Chapter 3 Homework Solutions.doc

# 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
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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