Chapter 3 Homework Solutions.doc - Chapter 3 Homework...

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Chapter 3 Homework Solutions EXERCISE 3-4 Watteau Co. Trial Balance June 30, 2017 Debit Credit Cash ($2,870 + $180 – $65 – $65) ............................................. $ 2,920 Accounts Receivable ($3,231 – $180) ..................................... 3,051 Supplies ($800 – $500) .............................................................. 300 Equipment ($3,800 + $500) ....................................................... 4,300 Accounts Payable ($2,666 – $206 – $260) ............................... $ 2,200 Unearned Service Revenue ($1,200 – $325) ........................... 875 Common Stock .......................................................................... 6,000 Dividends ................................................................................... 575 Retained Earnings .................................................................... 3,000 Service Revenue ($2,380 + $801 [$890 – $89] + $325) ........... 3,506 Salaries and Wages Expense ($3,400 + $670 – $575) ............ 3,495 Office Expense .......................................................................... 940 $15,581 $15,581
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EXERCISE 3-5 1. Depreciation Expense ($250 X 3) ....................................................... 750 Accumulated Depreciation—Equipment ................................... 750 2. Unearned Rent Revenue ($9,300 X 1/3) ............................................. 3,100 Rent Revenue ............................................................................... 3,100 3. Interest Expense .................................................................................. 500 Interest Payable ........................................................................... 500 4. Supplies Expense ................................................................................ 1,950 Supplies ($2,800 – $850) .............................................................. 1,950 5. Insurance Expense ($300 X 3) ............................................................ 900 Prepaid Insurance ........................................................................ 900
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EXERCISE 3-6 1. Accounts Receivable .......................................................................... 750 Service Revenue .......................................................................... 750 2. Utilities Expenses ................................................................................ 520 Accounts Payable ........................................................................ 520 3. Depreciation Expense ......................................................................... 400 Accumulated Depreciation – Equipment ................................... 400 Interest Expense .................................................................................. 500 Interest Payable ........................................................................... 500 4. Insurance Expense ($12,000 X 1/12) .................................................. 1,000 Prepaid Insurance ........................................................................ 1,000 5. Supplies Expense ($1,600 – $500) ..................................................... 1,100 Supplies ........................................................................................ 1,100 EXERCISE 3-8 1. Salaries and Wages Expense ............................................................. 1,900
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Salaries and Wages Payable .......................................................
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  • Spring '17
  • AngelaAndrews
  • Balance Sheet, Revenue, ........., Generally Accepted Accounting Principles, Prepaid Insurance

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