Make-Up Assignment

Due Date: 8TH December 2021

Complete any 2 of the following problems

1. The assets and liabilities of Belize Co. on December 31 and its expenses for the year are
listed below. The capital of the owner, Julie Rocky, was $68,000 at January 1. The owner
invested an additional $10,000 during the year.

Accounts Payable $ 4,375 Spa Operating Expense $23,760

Accounts Receivable 8,490 Office Expense 2,470
Cash 13,980 Spa Supplies 9,230
Fees Earned 98,435 Wages Expense 26,580
Spa Furniture & Equipment 56,000 J. Rocky, Drawing 38,170
Computers 2,130

Instructions
1. Prepare an income statement (6 points)
2. Prepare a statement of owner’s equity. (6 points)
3. Prepare a balance sheet (6 points)
4. Prepare closing entries (2 points) Total 20 points

2. The following information is available for Jorge Mendoza Company as of October 31,
19XX:
a. Cash on the books as of October 31 amounted to $21,327.08. Cash on the bank statement
for the same date was $26,175.73.
b. A deposit of $2,610.47, representing cash receipts of October 31, did not appear on the
bank statement.
c. Outstanding checks totaled $1,968.40.
d. A check for $960.00 returned with the statement was recorded incorrectly in the check
register as $690.00. The check was made for a cash purchase of merchandise.
e. Bank service charges for October amounted to $12.50.
f. The bank collected for Jorge Mendoza Company $6,120.00 on a note. The face value of
the note was $6,000.00.
g. An NSF check for $91.78 from a client, Beth Franco, came back with the statement.
h. The bank mistakenly charged to the company account a check for $425.00 drawn by
another company
i. The bank reported that it had credited the account for $170.00 in interest on the average
balance for October.
Make-Up Assignment

Due Date: 8TH December 2021

Complete any 2 of the following problems

Instructions
1. Prepare a bank reconciliation for Jorge Mendoza Company as of October 31, 19xx.
(16 points)
2. Prepare the journal entries necessary to adjust the accounts.(4 points) Total 20 points

3. The following selected accounts and their current balances appear in the ledger of Drapery Land
Co. for the fiscal year ended July 31, 2010:

Cash $ 161,250 Sales Return and Allowances $ 69,300

Accounts Receivable 363,000 Sales Discount 65,700

Merchandise Inventory 525,000 Cost of Merchandise Sold 2,325,000

Office Supplies 16,800 Sales Salaries Expense 519,600

Prepaid Insurance 10,200 Advertising Expense 131,400
Office Equipment 255,000 Depreciation Expense - Store Equipment 19,200

Accumulated Depreciation – Office Miscellaneous Selling Expense 4,800

Equipment 138,400

Store Equipment 759,000 Office Salaries Expense 252,450

Accumulated Depreciation – Store Rent Expense 94,050
Equipment 102,600

Depreciation Expense -
Office Equipment 38,100
Accounts Payable 166,800 Insurance Expense 11,700
Salaries Payable 7,200 Office Supplies Expense 3,200
Make-Up Assignment

Due Date: 8TH December 2021

Complete any 2 of the following problems

Note Payable 168,000 Miscellaneous Administrative Expense 5,500

Tanya Xavier, Capital 1,312,250 Interest Expense 15,000

Tanya Xavier, Drawing 105,000
Sales 3,855,000

Instructions
a. Prepare a multiple-step income statement.(20 points)
Total 20 points
Problem 4
4. Selected account balances before adjustment for Perfect Realty at October 31, 2010, the
end of the current year, are as follows:

Debits Credits
Accounts Receivable $ 40,000
Equipment 100,000
Accumulated Depreciation $ 12,000
Prepaid Rent 9,000
Supplies 1,800
Wages Payable -
Unearned Fees 6,000
Fees Earned 215,000
Wages Expense 75,000
Rent Expense -
Depreciation Expense -
Supplies Expense -

Data needed for year-end adjustments are as follows:

a. Unbilled fees at October 31, $2,900. (4 points)
b. Supplies on hand at October 31, $400. (4points)
Make-Up Assignment

Due Date: 8TH December 2021

Complete any 2 of the following problems

c. Rent expired, $6,000. (3points)
d. Depreciation of equipment during year, $3,000. . (3points)
e. Unearned fees at October 31, $800. . (3points)
f. Wages accrued but not paid at October 31, $1,400. . (3points)

Instructions
Journalize the six adjusting entries required at October 31, based on the data presented. (Total 20)
points
Make-Up Assignment

Due Date: 8TH December 2021

Complete any 2 of the following problems

5. Prepare the necessary journal entries for Belize Atlantic Insurance.

Atlantic Insurance established an Insurance agency on July 1st of the current year and
completed the following transactions during July:
a. Open a business Bank account with a deposit of $50,000 from personal funds. (2
points)
b. Purchase supplies on account, $3,000. ( 2 points)
c. Pay creditors on account $500. ( 2 points)
d. Received cash from fees earned on Insurance commission $10,000 ( 2 points)
e. Paid rent for the month $2,500. (2 points)
f. Paint Salary expenses for the month $4,000. ( 2 points)
g. Withdrew cash for personal use $3,000. (2points)
h. Made a loan at Belize Bank $10,000, ( 2 points )
i. Purchase office equipment for cash $3,500. ( 2 points)
j. Paid $1,000 towards Belize Bank loan. (2points) Total 20 points