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OlgaM077 [116]
2 years ago
13

The December 31, 2018, unadjusted trial balance for Demon Deacons Corporation is presented below.

Business
1 answer:
notka56 [123]2 years ago
8 0

Answer:

Demon Deacons Corporation

1. Adjusting entries:

a. Debit Rent Expense $2,400

Credit Prepaid Rent $2,400

To record Rent Expense for 2 months.

b. Debit Deferred Revenue $3,000

Credit Service Revenue $3,000

To record service revenue earned.

c. Debit Salaries Expense $700

Credit Salaries Payable $700

To accrue salaries expense.

d. Debit Supplies Expense $3,200

Credit Supplies $3,200

To record supplies expense.

2. Adjusted Trial Balance

as of December 31, 2018

Accounts                       Debit     Credit

Cash                            10,000

Accounts Receivable 15,000

Prepaid Rent                4,800

Supplies                          800

Rent Expense             2,400

Supplies Expense      3,200

Deferred Revenue                   2,250

Common Stock                        11,000

Retained Earnings                   6,000

Service Revenue                    51,950

Salaries Expense    35,700

Salaries Payable                         700

                                 71,900   71,900

Explanation:

a) Data and Calculations:

Unadjusted Trial Balance

Accounts                       Debit     Credit

Cash                            10,000

Accounts Receivable 15,000

Prepaid Rent                7,200

Supplies                       4,000

Deferred Revenue                   3,000

Common Stock                        11,000

Retained Earnings                   6,000

Service Revenue                    51,200

Salaries Expense    35,000

                                 71,200   71,200

a. Rent Expenses = $2,400

Prepaid Rent = $4,800

b. Deferred Revenue = $3,000 - 750 = 2,250

   Service Revenue = 51,200 + 750 = 51,950

c. Salaries Expense    35,000  + 700 = 35,700

Salaries Payable = 700

d. Supplies Account = $4,000 - 3,200 = $800

Supplies Expense = $3,200

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Because corporate officers have the implied power to bind the firm in matters directly connected to its business, there is no li
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It should be noted that corporate officers have the implied power to bind the firm in matters directly connected to its business.

<h3>Who are corporate officers?</h3>

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1 year ago
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In order to properly tackle this problem, we must understand the relationship between the nominal annual rate and real (effective) annual rate. 

To do this:
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Here is the method in practice:
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The last 3 years are already expressed as an effective rate, so we don't need to convert them. The annual rate is:
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I kept the 1 in the numbers (1.058 instead of 5.8% for example) so that it's easier to find the final number

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Answer and Explanation:

The computation is shown below:

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As we know that

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