2009_1 T03 Q

2009_1 T03 Q - Accounts DR CR Cash at bank 43,558 Accounts...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
1 TOPIC 3: ACCOUNTING CYCLE COMPLETED TUTORIAL QUESTIONS T&G Chapter 5 Discussion Questions (Chapter 5): DQ 5.8; 5.12; 5.15. Problems: P 5.13; P 5.9 part (2) Journal entries; P 5.26. Practice - one of the keys to success in accounting. Try the two additional exercises below for your own practice. The solutions are included in the tutorial solution file. If you have questions, please feel free to ask your tutor in class when the tutorial questions above have been completed. Exercise 1 Closing Entries – See Next Page Exercise 2 Allowance for Doubtful Debts At year end, the accounts receivable balance is $171,500 and the Allowance for doubtful debts is $7,000. Bad debts of $350 are to be written off (from existing allowance). Allowance for doubtful debts is to be adjusted to stand at $8,600. Prepare relevant journal entries.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
2 Exercise 2 Closing Entries Based on the following adjusted trial balance, prepare the required closing journal entries.
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Accounts DR CR Cash at bank 43,558 Accounts receivable 5,800 Prepaid insurance 920 Office supplies inventory 540 Land 10,000 Building 62,000 Accumulated depreciation - building 200 Office Equipment 9,600 Accumulated depreciation - office equipment 100 Accounts payable 4600 Salaries payable 990 Commissions payable 4800 Interest payable 600 Accrued expenses 210 Unearned appraisal fee 280 Mortgage payable 60000 Share capital 50000 Retained profits 9400 Commission revenue 9600 Appraisal fee revenue 250 Service fee revenue 400 Salary expense 2,790 Commission expense 4,800 Telephone expense 72 Advertising 120 Insurance Expense 40 Office supplies expense 80 Depreciation - office equipment 100 Depreciation expense - building 200 Interest expense 600 Electricity expense 210 141,430 141430...
View Full Document

Page1 / 2

2009_1 T03 Q - Accounts DR CR Cash at bank 43,558 Accounts...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online