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Chapter 3 HW - E3-8 Ace Computer Services Adjusting Entries...

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E3-8 Ace Computer Services Adjusting Entries # Date Description Debit Credit 1. Aug. 31 Salaries Expense…………………………………… $2,900 Salaries Payable………………………………… $2,900 2. Aug. 31 Utility Expense……………………………………… $600 Accrued Liabilities………..…………………….. $600 3. Aug. 31 Interest Expense……………………………………. $400 Interest Payable………………………………… $400 4. Aug. 31 no adjustment necessary as it sounds like the telephone bill is already accounted for, just no paid yet. --------------------------------------------------------------------------------------------------------- E3-14 Russell Corporation Journal General Closing Entires for January 2010 Sales……………………………………………….. $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)
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-------------------------------------------------------------------------------------------------------- E3-17 Snyder Miniature Golf and Driving Range Inc. Journal Entries March 1st through March 31st, 20__ # Date Description Debit Credit Mar. 1 Cash………………………………………………… $60,000 Capital Stock……………………………………. $60,000 Owners invested cash in business Mar. 3 Land………………………………………………… $10,000 Building……………………………………………… $22,000
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