ABC a private investing business called ABC Investigations. Some clients are required to pay in advance for the companyâ...

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ABC a private investing business called ABC Investigations.

April 14, 2018

ABC a private investing business called ABC Investigations. Some clients are required to pay in advance for the company’s services, while others are billed after the services have been rendered. Advance payments are credited to an account entitled unearned retainer fees, which represents unearned revenue. The business adjusts its accounts each month and closes its accounts at the end of each quarter. At March 31, the end of first quarter, the trial balance appeared as follows:

ABC INVESTIGATIONS

Trial Balance

March. 31.2007

Cash

Rs.17,150

Fees Receivables

37,800

Unexpired Insurance

1,600

Prepaid Rent

5,400

Office Supplies

1,050

Office Equipment

17,100

Accumulated depreciation: Office Equipment

Rs.5,700

Accounts Payable

3,900

Unearned Retainer Fees

24,000

ABC, Capital

45,300

ABC, Drawing

3,200

Fees Earned

33,320

Depreciation expense

570

Rent Expense

3,000

Office Supplies Expense

450

Insurance Expense

800

Telephone Expense

1,200

Travel Expense

3,400

Salaries Expense

19,500

Rs.112,220

Rs.112,220

Other Data:

The useful life of the office equipment was estimated at five years.

Fees of Rs.8, 400 were earned during the month from services performed for clients who had paid in advance.

Salaries earned by employees during the month but not yet recorded or paid amounted to Rs.1, 665.

On March 1, the business moved into a new office and paid the first three months’ rent in advance.

Investigative services rendered during the month but not yet collected or billed to clients amounted to Rs.3, 900.

Office supplies on hand March 31 amounted to Rs.700. Mark: 1

On January 1, Rs.2400 was paid as the premium for six months; liability insurance.

Instructions:

Prepare the adjusting entries required at March 31. (Use the straight-Line method for depreciation) (Mark: 7)

Determine the amount of net income to be reported in the company’s income statement for the quarter ended March 31, 2001. (Mark: 13)










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