dittman garden in T Accounts - 1|Page Dittman Garden Inn...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
1 | P a g e Dittman Garden Inn Answer Sheet - Fall 2009 General Journal Ref. 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) Interest payable (-L) 50,000 Cash (-A) 50,000 (b) Wages Expense (+E, -SE) 1,750,000 Wages payable (-L) 50,000 Cash (-A) 1,800,000 (c) Dividends Payable (-L) 1,000,000 Retained Earnings (d) Cash (+A) 4,000,000 Accounts receivable (+A) 1,000,000 Sales Revenue (+R, +SE) 5,000,000 (e) Insurance expense (+E, -SE) 18,000 Prepaid insurance (+L) 18,000 (f) Cash (+A) 800,000 Accounts receivable (-A) 800,000 (g) Unearned revenue (-L) 113,750 Service 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
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
2 | P a g e Dittman Garden Inn Answer Sheet - Fall 2009 (j) Common Stock (+SE) 20,000
Background image of page 2
3 | P a g e Dittman Garden Inn Answer Sheet - Fall 2009 Excess Paid in Capital (+SE) 380,000 Cash (+A) $400,000 (k) Dividends expense (+E, -SE) 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
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 12/01/2009 for the course H ADM 121 at Cornell University (Engineering School).

Page1 / 11

dittman garden in T Accounts - 1|Page Dittman Garden Inn...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online