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question directions complete the following exercises 1 on january 1 simms delivery p 4280372

Question

Directions: Complete the following exercises.

1.On January 1, Simms Delivery purchased a truck for $60,000. The truck has an estimated useful life of    5 years and a $10,000 expected trade-in value. Simms uses the straight-line method.

a.Prepare the adjusting entry for depreciation on December 31 of the year. (Show all calculations below the entry.)

DateDescription                                                  Post Ref   Debit           Credit

Adjusting Entries

b.Compute the book value at the end of the second year of the truck’s useful life. (Show all calculations in your answer.)

Directions: Complete the worksheet on the next page.

Dewey Legal Services

Work Sheet

For the Month Ended August 31, 20–

Account Title

Adjusted Trial Balance

Income Statement

Balance Sheet

Debit

Credit

Debit

Credit

Debit

Credit

Cash

3,500

Accounts Receivable

800

Supplies

200

Prepaid Insurance

1,000

Computer Equipment

6,000

Accum. Depreciation –Computer Equipment

1,500

Office Furniture

9,000

Accum. Depreciation –Office Furniture

2,000

Accounts Payable

1,300

Wages Payable

350

H. Dewey, Capital

7,820

H. Dewey, Drawing

400

Legal Service Fees

10,100

Wages Expense

450

Advertising Expense

110

Rent Expense

575

Supplies Expense

375

Telephone Expense

125

Insurance Expense

85

Deprec. Exp. – Computer Equipment

250

Deprec. Exp. – Office Furniture

160

Miscellaneous Exp.

    40

23,070

23,070

Net Income (Loss)

Chapter 7

Directions: On April 1, a petty cash fund was established for $150. The following vouchers were issued during the month. Prepare the journal entries to (a) establish the petty cash fund on April 1 and (b) replenish the petty cash fund on April 30.

Date

Voucher No.

Purpose

Amount

6

4-1

Office supplies

12.00

8

4-2

Taxi fare for customer (travel and entertainment)

27.50

12

4-3

Postage due

4.50

17

4-4

Donation (Red Cross)

30.00

24

4-5

Office supplies

21.00

30

4-6

Owner withdrawal for personal use

40.00

GENERAL JOURNAL

DATE

DESCRIPTION

POST

REF

DEBIT

CREDIT

 

 

Chapter 8

Section D

Directions: Tobi’s Tax & Accounting Services has four employees who are paid on a weekly basis. Each is paid time and one-half for working more than 40 hours in one week. The payroll data for the week ended October 31 is shown below. Use this information to complete the payroll register on the next page. Round to the nearest two decimal places, as needed. Total and verify the columns. (30 points total)

The cumulative earnings shown above are for the year through last week. Social Security tax is withheld at 6.2% and Medicare tax at 1.45%. Each employee who is married has $45 withheld for health insurance, and each employee who is single has $18 withheld. Ulmer has $30 deducted each pay period for U.S. Savings Bonds. The unemployment compensation earnings for each of the employees is $0.00 for this pay period.

Number the checks beginning with 1001.

 

Adjusting Entries

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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