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ACC 122...

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Accounting

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ACC 122 MID TERM NAME PROBLEMI (30%) An analysis of selected accounts in the Madoff Company's general ledger prior to adjustment showed the following balances on December 31, 2017 Prepaid Insurance Supplies Building Accumulated Depreciation-Bldg. Unearned Service Revenues Consulting Fees Salaries Expense 9,600 2,900 800,000 180,800 800,000 530,000 1,560,000 ADDITONAL DATA: a. Prepaid Insurance relates to an annual insurance policy purchased on Sept. 1,2017 b. A physical count of supplies shows that $210 of supplies remain on hand. c. The annual building depreciation is $40,000. d. e. Unbilled consulting fees for work done by Madoff totaled $3,300. f. The five-day payroll of Madoff Company is $20,000. Salaries are paid every Friday 75% of the Unearned Service Revenue was actually earned by the end of the year. December 31, 2017 fell on a Tuesday. INSTRUCTIONS: Prepare all the necessary adjusting entries for each of the above

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