2. Compute the following adjustme pute the following adjustments and record in the attached General Journal:...

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2. Compute the following adjustme pute the following adjustments and record in the attached General Journal: b. a. ROBO Company ROBO Company pays its employees every Friday. On Friday, January 4, 2013, the Company paid $3,500 for the 5 days beginning the previous December 31. Prepare the adjusting entry on December 31. (Hint: Calculate the payroll for December 31, 2012.) The unearned revenue account shows a balance of $46,000. According to the manager, 60% of that amount has been earned. C. At the end of the month, $5,700 of services have been performed but not yet billed. d. The balance for Prepaid Insurance is $6,600 prior to the year-end adjustment, the unexpired balance is $2,400. e. The balance for Supplies is $1,200 prior to the year-end adjustment, the year-end inventory balance is $400. 3. Adjustment for depreciation. The estimated amount of depreciation on equipment for the current year is $10,650. Journalize the adjusting entry to record the depreciation. 4. The following accounts were taken from the Adjusted Trial Balance columns of the end-of- period spreadsheet for April 30, for Finnegan Co.: Accumulated Depreciation Fees Earned Depreciation Expense Rent Expense Prepaid Insurance Supplies Supplies Expense $32,000 78,000 7,250 34,000 6,000 400 1,800 Prepare an income statement.

 · Answer

Solution: Requirement 2:     Event  Account Titles and Explanation  Debit  Credit    a  Wages Expense (3,500 /5 days)  $                700        Wages Payable    $             700      (Being wages payable recorded)                  b  Unearned Revenue (46000*60%)  $          27,600        Service/Sale Revenue    $       27,600      (Being revenue earned)                  c  Accounts Receivables  $            5,700        Service/Sale Revenue    $         5,700      (Being revenue earned)                  d  Insurance Expense (6600-2400)  $            4,200        Prepaid Insurance    $         4,200      (Being insurance expense recorded)                  e  Supplies Expense(1200-400)  $                800        Supplies    $             800      (Being supplies expense)        Requirement 3:     Event  Account Titles and Explanation  Debit  Credit    a  Depreciation Expense  $          10,650        Accumulated Depreciation- Equipment    $       10,650      (Being depreciation expense)        Requirement 4:     Finnegan Co.    Income statement    For period ended April 30.    Revenue        Fee Earned    $      78,000    Total Revenue (A)    $      78,000    Operating Expenses / Expenses        Depreciation Expense  $             7,250      Rent Expense  $           34,000      Supplies Expense  $             1,800      Total Operating Expense (B)    $      43,050    Net Income (A-B)    $      34,950    Notes: 1) Under Requirement 4, Income statement does not includes accumulated depreciation, supplies and prepaid insurance because there are balance sheet items..

2. Compute the following adjustme pute the following adjustments and record in the attached General Journal:...

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Event	Account Titles and Explanation	Debit	Credit
a	Wages Expense (3,500 /5 days)	$ 700
	Wages Payable		$ 700
	(Being wages payable recorded)

b	Unearned Revenue (46000*60%)	$ 27,600
	Service/Sale Revenue		$ 27,600
	(Being revenue earned)

c	Accounts Receivables	$ 5,700
	Service/Sale Revenue		$ 5,700
	(Being revenue earned)

d	Insurance Expense (6600-2400)	$ 4,200
	Prepaid Insurance		$ 4,200
	(Being insurance expense recorded)

e	Supplies Expense(1200-400)	$ 800
	Supplies		$ 800
	(Being supplies expense)

Finnegan Co.
Income statement
For period ended April 30.
Revenue
Fee Earned		$ 78,000
Total Revenue (A)		$ 78,000
Operating Expenses / Expenses
Depreciation Expense	$ 7,250
Rent Expense	$ 34,000
Supplies Expense	$ 1,800
Total Operating Expense (B)		$ 43,050
Net Income (A-B)		$ 34,950