Current Attempt in Progress
The bookkeeper for Ivanhoe Company asks you to prepare the following accrual adjusting entries
at December 31.
1.
Interest on notes payable of $430 should be accrued.
2.
Services performed but unbilled totals $1,860.
3.
Salaries of $840 earned by employees have not been recorded or paid.
Use these account titles: Service Revenue, Accounts Receivable, Interest Expense, Interest
Payable, Salaries and Wages Expense, and Salaries and Wages Payable. (List all debit entries before
credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent
manually.)
No.
Date
1.
Dec.
31
2.
Dec.
31
3.
Dec.
31
Account Titles and Explanation
Debit
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10/12/23, 11:28 AM
Question 3 of 5 – Week 3 – Homework: Chapter 3
eTextbook
Media Chapter 3
Week 3 -and
Homework:
List of Accounts
Question 3 of 5
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Assistance
Used
Accounts Payable
Accounts Receivable
Accumulated Depreciation-Buildings
Accumulated Depreciation-Equipment
Advertising Expense
Buildings
Cash
Depreciation Expense
Equipment
Insurance Expense
Interest Expense
Interest Payable
Land
Maintenance and Repairs Expense
Mortgage Payable
No Entry
Notes Payable
Owner’s Capital
Owner’s Drawings
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10/12/23, 11:28 AM
Question 3 of 5 – Week 3 – Homework: Chapter 3
Prepaid
Week 3Advertising
– Homework: Chapter 3
Prepaid Cleaning
Question 3 of 5
Prepaid Insurance
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Prepaid Rent
Rent Expense
Rent Revenue
Salaries and Wages Expense
Salaries and Wages Payable
Sales Revenue
Service Revenue
Subscription Revenue
Supplies
Supplies Expense
Ticket Revenue
Unearned Rent Revenue
Unearned Service Revenue
Unearned Subscription Revenue
Unearned Ticket Revenue
Utilities Expense
Utilities Payable
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10/12/23, 11:28 AM
Question 3 of 5 – Week 3 – Homework: Chapter 3
Week 3 – Homework: Chapter 3
Question 3 of 5
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10/12/23, 11:29 AM
Question 4 of 5 – Week 3 – Homework: Chapter 3
Week 3 – Homework: Chapter 3
Question 4 of 5
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Current Attempt in Progress
The adjusted trial balance of Blossom Company at December 31, 2022, includes the following
accounts: Owner’s Capital $16,000, Owner’s Drawings $7,000, Service Revenue $36,000, Salaries
and Wages Expense $15,000, Insurance Expense $1,000, Rent Expense $3,000, Supplies Expense
$1,000, and Depreciation Expense $1,000.
Prepare an income statement for the year.
BLOSSOM COMPANY
Income Statement
$
$
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10/12/23, 11:29 AM
Question 4 of 5 – Week 3 – Homework: Chapter 3
$
Week 3 – Homework: Chapter 3
Question 4 of 5
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eTextbook and Media
Assistance Used
List of Accounts
Assistance Used
Accounts Payable
Accounts Receivable
Accumulated Depreciation-Buildings
Accumulated Depreciation-Equipment
Advertising Expense
Buildings
Cash
Depreciation Expense
Equipment
Insurance Expense


Interest Expense
Interest Payable
Land
Maintenance and Repairs Expense
Mortgage Payable
No Entry
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10/12/23, 11:29 AM
Question 4 of 5 – Week 3 – Homework: Chapter 3
Notes
WeekPayable
3 – Homework: Chapter 3
Owner’s Capital
Question 4 of 5
Owner’s Drawings
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Prepaid Advertising
Prepaid Cleaning
Prepaid Insurance
Prepaid Rent
Rent Expense
Rent Revenue
Salaries and Wages Expense
Salaries and Wages Payable
Sales Revenue
Service Revenue
Subscription Revenue
Supplies
Supplies Expense
Ticket Revenue
Unearned Rent Revenue
Unearned Service Revenue
Unearned Subscription Revenue
Unearned Ticket Revenue
Utilities Expense
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10/12/23, 11:29 AM
Question 4 of 5 – Week 3 – Homework: Chapter 3
Utilities
Week 3Payable
– Homework: Chapter 3
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10/12/23, 11:30 AM
Question 5 of 5 – Week 3 – Homework: Chapter 3
Week 3 – Homework: Chapter 3
Question 5 of 5
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Current Attempt in Progress
The trial balances before and after adjustment for Ivanhoe Company at the end of its fiscal year are
presented below.
IVANHOE COMPANY
Trial Balance
August 31, 2022
Before
Adjustment
Dr.
Cash
After
Adjustment
Cr.
Dr.
$10,300
$10,300
Accounts Receivable
8,900
9,600
Supplies
2,300
500
Prepaid Insurance
3,800
2,700
Equipment
12,500
12,500
Accumulated Depreciation—Equipment
Cr.
$ 3,700
$ 4,500
5,900
5,900
0
1,100
Unearned Rent Revenue
1,600
700
Owner’s Capital
13,500
13,500
Service Revenue
34,200
34,900
Rent Revenue
10,800
11,700
Accounts Payable
Salaries and Wages Payable
Salaries and Wages Expense
Supplies Expense
17,000
18,100
0
1,800
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10/12/23, 11:30 AM
Question 5 of 5 – Week 3 – Homework: Chapter 3
Rent Expense
14,900
14,900
Insurance Expense
0
1,100
Question
5 of 5Expense
Depreciation
0
Week 3 – Homework: Chapter 3
$69,700
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800
$69,700
$72,300
$72,300
(a)
Prepare the income statement for the year.
IVANHOE COMPANY
Income Statement
$
$
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10/12/23, 11:30 AM
Question 5 of 5 – Week 3 – Homework: Chapter 3
Week 3 – Homework: Chapter 3
Question 5 of 5
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$
eTextbook and Media
List of Accounts
Assistance Used
Accounts Payable
Accounts Receivable
Accumulated Depreciation-Buildings
Accumulated Depreciation-Equipment
Advertising Expense
Buildings
Cash
Depreciation Expense
Equipment
Insurance Expense
Interest Expense
Interest Payable


Land
Maintenance and Repairs Expense
Mortgage Payable
No Entry
Notes Payable
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10/12/23, 11:30 AM
Question 5 of 5 – Week 3 – Homework: Chapter 3
Owner’s
Week
3 – Capital
Homework: Chapter 3
Owner’s Drawings
Question 5 of 5
Prepaid Advertising
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Prepaid Insurance
Prepaid Rent
Rent Expense
Rent Revenue
Salaries and Wages Expense
Salaries and Wages Payable
Sales Revenue
Service Revenue
Subscription Revenue
Supplies
Supplies Expense
Ticket Revenue
Unearned Rent Revenue
Unearned Service Revenue
Unearned Subscription Revenue
Unearned Ticket Revenue
Utilities Expense
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10/12/23, 11:30 AM
Question 5 of 5 – Week 3 – Homework: Chapter 3
(b) Week 3 – Homework: Chapter 3
Question
of owner’s
5
Prepare5the
equity statement for the year.
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IVANHOE COMPANY
Owner’s Equity Statement
$
:
$
eTextbook and Media
List of Accounts
Assistance Used
Accounts Payable
Accounts Receivable
Accumulated Depreciation-Buildings
Accumulated Depreciation-Equipment
Advertising Expense
Buildings
Cash
Depreciation Expense
Equipment
Insurance Expense
Interest Expense
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10/12/23, 11:30 AM
Question 5 of 5 – Week 3 – Homework: Chapter 3
Interest
Week
3 – Payable
Homework: Chapter 3
Land
Question 5 of 5
Maintenance and Repairs Expense
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Mortgage Payable
No Entry
Notes Payable
Owner’s Capital
Owner’s Drawings
Prepaid Advertising
Prepaid Insurance
Prepaid Rent
Rent Expense
Rent Revenue
Salaries and Wages Expense
Salaries and Wages Payable
Sales Revenue
Service Revenue
Subscription Revenue
Supplies
Supplies Expense
Ticket Revenue
Unearned Rent Revenue
Unearned Service Revenue
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10/12/23, 11:30 AM
Question 5 of 5 – Week 3 – Homework: Chapter 3
Unearned
SubscriptionChapter
Revenue3
Week
3 – Homework:
Unearned Ticket Revenue
Question 5 of 5
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Utilities Expense
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(c)
Prepare the balance sheet at August 31. (List Assets in order of liquidity.)
IVANHOE COMPANY
Balance Sheet
Assets
$
:
Liabilities and Owner’s Equity
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10/12/23, 11:30 AM
Question 5 of 5 – Week 3 – Homework: Chapter 3
Week 3 – Homework: Chapter 3
Question 5 of 5
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eTextbook and Media
List of Accounts
Assistance Used
Accounts Payable
Accounts Receivable
Accumulated Depreciation-Buildings
Accumulated Depreciation-Equipment
Advertising Expense
Buildings
Cash
Depreciation Expense
Equipment
Insurance Expense
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10/12/23, 11:30 AM
Question 5 of 5 – Week 3 – Homework: Chapter 3
Interest
Week
3 – Expense
Homework: Chapter 3
Interest Payable
Question 5 of 5
Land
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Maintenance and Repairs Expense
Mortgage Payable
No Entry
Notes Payable
Owner’s Capital
Owner’s Drawings
Prepaid Advertising
Prepaid Insurance
Prepaid Rent
Rent Expense
Rent Revenue
Salaries and Wages Expense
Salaries and Wages Payable
Sales Revenue
Service Revenue
Subscription Revenue
Supplies
Supplies Expense
Ticket Revenue
Unearned Rent Revenue
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10/12/23, 11:30 AM
Question 5 of 5 – Week 3 – Homework: Chapter 3
Unearned
Service Revenue
Week
3 – Homework:
Chapter 3
Unearned Subscription Revenue
Question 5 of 5
Unearned Ticket Revenue
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Utilities Expense
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