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problem: Given below are the unadjusted general ledger account balances of Olsen firm at June 30, 2009 [amounts are reflected at their normal balance]: 



Accounts Receivable


Office Supplies


Prepaid Insurance




Accumulated Depreciation - Bldg.


Delivery Van


Accumulated Depreciation - Van


Accounts Payable


Unearned Rent Revenue


Note Payable


Common Stock


Retained Earnings


Service Revenue


Rent Revenue


Wage Expense


Insurance Expense


Depreciation Expense - Building


Depreciation Expense - Van


Supplies Expense


Additional data is available on June 30, 2009, the end of a monthly accounting period.

[A] Olsen Firm purchased a 2 year insurance policy on February 1, 2009 and debited Prepaid Insurance for $2,400.

[B] On January 1, 2009, a tenant in an apartment building owned by Olsen Firm paid six months' rent in advance. The amount received was credited to Unearned Rent Revenue.

[C] A count of office supplies at June 30 revealed $240 of supplies on hand.

[D] On March 31, 2009, Olsen Firm purchased a delivery van for $36,000. Yearly depreciation is estimated to be $7,200.

[E] The depreciation on the building for June has already been recorded.

[F] Olsen Firm has two office employees who earn $80 and $100 per day, respectively. They are paid each Friday for a five-day work week that begins each Monday. June 30 is a Tuesday in 2009.

[G] On June 1, Olsen Firm signed a 6-month, 8%




Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M922289

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