Homework_4_solution - Homework Manager Assignment Solutions...

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Homework Manager Assignment Solutions E4–6. Req. 1 and 2 a. Deferred expense -- cash paid before expense is incurred. Office supplies expense (+E, - SE). ................................................ 850 Office supplies inventory ( - A). .............................................. 850 Supplies used in 2003 ($250 + 600 - 300 = $550). b. Accrued expense -- expense incurred before cash is paid. Wages expense (+E, - SE). ............................................................ 3,700 Wages payable (+L). ........................................................... 3,700 Amount is given. c. Deferred revenue -- cash received before revenue is earned. Unearned rent revenue ( - L). .......................................................... 3,000 Rent revenue (+R, +SE). ..................................................... 3,000 Rent earned in 2003 ($6,600 x 2/6) d. Accrued revenue -- revenue earned before cash is collected. Rent receivable (+A). ..................................................................... 1,640 Rent revenue (+R, +SE). ..................................................... 1,640 ($520 x 2 months) e. Deferred expense -- cash paid for equipment before being used. Depreciation expense (+E,
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This note was uploaded on 09/29/2008 for the course AEM 2210 taught by Professor Little,j. during the Spring '07 term at Cornell University (Engineering School).

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Homework_4_solution - Homework Manager Assignment Solutions...

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