ACCT251E3-20to-22Sol - EXERCISE 3-20 (20–25 minutes) (a)...

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Unformatted text preview: EXERCISE 3-20 (20–25 minutes) (a) Adjusting Entries: 1. Insurance Expense ($6,000 X 5/24)........................ 1,250 Prepaid Insurance............................................ 1,250 2. Rental Revenue ($2,400 X 1/3)............................... 800 Unearned Rental Revenue.............................. 800 3. Advertising Materials.............................................. 290 Advertising Expense....................................... 290 4. Interest Expense...................................................... 770 Interest Payable............................................... 770 (b) Reversing Entries: 1. No reversing entry required. 2. Unearned Rental Revenue...................................... 800 Rental Revenue................................................ 800 3. Advertising Expense............................................... 290 Advertising Materials....................................... 290 4. Interest Payable....................................................... 770 Interest Expense.............................................. 770 *EXERCISE 3-21 (10–15 minutes)...
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This note was uploaded on 11/04/2009 for the course ACCTG 301 taught by Professor Staff during the Spring '08 term at University of Washington.

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ACCT251E3-20to-22Sol - EXERCISE 3-20 (20–25 minutes) (a)...

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