quiz 1 sol - Cr. Allowance for Uncollectible Accounts...

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Quiz 1 Solution I (a) No Entry (1.5 pts) (b) Dr. Equipment 5,400 (1.5 pts) Cr. Cash 1,000 (1.5 pts) Cr. Notes Payable 4,400 (1.5 pts) (c) Dr. Supplies 1,800 (1.5 pts) Cr. Accounts Payable 1,800 (1.5 pts) (d) Dr. Wage Expense 320 (1.5 pts) Cr. Cash 320 (1.5 pts) (e) Dr. Accounts Payable 1,800 (1.5 pts) Cr. Cash 1,800 (1.5 pts) II (a) 500,000 × 3% = 15,000 (0.5 pt) Dr. Bad Debt Expense 15,000 (1 pt)
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Unformatted text preview: Cr. Allowance for Uncollectible Accounts 15,000 (1 pt) (b) 30,000,000 × 9% × (2/12) = 450,000 (1 pt) Dr. Interest Expense 450,000 (1 pt) Cr. Interest Payable 450,000 (1 pt) (c) 2,400 × (2/5) = 960 (0.5 pt) Dr. Salary Expense 960 (1 pt) Cr. Salary Payable 960 (1 pt) (d) Dr. Utility Expense 190 (1 pt) Cr. Utility Payable 190 (1 pt)...
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This note was uploaded on 07/08/2009 for the course ACCT 351 taught by Professor Staff during the Spring '08 term at George Mason.

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