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Unit_4_solutions_to_Textbook_Exercises

Unit_4_solutions_to_Textbook_Exercises - PE 31A a Yes b No...

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PE 3–1A a. Yes c. No e. Yes b. No d. Yes f. Yes PE 3–2A a. Unearned revenue c. Prepaid expense b. Accrued expense d. Accrued revenue PE 3–3A Supplies Expense ............................................................ 2,756 Supplies ...................................................................... 2,756 Supplies used ($1,245 + $2,860 – $1,349). Prob. 3–5A 1. a. Insurance Expense .................................................. 4,500 Prepaid Insurance .............................................. 4,500 Insurance expired ($7,200 – $2,700). b. Supplies Expense .................................................... 1,500 Supplies .............................................................. 1,500 Supplies used ($1,980 – $480). c. Depreciation Expense—Building ........................... 1,600
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Accumulated Depreciation—Building ............. 1,600 Building depreciation. d. Depreciation Expense—Equipment ...................... 4,400 Accumulated Depreciation—Equipment ......... 4,400 Equipment depreciation. e. Unearned Rent ......................................................... 3,500 Rent Revenue ..................................................... 3,500 Rent revenue earned ($6,750 – $3,250). f. Salaries and Wages Expense ................................. 2,800 Salaries and Wages Payable ............................ 2,800 Accrued salaries and wages. g. Accounts Receivable .............................................. 6,200 Fees Earned ........................................................ 6,200 Accrued fees earned.
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Prob. 3–5A Concluded 2. CAMBRIDGE COMPANY Adjusted Trial Balance December 31, 2008 Debit Credit Balances Balances Cash .............................................................................. 5,550 Accounts Receivable .................................................. 34,550 Prepaid Insurance ....................................................... 2,700 Supplies ........................................................................
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