Chapter 4 Recap Accrual Problems - HolidayTravelCourtLtd....

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Holiday Travel Court Ltd. Income Statement For the Quarter ended June 30, 2009 Revenue    Travel Court Rental Revenue $205,000  Operating Expenses    Advertising  $5,200     Wages 80,500     Utilities 900     Depreciation 2,700     Repairs 4,000  Total Operating Expenses (93,300) Net Income $111,700  Holiday Travel Court Ltd.
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Income Statement For the Quarter ended June 30, 2009 AdjustingEntries Final Revenue Debit Credit    Travel Court Rental Revenue $205,000  Operating Expenses    Advertising  $5,200     Wages 80,500     Utilities 900     Depreciation 2,700     Repairs 4,000  1 Travel Court Rental Revenue' includes advanced rental payments received for   summer occupancy, in the amount of $47,000. Holiday Travel Court Ltd. Income Statement
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For the Quarter ended June 30, 2009 AdjustingEntries Final Asset Accounts Debit Credit Debit Credit    Supplies $8,200     Prepaid Insurance 14,400  Liability Accounts    Unearned Revenue 47,000     Note Payable 12,000  Revenue    Travel Court Rental Revenue 205,000  47,000 Operating Expenses    Advertising  5,200     Wages 80,500     Utilities 900     Depreciation 2,700     Repairs 4,000  1 Travel Court Rental Revenue' includes advanced rental payments received for summer occupanc  in the amount of $47,000. Holiday Travel Court Ltd. Income Statement For the Quarter ended June 30, 2009
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AdjustingEntries Final Asset Accounts Debit Credit Debit Credit    Supplies $8,200     Prepaid Insurance 14,400  Liability Accounts    Unearned Revenue $0  47,000     Note Payable 12,000  Revenue    Travel Court Rental Revenue $205,000  47,000 Operating Expenses    Advertising  $5,200     Wages 80,500     Utilities 900     Depreciation 2,700     Repairs 4,000  2 There were $1,300 of supplies on hand at June 30.  Holiday Travel Court Ltd. Income Statement For the Quarter ended June 30, 2009
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Final Asset Accounts Debit Credit Debit Credit    Supplies $8,200  6,900  1,300     Prepaid Insurance 14,400  Liability Accounts    Unearned Revenue $0  47,000     Note Payable 12,000  Revenue    Travel Court Rental Revenue 205,000  47,000 Operating Expenses    Advertising  5,200     Supplies Expense 6,900    Wages 80,500     Utilities 900     Depreciation 2,700     Repairs 4,000  2 There were $1,300 of supplies on hand at June 30.  Holiday Travel Court Ltd. Income Statement
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This note was uploaded on 04/27/2010 for the course ACCOUNTING 201 taught by Professor D.kanarella during the Spring '10 term at University of Toronto- Toronto.

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Chapter 4 Recap Accrual Problems - HolidayTravelCourtLtd....

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