i need help with these problems in accounting

1. Prospect Realty Co. pays weekly salaries of $27,600 on Monday for a six-day workweek ending the preceding Saturday.

Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends on Friday. Refer to the Chart of Accounts for exact wording of account titles.

2. The prepaid insurance account had a beginning balance of $4,500 and was debited for $16,600 of premiums paid during the year.

Journalize the adjusting entry required at the end of the year, assuming the amount of unexpired insurance related to future periods is $5,600. Refer to the Chart of Accounts for exact wording of account titles.

3. Effect of Errors on Adjusted Trial Balance

For each of the following errors, considered individually, indicate whether the error would cause the adjusted trial balance totals to be unequal. If the error would cause the adjusted trial balance totals to be unequal, indicate whether the debit or credit total is higher and by how much.

a. The adjustment for accrued wages of $5,200 was journalized as a debit to Wages Expense for $5,200 and a credit to Accounts Payable for $5,200.

Enter the difference between the debit and credit totals. If the totals are equal, enter a zero.
$

b. The entry for $1,125 of supplies used during the period was journalized as a debit to Supplies Expense of $1,125 and a credit to Supplies of $1,152.

Enter the difference between the debit and credit totals. If the totals are equal,

enter a zero.
$

4. Garcia Realty Co. pays weekly salaries of $17,250 on Friday for a five-day workweek ending on that day.

Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends (a) on Wednesday and (b) on Thursday. Refer to the Chart of Accounts for exact wording of account titles.

5. Blake Knudson owns and operates Grab Bag Delivery Services. On January 1, 2018, Retained Earnings had a balance of $918,000. During the year, no additional common stock was issued, and $15,000 of dividends were paid. For the year ended December 31, 2018, Grab Bag Delivery reported a net loss of $43,500.

Prepare a retained earnings statement for the year ended December 31, 2018. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the heading of the statement.

6. After the accounts have been adjusted at April 30, the end of the fiscal year, the following balances were taken from the ledger of Nuclear Landscaping Co.:

Retained Earnings	$643,600
Dividends	10,500
Fees Earned	356,500
Wages Expense	283,100
Rent Expense	56,000
Supplies Expense	11,500
Miscellaneous Expense	13,000

Journalize the four entries required to close the accounts. Refer to the Chart of Accounts for exact wording of account titles

7. Taser Consulting is a consulting firm owned and operated by Annamarie Phipps. The following end-of-period spreadsheet was prepared for the year ended October 31, 2018:

	Taser Consulting
	End-of-Period Spreadsheet
	For the Year Ended October 31, 2018
	Unadjusted Trial Balance		Adjustments		Adjusted Trial Balance
Account Title	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.
Cash	45,000				45,000
Accounts Receivable	119,200				119,200
Supplies	11,900			7,500	4,400
Office Equipment	400,000				400,000
Accumulated Depreciation		56,000		6,000		62,000
Accounts Payable		20,500				20,500
Salaries Payable				9,000		9,000
Common Stock		75,000				75,000
Retained Earnings		180,700				180,700
Dividends	25,000				25,000
Fees Earned		800,000				800,000
Salary Expense	520,000		9,000		529,000
Supplies Expense			7,500		7,500
Depreciation Expense			6,000		6,000
Miscellaneous Expense	11,100				11,100
	1,132,200	1,132,200	22,500	22,500	1,147,200	1,147,200

Based on the preceding spreadsheet, prepare an income statement, retained earnings statement, and balance sheet for Taser Consulting. Be sure to read the instructions for each financial statement carefully.

This is how you journal:

JOURNAL ACCOUNTING EQUATION

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY

Do you need help with this or a different assignment? Even when your task is complicated and the deadline is in less than 2 days, you still have every chance to get a good grade for it. How? By completing the order form, you will get the finest custom-written assignment at an affordable price. We also deliver a number of services for free (e.g., revisions, editing, checking the text for authenticity). Use our paper writing service to receive effective help with your homework.

Order a Similar Paper Order a Different Paper