I need accounting help please

Class, Note: Make sure that you “submit” not “save” your quiz part 1 submission in your LEO assignment folder.

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Note: you may not discuss the quiz with anyone except me. You may not post a note in class that would allow others to see your work before I post the solution. Doing so for either of these actions may cause an academic honesty breach. You have the full number of days in which to open and complete all parts of this quiz both in LEO & in WileyPlus. However, remember you have only one attempt per item. Thanks, Michael J. Omit journal explanations, insert one blank line between journal transactions. If required use compound entry for any transaction with more than two journal lines. Do not alter the pages in the blank answer sheet. There are sufficient number of lines for each part of the problem. Acct220 Quiz #2 Part 1 Page 1 of 3

Problem 1 (Points = 15): The trial balances before and after adjustments for the Frack Company at the end of its fiscal year are presented below.

The Frack Company Worksheet Trial Balances (Partial)

September 30, 2014

Accounts Trial Balance Adjusted Trial

Balance Cash $15,080 $15,080 Accounts Receivable 14,960 16,110 Supplies 2,760 885 Prepaid Insurance 5,800 1,450 Equipment 13,300 13,300 Accumulated Depreciation, Equipment $5,220 $6,960 Accounts Payable 9,860 9,860 Salaries & Wages Payable 4,500 Unearned Sales Revenue 2,175 1,150 Unearned Rent Revenue 2,100 525 Owner's Capital 18,395 18,395 Sales Revenue 48,800 50,975 Rent Revenue 1,575 3,150 Salaries & Wages Expense 36,225 40,725 Supplies Expense 1,875 Insurance Expense 4,350 Depreciation Expense ______ ______ _1,740 ______ Totals $88,125 $88,125 $95,515 $95,515

Instructions: Prepare the adjusting entries that were made. Acct220 Quiz #2 Part 1 Page 2 of 3

Problem 2 (Points = 15): Frack, CPA, was retained by Frick Company to prepare financial statements for April 2014. Frick accumulated all the ledger balances per Frack's records and found the following.

Frick Company Trial Balance April 30, 2014

Accounts Debit Credit Cash $4,100 Accounts Receivable 3,200 Supplies 800 Equipment 10,600 Accumulated Depreciation, Equipment $1,350 Accounts Payable 2,100 Salaries & Wages Payable 700 Unearned Service Revenue 890 Owner's Capital 12,900 Service Revenue 5,450 Salaries & Wages Expense 3,300 Advertising Expense 600 Miscellaneous Expense 290 Depreciation Expense __500 ______ Totals $23,390 $23,390

Frick reviewed the records and found the following errors. April 1. Cash received from a customer on account was recorded as $950 instead of $590. April 2. A payment of $75 for advertising expense was entered as a debit to Miscellaneous

Expense $75 and a credit to Cash $75. April 5. The first salary payment this month was for $1,900, which included $700 of

salaries payable on March 31. The payment was recorded as a debit to Salaries and Wages Expense $1,900 and a credit to Cash $1,900. (No reversing entries were used.)

April 30. The purchase on account of a printer costing $310 was recorded as a debit to Supplies and a credit to Accounts Payable for $310.

April 30. A cash payment of repair expense on equipment for $96 was recorded as a debit to Equipment $69 and a credit to Cash $69.

Instructions: Prepare journal entry analysis of each error showing: 1) the incorrect entry, 2) the correct entry, and 3) the correcting entry. Acct220 Quiz #2 Part 1 Page 3 of 3