1. identify each transaction if its deferred revenue, deferredexpense, accrued r

Question

1. identify each transaction if its deferred revenue, deferredexpense, accrued revenue or accrued expense 2. record adjusting entry like in the chapter for eachtransaction that should be recorded for healds at dec. 31,2007 Healds variety store is completing the accounting process foryear just ended, dec 31, 2007. transactions during 2007 has beenjournalized and posted, data with respect to adjusting entryavailable a. office supplies on hand at jan 1, 2007 totaled $350. officesupplies purchased and debited to office supplies during the yearamounted to $800 the year end count showed $300 of supplies onhand b. wages earned by employees during dec 2007, unpaid andunrecorded at dec. 31, 2007, amounted to $3700 last payroll was dec28, next payroll will be jan 6, 2008 c. 3/4 of basement of store is rented for $1500 per month toanother merchant m dittman inc dittman sells compatible, but notcompetitive merchanside. on nov 1, 2007 stre collected 6 monthsrent in amount $9000 in advance from dittmanl it was credited infull to unearned rent revenue when collected d. remaining basement space is rented to kathy speciality shopfor $820 per mnth, payable monthly on dec.31, 2007 the rent fornovember and december 2007 had nt been cllecteed or recordedcollection is expected jan 10, 2008 e. the store used delivery equipment that cost $30,000; $5000was estimated depreciation for 2007 f. on july 1, 2007 a two year insurance premium amounting to$4200 was paid in cash and debited in full to prepaid insurancecoverage began july 1, 2007 g. healds operates a repair shop to meets its needs. the shopalso does repairs for m dittman. at the end of dec. 31, 2007dittman had not paid $750 for completed repairs. this amunt has notyet been recorded as repair shop revenue. collection is expectedduring jan 2008 1. identify each transaction if its deferred revenue, deferredexpense, accrued revenue or accrued expense 2. record adjusting entry like in the chapter for eachtransaction that should be recorded for healds at dec. 31,2007 Healds variety store is completing the accounting process foryear just ended, dec 31, 2007. transactions during 2007 has beenjournalized and posted, data with respect to adjusting entryavailable a. office supplies on hand at jan 1, 2007 totaled $350. officesupplies purchased and debited to office supplies during the yearamounted to $800 the year end count showed $300 of supplies onhand b. wages earned by employees during dec 2007, unpaid andunrecorded at dec. 31, 2007, amounted to $3700 last payroll was dec28, next payroll will be jan 6, 2008 c. 3/4 of basement of store is rented for $1500 per month toanother merchant m dittman inc dittman sells compatible, but notcompetitive merchanside. on nov 1, 2007 stre collected 6 monthsrent in amount $9000 in advance from dittmanl it was credited infull to unearned rent revenue when collected d. remaining basement space is rented to kathy speciality shopfor $820 per mnth, payable monthly on dec.31, 2007 the rent fornovember and december 2007 had nt been cllecteed or recordedcollection is expected jan 10, 2008 e. the store used delivery equipment that cost $30,000; $5000was estimated depreciation for 2007 f. on july 1, 2007 a two year insurance premium amounting to$4200 was paid in cash and debited in full to prepaid insurancecoverage began july 1, 2007 g. healds operates a repair shop to meets its needs. the shopalso does repairs for m dittman. at the end of dec. 31, 2007dittman had not paid $750 for completed repairs. this amunt has notyet been recorded as repair shop revenue. collection is expectedduring jan 2008

Explanation / Answer

1. identify each transaction if its deferred revenue, deferredexpense, accrued r

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