Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Cost Accounting Expert

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

Have any Question? 


Related Questions in Cost Accounting

Cost behaviordetermining cost behavior please respond to

Cost Behavior Determining Cost Behavior: Please respond to one of the following: Option 1 Choose a company that interests you. It could be your current employer, a past employer, or even a future employer. Compare and co ...

Discuss cost management as a professionname three

Discuss cost management as a profession Name three professional cost management organizations and explain their roles. Where in the corporate, not for profit, areas would cost accountants work and what types of work woul ...

Assignmentwhile a form of abc was being used by general

Assignment While a form of ABC was being used by General Electric back in the sixties, widespread use of ABC didn't began in the United States until the late eighties. The early focus of ABC was on developing more reliab ...

Quiz1 a process cost system would be used for all of the

QUIZ 1 A process cost system would be used for all of the following products except computer chips. chemicals. motion pictures. soft drinks. 2 Differences between a job order cost system and a process cost system include ...

Cost accounting- little debbie brownieshere is a copy of

Cost Accounting- Little Debbie Brownies Here is a copy of the assignment. My snack of choice is the Little Debbie Fudge Brownies Comprehensive Product Costing Select your favorite drink or snack item manufactured by a pu ...

Final project milestone three guidelinesoverview

Final Project Milestone Three Guidelines Overview: Classifying a company's costs allows for an in-depth analysis of the impact that changes in output have on revenues, costs, and net income or net loss. A cost-volume-pro ...

Instructionsnbspbull all questions carry equal marksbull

Instructions:   • All Questions carry equal marks. • All Questions are compulsory • All answers to be explained in not more than 1000 words for question 1 and 2 and for question 3in not more than 500 words for each subse ...

Case questionsmarriott corporation the cost of capital

Case Questions Marriott Corporation: The Cost of Capital (Abridged) 1. What is the weighted average cost of capital for Marriott Corporation? a. What risk-free rate and risk premium did you use to calculate the cost of e ...

Module 3 - slpstrategic choicessimulationin module 3 you

Module 3 - SLP Strategic Choices SIMULATION In Module 3, you will use CVP analysis to inform the pricing of your 3 products. SCENARIO CONTINUATION: You've now completed SLP2, and it the date is (once again) January 1, 20 ...

Question 1pringle company distributes a single product the

Question 1. Pringle Company distributes a single product. The company's sales and expenses for a recent month follow:   Total    Per Unit   Sales $ 300,000   $ 20        Variable expenses   210,000     14          Contri ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro