Acct1501 - Perdisco (2 Viewers)

[Loz_metalhead]

I'm up to the worksheet:mad1: I have no idea what you put in there.

 

[stephenchow]

With the unadjusted trial Balance column, i think you just put in the values from the journal entries. In the adjustment column, you have to figure out the values from the adjusting entries information. Then in the adjusted trial balance column, you use the adjustedment column to get new values from the unadjusted trial balance.

And in the IS and BS, I have no idea what to do.

 

[Lavenderpup]

IS = closing
BS = permanent/financial statements

 

[stephenchow]

So what exactly do you have to do?

 

[Loz_metalhead]

Hi, I just have some questions for the adjusting entries.

I'm not sure if I have done this right. For e.g. it says there is 2 months worth of prepaid rent left. Well in the unadjusted balance prepaid rent was 5000. So would that be 3 months? Well to calculate one months rent expense I just did 5000/3=1667...so I would debit 1667 rent expense in the adjustments?

Also, it says 3 months water expense up to the end of April was paid. The additional accrual entry for water expense for the last two months is $241. Would this be left as $241 because a reversing entry was done before for $118?
This website might help people: http://www.principlesofaccounting.com/chapters.htm

 

[Lavenderpup]

In the IS column you close out revenue and expense.
In the BS column you close out the permanent accounts.

Yes to both those questions. Within the transactions w1-5, somewhere along the line, you paid off those other expenses. Now you're trying to show that there are new ones. Also, you could think of the adjusting entries being there so that you have something to reverse next month.

And yay. 97%. Happiness. *watches this mark cancel out the midsession mark =)*

 

[Loz_metalhead]

So it is $241? I think I edited my post after you replied.

 

[Chris.]

in week 3 transactions u dont touch the a/c receivable control hey?

 

[Chris.]

somebody please tell me......

if u dont put an answer in a ledger.
and the solution says der is sumthing in der now, but der are no crosses next to it...does that mean u got it right or wrong?

because i remember i left a journal entry blank and den der were crosses next to my blank answers indicating i was wrong?

now they show solutions to what i left blank....but with no crosses? does this mean i got it right?

 

[Loz_metalhead]

It means you are wrong because you left it out. I forgot to add up the balance of one of the subsidiary ledgers...stupid me....Lol...and it gave me the answer.

 

[Lavenderpup]

Hmm oh. Right. Nope then because you would still have to make it payable for next month.

Not quite sure actually. I got a blank for leaving out the accounts receivable ledger in some transaction week.

 

[Loz_metalhead]

How do the reversing entries effect the worksheet. I know how to do a reversing entry, but I guess I dont really understand what to do after that...

 

[Loz_metalhead]

Oh ok $121...but what about the reversing entry...does it just stay 0?

 

[Lavenderpup]

Reversing entries don't affect it any longer. You got them over and done with.

It hasn't? hm.. then you write off that part if it tells you that it is paid and make the rest of the expense water payable?

 

[Loz_metalhead]

lavenderpups all the prepayments were wrong...why would you give wrong advice? Did you purposely want me to go bad:S...I got 26 red crosses because of 3 mistakes...

Don't give advice if you dont know what you are talking about...:burn:

 

[Chris.]

lavenderpups all the prepayments were wrong...why would you give wrong advice? Did you purposely want me to go bad:S...I got 26 red crosses because of 3 mistakes...

Don't give advice if you dont know what you are talking about...:burn:

did 26 crosses actually appear or are you jus exaggerating?

 

[Lavenderpup]

I did not! Sorry that happened then..
But damnit. Don't take my advice, it's not like I know absolutely everything with it. I can only remember how my practice set went and the adjusting entries were Dr __ expense Cr __ payable and previous transactions already said they got paid for. There are at least 3 different versions running around [sports store, coffee, and clothing] so tf would I know based on the info you gave.

Edit: Well.. at least 26 crosses wouldn't do much to the practice set?

 

[Loz_metalhead]

Sorry for over-reacting. It was a big shock to get 26 red crosses...because the 3 mistakes in the adjusting entries carried on to all the totals, the BS and IS. I had everything else right but since it all carried on

Do you think I will get a really bad mark? I guess its only 10% and I did pretty ok in the midsession.

 

[Lavenderpup]

It'll take away about 7% from the final score which is out of 100% at the most, apparently people still get distinction with around 100+ crosses..
hmm actually might be 5 marks = 1%?

 

[XrealEmotion]

nvm, figured it out