Kaplan-University AC 113 Unit 4

This week’s Assignment will introduce you to accruals and deferral along with how to make adjustments for accrued expenses, adjustments for depreciation, and how to prepare a classified balance sheet. Templates are required to use for the Assignments. Download the template from the spreadsheet icon below. To assist you in making sure that you are on the right track with your Assignment, view the solutions to self-check your work. If you have questions, please contact your instructor. Upload your Excel file to the Assignment Dropbox by the end of the unit. In order to ensure full functionality for these homework templates, it is recommended that you download/save each Excel template to your computer in the .xlsx format. Classify adjustments Obj|3 The following accounts were taken from the unadjusted trial balance of Inter Circle Co., a congressional lobbying firm. Indicate whether or not each account would normally require an adjusting entry.

If the account normally requires an adjusting entry, use the following notations to indicate the type of adjustment: AE—Accrued Expense AR—Accrued Revenue DR—Deferred Revenue DE—Deferred Expense To illustrate, the answer for the first account is as follows. Account Answer Accounts Receivable Normally requires adjustment (AR). E3-8 Adjustment for supplies Obj|3 ✓ a. 2,250 Answer each of the following independent questions concerning supplies and the adjustment for supplies. 3,100 at December 31, 2013. If 2013 was the first year of operations, what was the amount of supplies purchased during the year? 19,900 of fees have been earned but not billed to clients. What is the adjustment to record the accrued fees? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease. If the cash basis rather than the accrual basis had been used, would an adjustment have been necessary? Adjustments are very important in accrual-based accounting in ensuring that the balances of accounts are correct before preparation of the financial statements. In this Discussion, you will look at adjustment data and how it affects the integrated financial statement framework.

Assume that you and two friends are debating whether to open an automotive and service retail chain that will be called Auto-Mart. Initially, Auto-Mart will open three stores locally, but the business plan anticipates going nationwide within 5 years. Currently, you and your future business partners are debating whether to focus Auto-Mart on a “do-it-yourself” or “do-it-for-me” business. A do-it-yourself business emphasizes the sale of retail auto parts that customers will use themselves to repair and service their cars. A do-it- for-me business emphasizes the offering of maintenance and service for customers. Should Auto-Mart implement a do-it-yourself or do-it-for-me business emphasis? Support your selection with analysis and details. List the advantages and disadvantages of each emphasis and arrive at a conclusion as to which emphasis to implement. Provide examples of a real-world business that uses a do-it- yourself or do-it-for-me business emphasis? In your opinion, which is most profitable? Which of the following is an example of accrued revenue? Which of the following methods of accounting records revenue as it is earned, or expenses when it is incurred, but no cash is exchanged? 25,000 was reported on the income statement. 20,000 were paid during July, how much will be the balance of wages payable on July 31st? What type of account is unearned revenue? 3,600 for an insurance premium on a three-year insurance policy. At the end of December, Tule’s fiscal year end, what should be the balance in the Prepaid Insurance account?

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