Ch04 - Student Name Rachel Riddle Class Accounting 240 Section 003 Problem 04-04 BURRESS COMPANY Requirement 1(a(b(c(d(e(f(g(h Requirement 2

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Student Name: Rachel Riddle Class: Accounting 240 Section 003 Problem 04-04 BURRESS COMPANY Requirement 1: (a) Deferred revenue (b) Accrued expense (c) Accrued revenue (d) Accrued expense (e) Deferred expense (f) Deferred expense (g) Deferred revenue (h) Accrued expense Requirement 2: Balance Sheet Income Statement Stockholders' Net Transaction Assets Liabilities Equity Revenues Expenses Income (a) (+) 2,700 (-) 2,700 (b) NE NE (c) (+) 2,000 (d) (-) 2,2400 (e) (-) 6000 (+) 6000 (f) (-)1500 (+) 1,500 (g) (+) 2,400 (-) 2,400 (h) (-) 400 (+) 400
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Given Data P04-04: BURRESS COMPANY 2007 adjusting entries to be considered: (a) Collected six months rent on storage space. $7,200 (b) Employee wages earned but not paid. 14,300 (c) Service revenue earned but not collected. 2,000 (d) Principal (plus 12% interest) due on note. 20,000 (e) One year insurance premium paid on 11/1/2007. 6,000 (f) Depreciation on service truck. 1,500 (g) Cash collected 11/1/2007, to be spread evenly over next twelve months. 2,400 (h) Estimated property tax not yet billed or paid. 400
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Student Name: Class: Problem 04-05 TOTKA TOWING COMPANY Requirement 1: (a) (b) (c) (d) (e) (f) (g) (h) Requirement 2: Balance Sheet Income Statement Stockholders' Net Transaction Assets Liabilities Equity Revenues Expenses Income (a) (b) (c) (d) (e) (f) (g) (h)
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Given Data P04-05: TOTKA TOWING COMPANY Transactions to be considered: (a) Prepaid insurance paid $1,200 (b) Office supplies purchased for cash 800 Beginning office supplies inventory 200 Ending office supplies inventory 300 (c)
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This note was uploaded on 04/04/2008 for the course ACC 240 taught by Professor Lewis during the Fall '08 term at Eastern Michigan University.

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Ch04 - Student Name Rachel Riddle Class Accounting 240 Section 003 Problem 04-04 BURRESS COMPANY Requirement 1(a(b(c(d(e(f(g(h Requirement 2

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