Homework Session 4 Spring 2010 - Homework Session 4 Spring...

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Homework Session 4 Spring 2010 M3–3. Revenue Account Affected Amount of Revenue Earned in July a. Game Fees Revenue $11,000 b. Sales Revenue $6,000 c. None No revenue earned in July; cash collections in July related to earnings in June. d. None No revenue earned in July; earnings process is not yet complete – Unearned Revenue is recorded upon receipt of cash.
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M3–4. Expense Account Affected Amount of Expense Incurred in July e. Cost of Goods Sold $2,190 f. None No expense is incurred in July; payment related to June electricity usage. g. Wages Expense $3,800 h. Insurance Expense $600 incurred and expensed in July; $1,200 not incurred until future months i. Repairs Expense $1,200 j. Utilities Expense $2,300 incurred in July
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M3–5. a. Cash (+A). ............................................................................. 11,000 Game Fees Revenue (+R, +SE). .................................... 11,000 b. Cash (+A). ............................................................................. 4,000 Accounts Receivable (+A). ................................................... 2,000 Sales Revenue (+R, +SE). .............................................. 6,000 c. Cash (+A). ............................................................................. 1,500 Accounts Receivable ( - A). ............................................... 1,500 d. Cash (+A). ............................................................................. 1,600 Unearned Revenue (+L). ................................................ 1,600 M3–6. e.
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Homework Session 4 Spring 2010 - Homework Session 4 Spring...

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