E connect instructions I help Questions 1-2 (of 7)> userer r\"avigation below to

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E connect instructions I help Questions 1-2 (of 7)> userer r"avigation below to navigate within this series of questions. The following information applies to the questions displayed below ohn's Boat Yerd, Inc, repeirs, stores, and cleans boots for customers. It is compieting the accounting process for the yeer just ended on November 30. The transactions for the past yeer have been joumalized and osted. The following dats with respect to adjusting entries at year-end are available a. John's winterized (cleened and covered) three boats for customers at the end of November, but did not record the service for $4,100. b. On October 1, John's paid $1,560 to the local newspaper for sn advertisement to run every Thursday for 12 weelks. All eds have been run except for theee Thursdays i n December to complete the 12-week contract f The loan requaires John's to pay the interest quarterly untl the note is repaid in three July 1 and October 1 e on November t the winter until May 1 of the next fiscal year Jehn's credited the full amount to Uneemed d. The Johnson family paid John's $4,440 on November 1 to store its e. John's used boat-lifting equipment that cost $250000, $25.000 was the t Bost repair supplies on hand at the beginning of the saiboet fr the winter unsi May 1 ofthe next fiscal year. Jo n's edned the ful amount to Unerned Strege Rnw estimated depreciation for current current yeer totaled $16,500. Repair supplies purchased and debited to Supplies during the year amounted to $46,600 The the supplies on hand g Wages of $3,900 payrol date wil be December 5 of the next fscal yes earned by employees during November were unpaid and unrecorded at November 30. The next 1.00 points Required: 1. Identily each of these transactions as a deferred revenue, deferred expense, accrued revenue, or accrued expense acBookA

Explanation / Answer

Solution 1-2:

Identification of transactions:

a. accrued revenue

b. deferred expense

c. Accrued expense

d. Accrued revenue

e. Accrued expense

f. Accrued expense

g. Accrued expense

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Adjusting Journal Entries Event Particulars Debit Credit a. Accounts receivables Dr $4,100.00         To Service Revenue $4,100.00 (To record revenue for service performed) b Prepaid Expenses Dr ($1,560/12*3) $390.00         To Advertising expense $390.00 (To record deferred expense) c Interest expense Dr ($216,000*10%*2/12) $3,600.00         To Interest payable $3,600.00 (To record interest expense acccrued) d Unearned storage revenue Dr ($4,440/6) $740.00         To Storage revenue $740.00 (To record storage revenue for 1 month) e Depreciation expense Dr $25,000.00         To Accumulated depreciation - Equipment $25,000.00 (To record depreciation on boat lifting equipment) f Supplies Expense Dr ($16,500 + $46,600 - $12,800) $50,300.00         To Supplies $50,300.00 (To record supplies used) g Salaries and Wages Expense Dr $3,900.00         To Salaries and wages payable $3,900.00 (To record wages accrued)

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