Morgan Company Soln - Morgan Company Financial Reporting...

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Morgan Company Financial Reporting Case 1 Solution Intermediate Accounting Fall 2009 Lippitt
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Morgan Company - Solution Journal Entry # Account Debit Credit 1 Cash 10,000 Building 20,000 Notes Payable 15,000 Common Stock 1,000 Additional Paid in Capital 14,000 2 Office Equipment 2,500 Cash 2,500 3 Office supplies 1,200 Accounts Payable 1,200 4 Accounts Receivable 8,000 Service Revenue 8,000 5 Salary Expense 2,000 Cash 2,000 6 Supplies Expense 300 Office Supplies 300 7 Dividends 1,000 Dividends Payable 1,000 Adjusting Entries Depreciation Expense 900 Accumulated Depreciation 900 Interest Expense 1,500 Interest Payable 1,500 Depreciation Expense 250 Accumulated Depreciation 250 Closing Entry Service Revenue 8,000 Salary Expense 2,000 Supplies Expense 300 Depreciation Expense 1,150 Interest Expense 1,500 Retained Earnings 3,050 Retained Earnings 1,000 Dividends 1,000
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Morgan Company - Solution Ledger Cash Accounts Receivable Office Supplies 10,000 2,500 8,000 1,200 300 2,000 8,000 900 5,500 Office Building Accumulated Depreciation 2,500 20,000 900 2,500 20,000 250 1,150 Notes Payable Interest Payable Dividends Payable 15,000 1,500 1,000 15,000
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Morgan Company - Solution Ledger Accounts Service Revenue Supplies Expense 1,200 8,000 300 Interest Expense Depreciation Expense Salary Expense 1,500 900 2,000 250 Common Stock Additional Paid in Capital Retained Earnings 1,000 14,000 Dividends 1,000
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Morgan Company Soln - Morgan Company Financial Reporting...

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