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Exercise 3-5 Verne Cova Company has the following balances in selected accounts

May 27, 2020 | Business

May 27, 2020 | Business

Exercise 3-5 Verne Cova Company has the following balances in selected accounts

Exercise 3-5
Verne Cova Company has the following balances in selected accounts
on December 31, 2014.

Accounts Receivable

$ 0

Accumulated DepreciationEquipment

0

Equipment

7,407

Interest Payable

0

Notes Payable

10,297

Prepaid Insurance

2,400

Salaries and Wages Payable

0

Supplies

2,665

Unearned Service Revenue

40,368

All the accounts have normal balances. The information below has been gathered
at December 31, 2014.

1.

Verne Cova Company borrowed $9,950 by signing a 12%,
one-year note on September 1, 2014.

2.

A count of supplies on December 31, 2014, indicates that
supplies of $911 are on hand.

3.

Depreciation on the equipment for 2014 is $1,609.

4.

Verne Cova Company paid $2,400 for 12 months of insurance
coverage on June 1, 2014.

5.

On December 1, 2014, Verne Cova collected $32,000 for
consulting services to be performed from December 1, 2014, through March 31,
2015.

6.

Verne Cova performed consulting services for a client in
December 2014. The client will be billed $3,666.

7.

Verne Cova Company pays its employees total salaries of
$5,520 every Monday for the preceding 5-day week (Monday through
Friday). On Monday, December 29, employees were paid for the week ending
December 26. All employees worked the last 3 days of 2014.

Prepare adjusting entries for the seven items described above.(Credit account titles are automatically indented when the amount is
entered. Do not indent manually.)

No.

Account Titles and
Explanation

Debit

Credit

1.

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2.

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3.

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4.

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5.

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6.

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7.

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Exercise 3-5Verne Cova Company has the following balances in selected accounts
on December 31, 2014.Accounts Receivable$ 0Accumulated DepreciationEquipment0Equipment7,407Interest Payable0Notes Payable10,297Prepaid Insurance2,400Salaries and Wages Payable0Supplies2,665Unearned Service Revenue40,368
All the accounts have normal balances. The information below has been gathered
at December 31, 2014.1.Verne Cova Company borrowed $9,950 by signing a 12%,
one-year note on September 1, 2014.2.A count of supplies on December 31, 2014, indicates that
supplies of $911 are on hand.3.Depreciation on the equipment for 2014 is $1,609.4.Verne Cova Company paid $2,400 for 12 months of insurance
coverage on June 1, 2014.5.On December 1, 2014, Verne Cova collected $32,000 for
consulting services to be performed from December 1, 2014, through March 31,
2015.6.Verne Cova performed consulting services for a client in
December 2014. The client will be billed $3,666.7.Verne Cova Company pays its employees total salaries of
$5,520 every Monday for the preceding 5-day week (Monday through
Friday). On Monday, December 29, employees were paid for the week ending
December 26. All employees worked the last 3 days of 2014.
Prepare adjusting entries for the seven items described above.(Credit account titles are automatically indented when the amount is
entered. Do not indent manually.)No.Account Titles and
ExplanationDebitCredit1..gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>.gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>.gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>.gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>.gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>.gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>2..gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>.gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>.gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>.gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>.gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>.gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>3..gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>.gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>.gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>.gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>.gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>.gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>4..gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>.gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>.gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>.gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>.gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>.gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>5..gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>.gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>.gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>.gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>.gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>.gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>6..gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>.gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>.gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>.gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>.gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>.gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>7..gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>.gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>.gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>.gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>.gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>.gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>

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