15 a) If a company fails to make an adjusting entry to record supplies expense, then a. owner's...

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15 a) If a companyfails to make an adjusting entry to record supplies expense,then
a. owner's equity will beunderstated.
b.   expense will beunderstated.
c. assets will be understated.
d.   net income will beunderstated.
b. On June 1, duringits first month of operations, Brodeur Spa purchased supplies for$4,200 and debited the supplies account for that amount. At June30, an inventory of supplies showed
$1,000 of supplies on hand. Whatadjusting journal entry should be made for June?
c1. Trinity Collegesold season tickets for the 2018 football season for $320,000. Atotal of 8 games will be played during September, October andNovember. In September, three games were played. In October, threegames were played. What is the balance in Unearned Ticket
Revenue as of October 31 (afteradjusting entries has been made)?
c2. Please write thejournal entries for the following transactions for Rindler Companyfor July
2018, the company’s first month ofoperations. You may omit explanations for the transactions.
a. Rich Rindler invested $38,000 cashto start an appliance repair business.
b.   Hired an employee to bepaid $500 per week, starting tomorrow.
c. Paid two years’ rent in advance,$10,800.
d.   Paid the worker’s weeklywage.
e. Recorded service revenue earned andreceived for the week, $2,900.

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15 (a)	b. expense will be understated.
	Reason - Supplies expenses is not recorded, it means expenses are understated and assets are overstated

(b)	Accounst titles & Explanation	Debit	Credit

	Supplies Expenses	$3,200		($4,200-$1,000)
	Supplies		$3,200

(c) - 1	Accounst titles & Explanation	Debit	Credit

	Cash	$3,20,000
	Unearned Ticket Revenue		$3,20,000

	Unearned Ticket Revenue	$2,40,000
	Revenue		$2,40,000



	Unearned Ticket Revenue Balance		$80,000


(c) - 1	Accounst titles & Explanation	Debit	Credit

a	Cash	$38,000
	Rich Rindler's Capital		$38,000

b	No Entry

c	Prepaid Rent	$10,800
	Cash		$10,800

	Rent Expenses	$450		($10,800/24)
	Prepaid Rent		$450

d	Salaries & Wages Expenses	$500
	Cash		$500

e	Cash	$2,900
	Service revenue		$2,900

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15 a) If a companyfails to make an adjusting entry to record supplies expense,thena. owner's equity will beunderstated.b. expense will beunderstated.c. assets will be understated.d. net income will beunderstated.b. On June 1, duringits first month of operations, Brodeur Spa purchased supplies for$4,200 and debited the supplies account for that amount. At June30, an inventory of supplies showed$1,000 of supplies on hand. Whatadjusting journal entry should be made for June?c1. Trinity Collegesold season tickets for the 2018 football season for $320,000. Atotal of 8 games will be played during September, October andNovember. In September, three games were played. In October, threegames were played. What is the balance in Unearned TicketRevenue as of October 31 (afteradjusting entries has been made)?c2. Please write thejournal entries for the following transactions for Rindler Companyfor July2018, the company’s first month ofoperations. You may omit explanations for the transactions.a. Rich Rindler invested $38,000 cashto start an appliance repair business.b. Hired an employee to bepaid $500 per week, starting tomorrow.c. Paid two years’ rent in advance,$10,800.d. Paid the worker’s weeklywage.e. Recorded service revenue earned andreceived for the week, $2,900.