Acct excel problems

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stice19_student_02-28.xlsx
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02-28

02-28 Name:
Enter the appropriate numbers for supporting calculations in the blue-shaded cells in
columns E, H, K, and M. To enter the journal entries, select the appropriate account
titles in the blue-shaded cells from the drop-down lists in columns C and D, and enter
the appropriate amounts in the blue-shaded cells in columns M and O.
The word “Wrong” will appear to the left of incorrect entries.
(a) Supporting calculations:
Policy Policy Cost x Months / Total months
A x /
B x /
C x /
Prepaid amount
Account balance
Adjustment
Journal entry: Debit Credit
(b) Supporting calculations:
Month Collected x Months / Total months
Jul. x /
Oct. x /
Jan. x /
Apr. x /
Unearned amount
Account balance
Adjustment
Journal entry: Debit Credit
(c) Journal entry: Debit Credit
(d) Journal entry: Debit Credit
(e) Journal entry: Debit Credit

Solution

02-28 Name: Solution
Enter the appropriate numbers for supporting calculations in the blue-shaded cells in
columns E, H, K, and M . To enter the journal entries, select the appropriate account
titles in the blue-shaded cells from the drop-down lists in columns C and D, and enter
the appropriate amounts in the blue-shaded cells in columns M and O.
The word “Wrong” will appear to the left of incorrect entries.
(a) Supporting calculations:
Policy Policy Cost x Months / Total months
A $ 3,600 x 21 / 24 $ 3,150
B $ 1,800 x 2 / 6 600
C $ 12,000 x 27 / 36 9,000
Prepaid amount $ 12,750
Account balance 14,100
Adjustment $ (1,350)
Journal entry: Debit Credit
Prepaid Insurance 1,350
Insurance Expense 1,350
(b) Supporting calculations:
Month Collected x Months / Total months
Jul. $ 27,000 x 3 / 12 $ 6,750
Oct. $ 22,200 x 6 / 12 11,100
Jan. $ 28,800 x 9 / 12 21,600
Apr. $ 20,700 x 12 / 12 20,700
Unearned amount $ 60,150
Account balance 56,250
Adjustment $ 3,900
Journal entry: Debit Credit
Subscription Revenue 3,900
Unearned Subscription Revenue 3,900
(c) Journal entry: Debit Credit
Interest Payable 450
Interest Expense 450
(d) Journal entry: Debit Credit
Supplies Expense 780
Supplies 780
(e) Journal entry: Debit Credit
Salaries Payable 5,250
Salaries Expense 5,250