Chapter 4 homework

# Chapter 4 homework - Accounting 151 Section 16 Patrick...

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Accounting 151 Section 16 Patrick Leblond 09/19/06 Chapter 4 Problems E2: a) (8) Going concern assumption b) (1) Economic Entity Assumption c) (7) Full disclosure principle d) (3) Monetary unit assumption e) (6) Materiality f) (4) Time period assumption g) (2) Matching principle h) (5) Cost principle E4: Net Earnings on an Accrual basis 2007 2006 Accounts Receivable \$ 3,400 - \$ 2,300 = \$ 1,100 Supplies on Hand + 1,300 - 1,160 = 140 Unpaid Wages Owed - 1,500 - 2,400 = (900) Other Unpaid Amounts - 1,400 - 1,600 = (200) Net Income \$ 2,340 E10: 1. Oct. 31 Account Receivable 680 Service Revenue 680 (Performed Services for patients with insurance) 2. Oct. 31 Utilities Payable 520 Utilities Expense 520 (Incurred Utilities Expense on Credit) 3. Oct. 31 Depreciation Expense 400 Accumulated Depreciation - Dental Equip. 400 (To record depreciation Expense) Oct. 31 Interest Expense 500 Interest Payable 500 (To record interest on notes payable) 4. Oct. 31 Insurance Expense 18000 Prepaid Insurance 18000 (To record insurance prepaid)

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Unformatted text preview: Accounting 151 Section 16 Patrick Leblond 09/19/06 5. Oct. 31 Supplies Expense 1750 Supplies 350 (To record supplies used) E14: Atlantis Company General Journal For the Month Ended July 31 Date Account Titles and Explanation Debit Credit 2007 Jul. 10 Supplies 200 Cash 200 (Paid cash for supplies) 14 Cash 4100 Service Revenue 4100 (Received cash for services provided) 15 Salaries Expense 1,200 Cash 1,200 (Paid Salaries in Cash) 20 Cash 700 Unearned Service Revenue 700 (Received cash for future services) 31 Supplies Expense 850 Supplies 850 (To record supplies used) 31 Salaries Expense 1,200 Salaries Payable 1,200 (To record accrued salaries) 31 Accounts Receivable 500 Service Revenue 500 (To record notes payable for service provided) 31 Unearned Service Revenue 900 Service Revenue 900 (To record prepaid services performed)...
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## This note was uploaded on 04/29/2008 for the course ACCT 151 taught by Professor Largay during the Spring '07 term at Lehigh University .

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Chapter 4 homework - Accounting 151 Section 16 Patrick...

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