Team A.Week 5 PP.Final

Team A.Week 5 PP.Final - Learning Team Problem Learning...

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Unformatted text preview: Learning Team Problem Learning Presentation: P3-5 & P3-9 Presentation: Learning Team A Learning Amber White, Tammy Harris, Amber Chasity Colon, & Daphane Morgan Chasity P3-5: (Part A: Adjusting entries on December 31) P3-5: 1. Depreciation Expense Accumulated Depreciation 2. Interest Expense Interest Payable 3. Admissions Revenue Unearned Admissions Revenue 4. Prepaid Advertising Advertising Expense 5. Salaries Expense Salaries Payable 9,500 9,500 1,800 1,800 50,000 50,000 1,100 1,100 4,700 4,700 P3-5 (Part B) P3-5 1. Interest Expense 2. Admissions Revenue 3. Advertising Expense 4. Salaries Expense $3,200 $330,000 $12580 $62,300 P3-9 (Part A: T-Accounts) P3-9 Cash Cash Bal. 18,500 Accounts Receivable Accounts Bal. 42,000 Allowance for Doubtful Allowance Accounts Accounts Bal. 700 Inventory Bal. 80,000 Prepaid Insurance Bal. 5,100 Furniture & Equipment Bal. 84,000 Accumulated DepreciationFurn. & Equip. Bal. 35,000 Notes Payable Bal. 28,000 Common Stock Bal. 80,600 Retained Earnings Bal. 10,000 Sales Bal. 600,000 Cost of Goods Sold Bal. 398,000 Sales Salaries Expense Bal. 50,000 Advertising Expense Bal. 6,700 Administrative Salaries Administrative Expense Expense Bal. 65,000 Office Expense Bal. 5,000 P3-9 (Part B: Annual Adjusting Entries on December 31) P3-9 1. Bad Debt Expense Allowance for Doubtful Accounts 2. Depreciation Expense-Furn. & Equipment Accumulated Depreciation- Furn. & Equip. 3. Insurance Expense Prepaid Insurance 4. Interest Expense Interest Payable 5. Sales Salaries Expense Salaries Payable 6. Prepaid Advertising Expense Advertising Expense 7. Office Supplies Office Expense 1,400 1,400 14,000 14,000 2,550 2,550 3,360 3,360 2,400 2,400 700 700 1,500 1,500 P3-9: (Part B: Adjusting Entries T-Accounts) P3-9: 1 2 Bad Debt Expense Allowance for Doubtful Accounts Depreciation ExpenseFurn. & Equip. Accumulated DepreciationFurn. & Equip. Adj. Adj. 1,400 Bal. Adj. 700 1,400 Adj. 14,000 Bal. 35,000 Bal. Adj. Adj. 14,000 14,000 3 4 Prepaid Insurance Interest Expense Interest Payable Insurance Expense Adj. 2,550 Bal. 5,100 Bal. Adj. 2,550 Adj. 3,360 6 Adj. Adj. 3,360 5 Sales Salaries Expense Salaries Payable Prepaid Advertising Expense Advertising Expense Bal. Adj. 50,000 2,400 Adj. 2,400 Adj. 700 Bal. 6,700 Adj. 700 7 P3-9 (Part C: Closing Entries on December 31) P3-9 Sales ……………………………………. Income Summary …………………….. 600,000 600,000 Income Summary ………………………. Cost of Goods Sold …………………… 398,000 398,000 Advertising Expense ………………….. 6,000 Administrative Salaries Expense …….... 65,000 65,000 Sales Salaries Expense ………………... Sales Office Expense ………………………... Insurance Expense …………………….. 2,550 2,550 Bad Debt Expense …………………….. Bad 600,000 546,210 52,400 3,500 1,400 P3-9 (Part c: Closing Entries: T-Accounts) P3-9 Cost of Goods Sold Bal. 398,000 Bal. 398,000 Cls. 398,000 Cls. 398,000 Advertising Expense Bal. 6,700 ------------6,700 6,700 Adj. 700 Cls. 6,000 Cls. 6,000 6,700 6,700 Administrative Salaries Administrative Expense Expense Bal. 65,000 Bal. 65,000 Cls. 65,000 Cls. 65,000 Sales Salaries Expense Bal. 50,000 Adj. 2,400 Adj. 2,400 52,400 52,400 Cls. 52,400 ----------------52,400 52,400 Office Expense Bal. 5,000 ------------5,000 5,000 Adj. 1,500 Cls. 3,500 Cls. 3,500 5,000 5,000 Insurance Expense Adj. 2,550 Adj. 2,550 Cls. 2,550 Bad Debt Expense Adj. Adj. 1,400 1,400 Cls. 1,400 Cls. 1,400 Depreciation Expense Furn. & Equip. Adj. 14,000 Adj. 14,000 Cls. 14,000 Cls. 14,000 Interest Expense Adj. 3,360 3,360 Cls. 3,360 3,360 Income Summary Exp. 546,210 Inc. 53,790 Inc. 53,790 600,000 600,000 Sales 600,000 ------------------600.000 600.000 Cls. Cls. 600,000 600,000 Sales Bal. 600,000 Retained Earnings Bal. 10,000 Inc. 53,790 Inc. 53,790 Bal. 63,790 Bal. 63,790 Finito Finito ...
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This note was uploaded on 02/19/2010 for the course ACC 421 taught by Professor Unknown during the Spring '10 term at University of Phoenix.

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