Exam I Solution AJ

Exam I Solution AJ - Unadjusted Net Income $225,000 AJE 1:...

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PART A: Version 1 Entry # Account Titles Dr. Cr. 1 Accounts Receivable 4,400 Revenue 4,400 2 Supplies Expense 375 Supplies 375 $750 x .5 3 Interest Expense 960 Interest Payable 960 $16,000 x .09 x 8/12 4 Unearned Revenue 1,200 Revenue 1,200 $3,600 x 1/3 PART B: Unadjusted Net Income $150,000 AJE 1: 4,400 AJE 2: ( 375) AJE 3: ( 960) AJE 4: 1,200 Net Income $154,265
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PART A: Version 2 Entry # Account Titles Dr. Cr. 1 Interest Expense 900 Interest Payable 900 $15,000 x .08 x 10/12 2 Unearned Revenue 1,600 Revenue 1,600 $4,800 x 1/3 3 Accounts Receivable 3,300 Revenue 3,300 4 Supplies Expense 325 Supplies 325 $650 x .5 PART B:
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Unformatted text preview: Unadjusted Net Income $225,000 AJE 1: ( 900) AJE 2: 1,600 AJE 3: 3,300 AJE 4: ( 325 ) Net Income $228,675 PART A: Version 3 Entry # Account Titles Dr. Cr. 1 Unearned Revenue 2,000 Revenue 2,000 $6,000 x 1/3 2 Interest Expense 1,050 Interest Payable 1,050 $18,000 x .10 x 7/12 3 Supplies Expense 275 Supplies 275 $550 x .5 4 Accounts Receivable 5,500 Revenue 5,500 PART B: Unadjusted Net Income $310,000 AJE 1: 2,000 AJE 2: ( 1,050) AJE 3: ( 275) AJE 4: 5,500 Net Income $316,175...
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Exam I Solution AJ - Unadjusted Net Income $225,000 AJE 1:...

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