KIMMEL_Acct_2e_ProblemCSolutions_ch04

Accounting: Tools for Business Decision Making

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Unformatted text preview: SOLUTIONS TO PROBLEMS PROBLEM 4-1C (a) 1. Cash ............................................................................................................. 19,000 Accounts Receivable.................................................................................... 19,000 2. Unearned Rent Revenue............................................................................................ 38,000 Rent Revenue................................................................................................ 38,000 3. Cash ............................................................................................................. 89,000 Unearned Rent Revenue.............................................................................. 89,000 Unearned Rent Revenue ($89,000 $30,000)................................................................ 59,000 Rent Revenue................................................................................................ 59,000 4. Accounts Receivable................................................................................................. 162,000 Dues Revenue............................................................................................... 162,000 5. Cash ........................................................................................................... 147,000 Accounts Receivable ($162,000 $15,000)........................................................... 147,000 (b) Cash received with respect to rent and dues 1. Collection of 2006 dues $ 19,000 3. Collection of rent 89,000 5. Collection of 2007 dues 147,000 $255,000 Accounts Receivable 2006 Bal. 19,000 4. 162,000 1. 19,000 5. 147,000 2007 Bal. 15,000 Unearned Rent Revenue 2. 38,000 3. 59,000 2006 Bal. 38,000 3. 89,000 2007 Bal. 30,000 Dues Revenue 4. 162,000 2007 Bal. 162,000 Rent Revenue 2. 38,000 3. 59,000 2007 Bal. 97,000 Cash 1. 19,000 3. 89,000 5. 147,000 2007 Bal. 255,000 PROBLEM 4-2C (a) Date Account Titles Debit Credit 1. 2007 April 30 Supplies Expense........................................................................................ Supplies ($1,000 $320)................................................................ 680 680 2. 30 Phone Expense............................................................................................ Phone Payable................................................................................ 120 120 3. 30 Rent Expense............................................................................................... Prepaid Rent................................................................................... ($2,700 3 months) 900 900 4. 30 Unearned Service Revenue............................................................................
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KIMMEL_Acct_2e_ProblemCSolutions_ch04 - SOLUTIONS TO...

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