hmwk_ch3 - PRACTICE EXERCISES PE 31A a Yes b No c No d Yes...

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PRACTICE EXERCISES PE 3–1A a. Yes c. No e. Yes b. No d. Yes f. Yes PE 3–1B a. No c. Yes e. Yes b. No d. No f. No PE 3–2A a. Unearned revenue c. Prepaid expense b. Accrued expense d. Accrued revenue PE 3–2B a. Accrued expense c. Prepaid expense b. Accrued revenue d. Unearned revenue PE 3–3A Supplies Expense ............................................................ 2,756 Supplies ...................................................................... 2,756 Supplies used ($1,245 + $2,860 – $1,349). PE 3–3B Insurance Expense .......................................................... 6,525 Prepaid Insurance ...................................................... 6,525 Insurance expired ($4,800 + $5,850 – $4,125).
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PE 3–4A Unearned Fees ................................................................. 16,288 Fees Earned ................................................................ 16,288 Fees earned ($23,676 – $7,388). PE 3–4B Unearned Rent ................................................................. 2,875 Rent Revenue ............................................................. 2,875 Rent earned [($6,900/12) × 5 months]. PE 3–5A Accounts Receivable ...................................................... 7,234 Fees Earned ................................................................ 7,234 Accrued fees. PE 3–5B Accounts Receivable ...................................................... 1,772 Fees Earned ................................................................ 1,772 Accrued fees. PE 3–6A Salaries Expense ............................................................. 4,750 Salaries Payable ......................................................... 4,750 Accrued salaries [($11,875/5 days) × 2 days]. PE 3–6B Salaries Expense ............................................................. 16,560 Salaries Payable ......................................................... 16,560 Accrued salaries [($24,840/6 days) × 4 days].
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PE 3–7A Depreciation Expense ..................................................... 6,450 Accumulated Depreciation—Equipment ................. 6,450 Depreciation on equipment.
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