Opt_Prob_Solutions_chap_4_Solutions

Opt_Prob_Solutions_chap_4_Solutions - Chapter 4 Optional...

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Chapter 4 Optional Problem Solutions M4–6. (a ) 1. Accrued expense 2. Utilities expense (+E, - SE). ........................... 320 Accrued utilities payable (+L). ................ 320 To record utilities expense incurred but not yet paid. (b ) 1. Accrued expense 2. Wages expense (+E, - SE). ............................ 4,500 Accrued wages payable (+L). ................. 4,500 To record wages expense incurred but not yet paid, calculated as 10 employees x 3 days x $150 each per day. (c ) 1. Accrued revenue 2. Interest receivable (+A). ................................ 200 Interest revenue (+R, +SE). ................... 200 To record interest earned but not yet collected, calculated as $5,000 x 12% x 4/12. M4–7. Balance Sheet Income Statement Transaction Assets Liabilities Stockholders’ Equity Revenues Expenses Net Income a. NE +320 –320 NE +320 –320 b. NE +4,500 –4,500 NE +4,500 –4,500 c. +200 NE +200 +200 NE +200
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E4–18. Req. 1
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This homework help was uploaded on 02/19/2009 for the course HA 230 taught by Professor Davidlee during the Fall '06 term at Cornell.

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Opt_Prob_Solutions_chap_4_Solutions - Chapter 4 Optional...

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