HCS 380 Wk 2 Individual: WileyPLUS Quiz Activity

Due Sunday evening 11: 59 om AZT. Time listed above is EST. All work due 11:59 pm AZT. Complete the assigned Quiz activity in WileyPLUS. Remember that you have 3 attempts for each question to achieve the best score!

Exercise 4-6

Carla Vista Co., a ski tuning and repair shop, opened on November 1, 2016. The company carefully kept track of all its cash receipts and cash payments. The following information is available at the end of the ski season, April 30, 2017.

Cash

Receipts Cash

Payments

Issuance of common shares $19,900

Payment to purchase repair shop equipment $9,100

Payments to landlord 1,225

Newspaper advertising payment 330

Utility bill payments 810

Part-time helper’s wage payments 2,700

Income tax payment 10,300

Cash receipts from ski and snowboard repair services 30,700

Subtotals 50,600 24,465

Cash balance 26,135

Totals $50,600 $50,600

Exercise 4-22 

The adjusted trial balance for Ivanhoe Company is given below:

IVANHOE COMPANY

Trial Balance

August 31, 2017

Before

Adjustment After

Adjustment

Dr. Cr. Dr. Cr.

Cash $11,070 $11,070

Accounts Receivable 8,990 9,540

Supplies 2,640 1,210

Prepaid Insurance 4,490 3,020

Equipment 15,410 15,410

Accumulated Depreciation—Equipment $3,467 $4,667

Accounts Payable 5,270 5,270

Salaries and Wages Payable 0 1,050

Unearned Rent Revenue 1,810 920

Common Stock 15,950 15,950

Retained Earnings 5,680 5,680

Dividends 2,920 2,920

Service Revenue 34,300 34,850

Rent Revenue 13,520 14,410

Salaries and Wages Expense 16,120 17,170

Supplies Expense 0 1,430

Rent Expense 18,357 18,357

Insurance Expense 0 1,470

Depreciation Expense 0 1,200

Exercise 4-9

The ledger of Sunland Company on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared.

Debit Credit

Supplies $3,450

Prepaid Insurance 4,140

Equipment 25,200

Accumulated Depreciation—Equipment $7,560

Notes Payable 19,600

Unearned Rent Revenue 10,650

Rent Revenue 55,500

Interest Expense 0

Salaries and Wages Expense 14,100

An analysis of the accounts shows the following.

1. The equipment depreciates $330 per month.

2. Half of the unearned rent revenue was earned during the quarter.

3. Interest of $470 is accrued on the notes payable.

4. Supplies on hand total $800.

5. Insurance expires at the rate of $460 per month.