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Chapter_3_B_Problem_Solutions

Chapter_3_B_Problem_Solutions - Prob 31B 1 a Accounts...

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Prob. 3–1B 1. a. Accounts Receivable. ................................................. 11,385 Fees Earned. ........................................................... 11,385 Accrued fees earned. b. Supplies Expense. ....................................................... 2,233 Supplies. ................................................................. 2,233 Supplies used ($2,973 – $740). c. Wages Expense. .......................................................... 1,500 Wages Payable. ...................................................... 1,500 Accrued wages. d. Unearned Rent. ............................................................ 3,150 Rent Revenue. ........................................................ 3,150 Rent earned ($9,450/3). e. Depreciation Expense. ................................................ 2,650 Accumulated Depreciation. .................................. 2,650 Depreciation expense. 2. Adjusting entries are a planned part of the accounting process to update the accounts. Correcting entries are not planned, but arise only when necessary to correct errors.
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Prob. 3–2B a. Supplies Expense. ..................................................... 1,645 Supplies. ................................................................ 1,645 Supplies used ($2,145 – $500). b. Depreciation Expense. .............................................. 1,375 Accumulated Depreciation. ................................. 1,375 Depreciation for year. c. Rent Expense. ............................................................ 4,525 Prepaid Rent. ......................................................... 4,525 Rent expired. d. Wages Expense. ......................................................... 2,200 Wages Payable. .................................................... 2,200 Accrued wages. e. Unearned Fees. .......................................................... 4,675 Fees Earned. ......................................................... 4,675 Fees earned ($6,175 – $1,500). f.
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Chapter_3_B_Problem_Solutions - Prob 31B 1 a Accounts...

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