Rebel Ridge

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  • Topic: Expense, Depreciation, Generally Accepted Accounting Principles
  • Pages : 1 (305 words )
  • Download(s) : 26
  • Published : April 27, 2011
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I need help with rebel ridge.Rebel Ridge Snowmobiles – Adjusting & Closing Entries; Final Evaluation 1st Web-Based Edition, Copyright © 2010 PKL Software, Incorporated. All rights reserved. Last Revised: April 1, 2010

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Using a copy of the December 31 Unadjusted Trial Balance (printed after the bank reconciliation entries) and the information and financial data shown below, record the adjusting entries for Rebel Ridge Snowmobile. Be sure to select the Adjusting JE button to journalize the adjusting entries. Adjusting entries must NOT be entered using the daily entries (Daily JE) procedure. Corrections to adjusting entries must also be entered using the adjusting entries selection. Where necessary, round all calculations to the nearest cent. ALL ENTRIES MUST BE RECORDED AS OF DECEMBER 31, THE END OF THE FIRST QUARTER OF BUSINESS OPERATIONS!

A. The unexpired insurance balance is $3,780.
B. The ending store supplies inventory is $2,135.
C. The ending office supplies inventory is $867.00.
D. A total of $430 worth of advertising copy, paid for in advance and correctly charged to the Advertising Expense account, will be received early next quarter. E. Wages accrued for the student intern total 24.0 hours worked at $12.40 per hour. F. Straight-line depreciation of store fixtures totals $1,250 for the quarter. G. Depreciation of office equipment is $125 per month.

H. Depreciation of the building is based on a straight-line rate of 10 years, no salvage value. I. Accrue the interest on a short-term, $15,000, 8.5%, 120-day note receivable, dated October 2. Calculate the interest to the nearest cent. Use the 360-day banker's year for all interest computations.

J. Rent on the small building used by the business was paid for six months on October 1 of this year.
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