Provide key financial accounting concepts. To familiarize students with adjusting entry concepts,…

Objective of the Assignment: To provide key financial accounting concepts. To familiarize students with

adjusting entry concepts, preparation of adjusted financial statements and worksheets.

Learning Outcomes: Students must demonstrate understanding of the basic concepts and purpose of

financial accounting and regulatory framework that governs the preparation of financial statements

considering ethical practices. Also, students must demonstrate the ability to analyze a financial accounting

problem and interpret accounting numbers to make financial decisions.

Assignment Details: Please submit hand written assignment of Financial Accounting. You should

solve all the three questions in A4 paper. Please also provide your name, registration number, and

class in the assignment.

1. Drew Carey Company has the following balances in selected accounts on December 31,

2010.

Accounts Receivable $ -0-

Accumulated Depreciation—Equipment -0-

Equipment 7,000

Interest Payable -0-

Notes Payable 10,000

Prepaid Insurance 2,100

Salaries Payable -0-

Supplies 2,450

Unearned Consulting Revenue 40,000

All the accounts have normal balances. The information below has been gathered at December 31,

2010.

1. Drew Carey Company borrowed $10,000 by signing a 12%, one-year note on September

1, 2010.

2. A count of supplies on December 31, 2010, indicates that supplies of $800 are on hand.

3. Depreciation on the equipment for 2010 is $1,000.

4. Drew Carey Company paid $2,100 for 12 months of insurance coverage on June 1, 2010.

5. On December 1, 2010, Drew Carey collected $40,000 for consulting services to be

performed from December 1, 2010, through March 31, 2011.

6. Drew Carey performed consulting services for a client in December 2010. The client will

be billed $4,200.

7. Drew Carey Company pays its employees total salaries of $9,000 every Monday for the

preceding 5-day week (Monday through Friday). On Monday, December 29, employees

were paid for the week ending December 26. All employees worked the last 3 days of 2010.

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