MY VERSION - Samuel Shapiro Financial Accounting Homework#8...

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Samuel Shapiro Financial Accounting Homework #8 September 21, 2008 General Journal Reference Description Debit Credit 1 point each = 10 points total Problem 1 Requirement 1: Entries to record the events of the year (these items are from Section A in the Problem) (a) Op. Interest payable (-L) 50,000 Cash (-A) 50,000 (b) Op. Wages Expense (+E, -SE) 1,750,000 Wages payable (-L) 50,000 Cash (-A) 1,800,000 (c) F Dividends Payable (-L) 400,000 Cash 400000 (d) Op. Cash (+A) 4,000,000 Accounts receivable (+A) 1,000,000 Room Sales Revenue (+R, +SE) 5,000,000 (e) Op. Prepaid Insurance 18,000 Cash (-A) 18,000 (f) Cash (+A) 800,000 Accounts receivable (-A) 800,000 (g) Unearned revenue (-L) 113,750 Room Sales Revenue (+R, +SE) 113750 (h) Supplies (+A) 110,000 Accounts payable 110,000 (i) Accounts Payable (-L) 75,000 Income taxes payable (-L) 485,200 Cash (-A) 560,200
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(j) Common Stock (+SE) ($1 x 20,000 shares) 20,000 Excess Paid in Capital (+SE) 380,000 Cash (+A) $400,000 (k) Retained earnings 1000000 Dividends Payable (+L) 1000000 (l) Cash (+A) 12500 Unearned revenue (+L) 12500 1 point each = 6 points total Problem 1: Requirement: 2 Adjusting Journal Entries (Items are from Section B of Problem.) (m) Interest Expense 50,000 Interest Payable 50000 (n) Insurance Expense 16,500 Prepaid Insurance (2008 policy) 3000 Prepaid insurance (2009 policy) 13,500 (o) Depreciation Expense (+E, -SE) 125,000 Accumulated Depreciation (+XA) 125,000 (p) Depreciation Expense for Equipment (+E, -SE) 30,000 Accumulated Depreciation (+XA) 30,000 (q) Supplies Expense.(+E, -SE) 70,000 Supplies ( -A) 70,000 (r) Place in other table*
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This note was uploaded on 09/22/2009 for the course H ADM 243 taught by Professor Rkwortnik during the Fall '06 term at Cornell.

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MY VERSION - Samuel Shapiro Financial Accounting Homework#8...

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