ALEX MARTINEZ Exercises Week 3 May 9, 2009

ALEX MARTINEZ Exercises Week 3 May 9, 2009 - Name: ALEX...

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Awilda Alvarado ACC 363 Financial Accounting II 1 May 9, 2009 Name: ALEX MARTINEZ Date: 9/4201O (a) Journalize the January transactions. Date Account Debit Credit Jan. 1 Cash 15,000.00 Note Payable 15,000.00 Jan. 5 Cash 10,400.00 Sales (10,400-10,400 * 4%) 9,984.00 Sales Taxes Payable (10,400 - 9,984) 416.00 Jan. 12 Unearned Service Revenue 9,000.00 Service Revernue 9,000.00 Jan. 14 Sales Taxes Payable 5,800.00 Cash 5,800.00 Jan. 20 Accounts Receivable (36,400.00 + 1456.00) 37,856.00 Sales 36,400.00 Sales Taxes Payable 1,456.00 Jan. 25 Cash 12,480.00 Sales (12,480-12,480 * 4%) 11,980.80 Sales Taxes Payable (12,480-11,980.80) 500.00 (b) Journalize the adjusting entry at January 31 for the outstanding notes payable. Date Account Debit Credit Jan. 31 Interest Expense 400.00 Interest Payable 400.00 ( to accrue interest for 4 month) (c) Prepare the current liabilities section of the balance sheet at January 31, 2006. Assume no change in accounts payable. Current Liabilities Notes Payable $15,000.00 Accounts Payable 42,500.00 Unearned Service Revenue 6,000.00 Sales Taxes Payable 2,372.00 Interest Payable 400.00 Total Current Liabilies $66,272.00 Cardinal Company has the following obligations at December 31:
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This note was uploaded on 04/20/2010 for the course ACC/363 ba1107p taught by Professor Manfrdorodriguez during the Spring '10 term at University of Phoenix.

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ALEX MARTINEZ Exercises Week 3 May 9, 2009 - Name: ALEX...

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