Ch4_Demo_Problems_Solutions

Ch4_Demo_Problems_Solutions - Demonstration Problem 4-1...

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Demonstration Problem 4-1 Solution, part a. T-Account Entries Panel 1 Recording Scheme Provided for Convenience ASSETS LIABILITIES EQUITY Debit Credit Debit Credit Debit Credit + + + Panel 2 Ledger T-Accounts Cash Unearned Revenue Common Stock (1) 5,000 1,800 (2) 2,400 (3) 5,000 (1) (3) 2,400 200 (4) Bal. 5,400 Prepaid Rent Dividends (2) 1,800 (4) 200 Braxton Personnel Advisory Services Company Unadjusted Trial Balance December 31, 2003 Account Title Debit Credit Cash $5,400 Prepaid Rent 1,800 Unearned Revenue $2,400 Common Stock 5,000 Dividends 200 Totals $7,400 $7,400 1
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Demonstration Problem 4-1 Solution, part b. T-Account Adjusting Entries Panel 1 Recording Scheme Provided for Convenience ASSETS LIABILITIES EQUITY Debit Credit Debit Credit Debit Credit + + + Panel 2 Ledger T-Accounts Cash Unearned Revenue Common Stock (1) 5,000 1,800 (2) ( adj2 ) 2,000 2,400 (3) 5,000 (1) (3) 2,400 200 (4) 400 Bal. Bal. 5,400 Prepaid Rent Services Revenue (2) 1,800 1,650( adj1 ) 2,000( adj2 ) Bal. 150 Rent Expense ( adj1 ) 1,650 Dividends (4) 200 Braxton Personnel Advisory Services Company Adjusted Trial Balance December 31, 2003
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