1 . Atlas Company's Store Supplies account had a beginning balance of $780. Throughout the year the company purchased $1,500 in supplies. A physical count of the supplies showed $525 of unused supplies available as of December 31, 2015. Prepare the required adjusting entry.
2. You have the following insurance policies:
|
Purchase Date
|
Period
|
Amount
|
|
Jan 1, 2013
|
4 yrs
|
$2,400
|
|
Aug 1, 2014
|
3 yrs
|
$3,600
|
|
Sep 1, 2015
|
2 yrs
|
$1,920
|
The total premium for each policy was paid in full (for all months) at the purchase date, and the Prepaid Insurance account was debited for the full cost. (Year-end adjusting entries for Prepaid Insurance were properly recorded in all prior years.)
Prepare the adjusting journal entry for December 31, 2015.
3. You sold tickets for 2 different concert series as summarized below:
|
|
|
Number of
|
I Number of Concerts in
|
|
|
Ticket Sales
|
Concerts in Series
|
Series remaining at
|
|
Sales Date
|
Amount Received
|
when sold
|
December 31 2015
_
|
|
April 1, 2015
|
$4,500,000
|
9
|
|
2
|
|
Sep
|
1, 2015
|
$3,500,000
|
7
|
i
|
4
|
When you sold the tickets it was recorded in Unearned Concert Revenue.
Prepare the required adjustingentry at December 31, 2015.
4. You made the following loans to two of your employees:
|
Name
|
Loan
Amount
|
Loan Date
|
Period
|
Total
Interest I
on
Loan
|
|
John Q
|
$1,500
|
|
1 July 2015
|
15 months
|
$90
$1201
|
|
, Alex 7
|
$2,500
|
1
|
Oct 2015
|
12 months
|
|
|
|
Prepare the required adjusting entry for accrued interest on December 31, 2015.