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

For your assignment you will apply the fundamental concepts

For your Assignment, you will apply the fundamental concepts of accounting and finance that you are studying to complete several problems indicative to real-world business scenarios and challenges. For this Assignment, t ...

Assignment discussion-cost accumulation systemwhen

Assignment: Discussion-Cost Accumulation System When companies accumulate costs, they generally use either a job-order or a process costing system. The type of system used often varies based on the type of product or ser ...

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 ...

Accounting assignment1 punch products inc is considering

Accounting Assignment 1. Punch Products, Inc. is considering purchasing a new production machine and has assembled the following information from two vendors of the machine that it is considering buying:   A Products B P ...

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 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 ...

Accounting1 lisa inc estimates that its employees will

Accounting 1. Lisa Inc. estimates that its employees will utilize 200,000 direct labor hours during the coming year. Total overhead costs are estimated to be $6,700,000 and machine hours are estimated to be 100,000. Actu ...

Accounting assignmentmotorcade company has three service

Accounting Assignment Motorcade Company has three service departments (S1, S2, and S3) and two production departments (P1 and P2). The following data relate to Motorcade's allocation of service department costs:   Budget ...

Assignment cost accountingoverviewthe final project for

Assignment: Cost Accounting Overview The final project for this course is the creation of a quantitative analysis with a memo to management. Classifying a company's costs allows for an in-depth analysis of the impact tha ...

Cost of capital assignment questions -1 what does the cost

Cost of Capital Assignment Questions - 1. What does the cost of capital represents? What is should reflect? 2. How do taxes affect the cost of debt? 3. What are the retained earnings? Do they have any costs for the firm? ...

  • 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

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

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen