HW 2 - Homework#2 Worksheet CH 2(16,18,26 CH 3(18,20,32,35...

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Kristin Chen ORIE 350 Section #3 02/06/2008 Homework #2: Worksheet, CH 2 (16,18,26), CH 3 (18,20,32,35) 1. Dr Cr a) Dec 31, 2005 Cash (A) $10,000 Accounts Receivable (L) 10,000 b) Dec 31, 2005 Unearned Revenue (Temp SE) 20,000 Revenue (SE) 20,000 c) Dec 31, 2005 Cash (A) 20,000 Accounts Receivable (L) 20,000 d) Dec 31, 2005 Cash (A) 93,000 Accounts Receivable 93,000 2. Dr Cr a) Dec 31, 2006 Salaries Expense $10,000 Salary Payable 10,000 b) Dec 31, 2006 Insurance Expense 5,000 Prepaid Insurance (A) 5,000 3. Dr Cr a) Feb 14, 2007 Cash (A) $5,000 Unearned Revenue (Temp SE) 5,000 b) Feb 28, 2007 Unearned Revenue (Temp SE) $5,000 Revenue (SE) 5,000 CH 2 (16,28,26) 16. a) no b) yes Right to Food Products $3,900,000 (NCA) c) yes Option to Purchase Land $2,800,000 (NCA) d) no e) yes Long Term Investment $20,000,000 (NCA) f) yes Land $5,266,000 (NCA) 18. a) no b) yes Unearned Revenue $72 (CL)
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Unearned Revenue $2 million (NCL) d) no e) yes Notes Payable $100,000 (CL) f) no g) no 26. Dr Cr 1) Date Inventories $30,000 Land 15,000 Buildings 125,000 Equipment 60,000 Goodwill 20,000 Contributed Capital 100,000 Additional Paid in Capital 150,000 2) Date Prepaid Merchandise 5,000 Cash 5,000 3) Date Merchandise 36,000 Prepaid Merchandise 5,000 Accounts Payable 31,000 4) Date Accounts Payable 3,500 Merchandise 3,500 5) Date Accounts Payable 27,500 Cash 26,850 Merchandise 650 6) Date Cash 800 Unearned Revenue 800 7) Date Equipment (Car) 18,000 Notes Payable 16,000 Cash 2,000 8) Date Prepaid Insurance 24,000 Cash 24,000 CH 13 (18, 20, 32, 35) 18. a) Recognizes $800 Revenue in April
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This note was uploaded on 04/05/2009 for the course ORIE 350 taught by Professor Callister during the Summer '08 term at Cornell.

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HW 2 - Homework#2 Worksheet CH 2(16,18,26 CH 3(18,20,32,35...

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