223_Hwk_3_Solutions - HA 223 Fall 2006 Homework 3 M33....

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HA 223 – Fall 2006 – Homework 3 M3–3. Revenue Account Affected Amount of Revenue Earned in July a. Game fees revenue $10,000 b. Sales revenue $5,000 c. None No revenue earned in July; cash collections in July related to earnings in June. d. None No revenue earned in July; earnings process is not yet complete. M3–4. Expense Account Affected Amount of Expense Incurred in July e. Cost of goods sold $2,000 f. None No expense is incurred in July; payment related to June electricity usage. g. Wages expense $4,000 h. Insurance expense $400 incurred and expensed in July; $800 not incurred until future months i. Repairs and maintenance expense $1,000 j. Utilities expense $2,200 incurred in July
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M3–5. a. Cash (+A). ............................................................................. 10,000 Game fees revenue (+R, +SE). ...................................... 10,000 b. Cash (+A). ............................................................................. 3,000 Accounts receivable (+A). ..................................................... 2,000 Sales revenue (+R, +SE). ............................................... 5,000 c. Cash (+A). ............................................................................. 1,000 Accounts receivable ( - A). ................................................ 1,000 d. Cash (+A). ............................................................................. 1,500 Unearned revenue (+L). .................................................. 1,500 M3–6. e. Cost of goods sold (+E, - SE). ............................................... 2,000 Inventory ( - A). .................................................................. 2,000 f. Accounts payable (–L). ......................................................... 2,000 Cash ( - A). ........................................................................ 2,000 g. Wages expense (+E, - SE). ................................................... 4,000 Cash ( - A). ........................................................................ 4,000 h. Insurance expense (+E, - SE). .............................................. 400 Prepaid expenses (+A). ........................................................ 800 Cash ( - A). ........................................................................ 1,200 i. Repairs and maintenance expense (+E, - SE). ..................... 1,000 Cash ( - A). ........................................................................ 1,000
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223_Hwk_3_Solutions - HA 223 Fall 2006 Homework 3 M33....

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