Ricardo Construction Journal Entries Assignment Help
1.Ricardo Construction began operations on December 1. In setting up its accounting procedures, the company decided to debit expense accounts when it prepays its expenses and to credit revenue accounts when customers pay for services in advance. Prepare journal entries for items a through d and the adjusting entries as of its December 31 period-end for items e through g.
a)Supplies are purchased on December 1 for $3,900 cash.
b)The company prepaid its insurance premiums for $2,490 cash on December 2.
c)On December 15, the company receives an advance payment of $32,000 cash from a customer for remodeling work.
d)On December 28, the company receives $5,600 cash from another customer for remodeling work to be performed in January.
e)A physical count on December 31 indicates that the Company has $2,030 of supplies available.
f)An analysis of the insurance policies in effect on December 31 shows that $530 of insurance coverage had expired.
g)As of December 31, only one remodeling project has been worked on and completed. The $5,760 fee for this project had been received in advance.
2.a)One-third of the work related to $15,000 cash received in advance is performed this period.
b)Wages of $12,000 are earned by workers but not paid as of December 31, 2013.
c)Depreciation on the company’s equipment for 2013 is $10,480.
d)The Office Supplies account had a $370 debit balance on December 31, 2012. During 2013, $5,483 of office supplies are purchased. A physical count of supplies at December 31, 2013, shows $598 of supplies available.
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e)The Prepaid Insurance account had a $5,000 balance on December 31, 2012. An analysis of insurance policies shows that $3,200 of unexpired insurance benefits remain at December 31, 2013.
f)The company has earned (but not recorded) $800 of interest from investments in CDs for the year ended December 31, 2013. The interest revenue will be received on January 10, 2014.
g)The company has a bank loan and has incurred (but not recorded) interest expense of $4,000 for the year ended December 31, 2013. The company must pay the interest on January 2, 2014.
For each of the above separate cases, prepare adjusting entries required of financial statements for the year ended (date of) December 31, 2013. (Assume that prepaid expenses are initially recorded in asset accounts and that fees collected in advance of work are initially recorded as liabilities.)
3. a)On April 1, the company retained an attorney for a flat monthly fee of $2,000. Payment for April legal services was made by the company on May 12.
b)A $940,000 note payable requires 8.2% annual interest, or $6,423 to be paid at the 20th day of each month. The interest was last paid on April 20 and the next payment is due on May 20. As of April 30, $2,141 of interest expense has accrued.
c)Total weekly salaries expense for all employees is $13,000. This amount is paid at the end of the day on Friday of each five-day workweek. April 30 falls on Tuesday of this year, which means that the employees had worked two days since the last payday. The next payday is May 3.
The above three separate situations require adjusting journal entries to prepare financial statements as of April 30. For each situation, present both the April 30 adjusting entry and the subsequent entry during May to record the payment of the accrued expenses. (Use 360 days a year. Do not round intermediate calculations and round your final answers to the nearest dollar amount.)
4.Pablo Management has six part-time employees, each of whom earns $130 per day. They are normally paid on Fridays for work completed Monday through Friday of the same week. They were paid in full on Friday, December 28, 2013. The next week, the six employees worked only four days because New Year’s Day was an unpaid holiday.
Prepare the adjusting entry that would be recorded on Monday, December 31, 2013.
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