Ch 10 - CHAPTER 10 BRIEF EXERCISE 10-2 (a) July 1 Cash ....

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CHAPTER 10 BRIEF EXERCISE 10-2 (a) July 1 Cash. ........................................................... 70,000 Notes Payable. ................................... 70,000 (b) Dec. 31 Interest Expense. ....................................... 2,800 Interest Payable. ................................ 2,800 ($70,000 X 8% X 6/12) BRIEF EXERCISE 10-4 (a) Cash (3,800 X $60). ................................................... 228,000 Unearned Basketball Ticket Revenue. ........... 228,000 (To record sale of 3,800 season tickets) (b) Unearned Basketball Ticket Revenue. ................... 22,800 Basketball Ticket Revenue ($228,000 ÷ 10). .. 22,800 (To record basketball ticket revenue earned) BRIEF EXERCISE 10-9 WARNER INC. Balance Sheet (Partial) December 31, 2007 Current liabilities Bank note payable. ..................................... $ 20,000 Accounts payable. ...................................... 135,000 Current portion of long-term debt. ........... 240,000 Interest payable. ......................................... 40,000 Employee benefits payable. ...................... 7,800 Property tax payable. ................................. 3,500 Sales taxes payable. .................................. 1,400 Total current liabilities. ......................... $ 447,700 Long-term liabilities Bonds payable, due 2011. ......................... $900,000 Less: Discount on bonds payable. ........... 45,000 855,000 Notes payable, due 2009. .......................... 80,000 Total long-term liabilities. .................... 935,000 10-1
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Total liabilities. ................................................... $1,382,700 EXERCISE 10-1 (a)
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Ch 10 - CHAPTER 10 BRIEF EXERCISE 10-2 (a) July 1 Cash ....

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