ACC 421 LTA (S3-2 & S3-3)

ACC 421 LTA (S3-2 & S3-3) - Name: Exercise: Course:...

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Name: Team D Exercise: Supplemental Problem S3-2 Course: ACC421: Intermediate Accounting I Date: 5-Dec-09 Supplemental Problem S3-2: 2. Depreciation on equipment totaled $15,000 for the year and has not been recorded. 4. Employee salaries of $18,000 for the month of December will be paid in early January 1 Prepaid Insurance  $10,000.00  Insurance Expense  $10,000.00  2 Depreciation Expense  $15,000.00  Accumulated Depreciation: Equipment  $15,000.00  To record annual depreciation of equipment. 3 Bad Debt Expense  $4,500.00  Allowance for Doubtful Accounts  $4,500.00  1. A three-year fire insurance policy was purchased on July 1, 2009 for $12,000. The com debited insurance expense for the entire amount. 3.  The company determined that accounts receivable in the amount of $6,500 will probab collected. The allowance for doubtful accounts account has a credit balance of $2,000 be adjustment. 5. On November 1, 2009, the company borrowed $200,000 from a bank. The note require principal and interest at 12% to be paid on April 30, 2010. (The note itself was recorded.) 6. On December 1, 2009, the company received $3,000 in cash from another company th
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ACC 421 LTA (S3-2 & S3-3) - Name: Exercise: Course:...

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