Chapter 3 Homework - E3-8Ace Computer ServicesAdjusting

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Unformatted text preview: E3-8Ace Computer ServicesAdjusting Entries#DateDescriptionDebitCredit1. Aug. 31Salaries Expense$2,900 Salaries Payable$2,900 2. Aug. 31Utility Expense$600 Accrued Liabilities....$600 3. Aug. 31Interest Expense.$400 Interest Payable$400 4. Aug. 31no adjustment necessary as it sounds like the telephone bill is alreadyaccounted for, just no paid yet. ---------------------------------------------------------------------------------------------------------E3-14Russell Corporation Journal GeneralClosing Entires for January 2010Sales..$340,000 Sales returns and allowance$13,000 Sales Discount$8,000 Income Summary$319,000 (To close revenue accounts to Income Summary)Income Summary$302,000 Cost of Goods Sold.$202,000 Freight-out..$7,000 Insurance Expense.$12,000 Rent Expense..$20,000 Salary Expense$61,000 (To close expense accounts to Income Summary)Income Summary$17,000 Retained Earnings$17,000 (To close income summary to retained earnings)--------------------------------------------------------------------------------------------------------E3-17Snyder Miniature Golf and Driving Range Inc.Journal EntriesMarch 1st through March 31st, 20__#DateDescriptionDebitCreditMar. 1Cash$60,000 Capital Stock.$60,000 Owners invested cash in businessMar. 3Land$10,000 Building$22,000 Equipment$6,000 Cash..$38,000 Purchased Land, Building and Golf Equipment for cash....
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This note was uploaded on 12/13/2009 for the course ACCOUNTING ACC 100 A taught by Professor A during the Fall '09 term at University of Phoenix.

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Chapter 3 Homework - E3-8Ace Computer ServicesAdjusting

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