homework 2 (acc)

homework 2 (acc) - Andrew Cohen Theode M-W 6:30-7:45 PM...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Andrew Cohen Theode M-W 6:30-7:45 PM Chapters 4 and 5 Homework E4-2 Req. 1:  The fol owing ac ounts might have needed defer al adjustments as of June 28, 2003. Balance Sheets Accounts Retained Income Statement Accounts Prepaid expense Sel ing, general, and administrative expenses Ac umulated depreciation Sel ing, general, and administrative expenses Other liabilities (may include unearned sales revenues) Sales revenue Req. 2: Fol owing ac ounts might have needed ac rual adjustments as of June 28, 2003 Balance Sheets Accounts Retained Income Statement Accounts Ac ounts receivable Sales revenues Other as ets (may include interest rec.) Interest revenues Ac rued liabilities Sel ing, general, and administrative expense Income taxes payable Income tax expense E4-6 Req. 1 + 2: a Defer al  Adjustment - cash paid before expense is incur ed. dr. Of ice supplies expense (+E, -SE) 550 cr. Of ice Supplies (-A) 550 b Ac rual Adjustment - expense incur ed before cash is paid dr. Wages expense (+E, +SE) 2700 cr. Wages payable (+L) 2700 c Defer al Adjustment - cash received before revenue is incur ed dr. Unearned rent revenue (+R, +SE) 2200 cr. Rent revenue (+R, +SE) 2200 d Ac rual Adjustment - revenue earned before cash is col ected 1040 dr. rent receivable (+A) 1040 cr. Rent revenue (+R, +SE) e Defer al Adjustment - cash paid for equipment before being used dr. Depreciation expense (+E, -SE) 3000 cr. Ac umulated depreciation (+xA, -A) 3000 f defer al Adjustment - cash paid for expense incur ed dr. insurance expense (+E, -SE) 900 cr. Prepaid insurance (-A) 900 $3600 x 6/24 months g Ac rual Adjustment - revenue earned before cash received dr. Ac ounts Receivable (+A)
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

Ask a homework question - tutors are online