Homework Session 8 Answer Key Dittman Garden Inn-Class problem Spring 2010

Homework Session 8 Answer Key Dittman Garden Inn-Class problem Spring 2010

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HA 1121 Financial Accounting Answer key Homework Session 8 Spring 2010 Session 8 Answer Key-Dittman Garden Inn Spring 2010. General Journal Ref. Description Debit Credit 1 point each = 12 points total Problem 1 Requirement 1: Entries to record the events of the year (these items are from Section A in the Problem) (a) Interest Payable 50,000 Cash 50,000 (b) Net Payable 500,000 Cash 500,000 (c) Wages Payable 50,000 Wages Expense 2,400,000 Cash 2,450,000 (d) Dividends Payable 400,000 Cash 400,000 (e) Cash 4,500,000 Accounts Receivable 1,500,000 Room Revenue 6,000,000 (f) Prepaid Insurance 24,000 Cash 24,000 (g) Cash 1,600,000 Accounts Receivable 1,600,000 (h) Unearned Revenue 122,500 Room Revenue 122,500 (i) Supplies 200,000 Accounts Payable 200,000 1
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HA 1121 Financial Accounting Answer key Homework Session 8 Spring 2010 (j) Accounts Payable 175,00 Income Taxes Payable 485,200 Cash 660,200 (k) Cash 1,500,000 Common Stock per $1 per share 50,000 Paid in capital – i 1,450,000 (l) Retained Earnings 525,000 Dividends Payable 525,000 1 point each = 5 points total Problem 1: Requirement 2: Adjusting Journal Entries (Items are from Section B of Problem) (m) Insurance Expense 21,000 Prepaid Insurance 21,000 (n) Depreciation Expense 125,000 Accumulated Depreciation – Building 125,000 (o) Depreciation Expense 30,000 (p) Supplies Expense 180,000 Supplies 180,000 (q) Put the adjusting journal entry for income taxes in the appropriate table to follow 2
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HA 1121 Financial Accounting Answer key Homework Session 8 Spring 2010 Problem 1: Req 3: T-Accounts for Dittman Garden Inn The starting balances in these t-accounts are as of 1/1/2009 And are from the post closing trial balance as of 12/31/2008 Total Points = The T-accounts are here for you to use to balance your journal entries and keep track of transactions. Prepaid Insurance
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This note was uploaded on 04/25/2010 for the course HADM 1121 taught by Professor Dittman during the Spring '07 term at Cornell.

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Homework Session 8 Answer Key Dittman Garden Inn-Class problem Spring 2010

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