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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]: 

Cash

6,775

Accounts Receivable

2,500

Office Supplies

950

Prepaid Insurance

2,000

Building

100,000

Accumulated Depreciation - Bldg.

60,000

Delivery Van

36,000

Accumulated Depreciation - Van

1,200

Accounts Payable

5,500

Unearned Rent Revenue

800

Note Payable

18,000

Common Stock

20,000

Retained Earnings

26,000

Service Revenue

39,000

Rent Revenue

4,000

Wage Expense

21,600

Insurance Expense

475

Depreciation Expense - Building

2,500

Depreciation Expense - Van

1,200

Supplies Expense

500

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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