Opt_Prob_Solutions_chap_4_Solutions

Opt_Prob_Solutions_chap_4_Solutions - Chapter 4 Optional...

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
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
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
E4–18. Req. 1 (a) Insurance expense (+E, - SE) ..................................... 5 Prepaid insurance ( - A) ...................................... 5 (b) Depreciation expense (+E, - SE) .................................. 7 Accumulated depreciation, machinery (+XA, - A) 7 (c) Wages expense (+E, - SE) ........................................... 5 Wages payable (+L) .......................................... 5 (d) Income tax expense (+E, - SE) ..................................... 9 Income tax payable (+L) ................................... 9 Req. 2 SENECA COMPANY Trial Balance December 31, 2007 (in thousands of dollars) Unadjusted Adjustments
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern