ch03 - SOLUTIONS TO B EXERCISES E3-1B (1520 minutes) Apr. 2...

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SOLUTIONS TO B EXERCISES E3-1B (15–20 minutes) Apr. 2 Cash. .............................................................. 73,600 Equipment. .................................................... 32,200 Brown, Capital. ...................................... 105,800 2 No entry—not a transaction. 3 Supplies. ........................................................ 1,610 Accounts Payable. ................................ 1,610 7 Rent Expense. ............................................... 1,380 Cash. ....................................................... 1,380 11 Accounts Receivable. .................................. 2,530 Service Revenue. .................................. 2,530 12 Cash. .............................................................. 7,360 Unearned Service Revenue. ................. 7,360 17 Cash. .............................................................. 5,290 Service Revenue. .................................. 5,290 21 Insurance Expense. ...................................... 253 Cash. ....................................................... 253 30 Salaries Expense. ......................................... 2,668 Cash. ....................................................... 2,668 30 Supplies Expense. ........................................ 276 Supplies. ................................................ 276 30 Equipment. .................................................... 14,030 Brown, Capital. ...................................... 14,030 3-1
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E3-2B (15–20 minutes) The ledger accounts are reproduced below, and corrections are shown in the accounts. Cash Accounts Payable Bal. 11,824 (4) 380 Bal. 14,088 (1) 900 Accounts Receivable Common Stock Bal. 10,480 (1) 900 Bal. 16,000 Supplies on Hand Retained Earnings Bal. 5,934 Bal. 4,000 Furniture and Equipment Service Revenue Bal. 12,200 Bal. 10,400 (2) 6,400 (3) 4,050 (5) 160 Office Expense Bal. 8,640 (2) 6,400 3-2
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E3-2B (Continued) Cervantes Corporation Trial Balance (corrected) April 30, 2007 Debit Credit Cash $12,344 Accounts Receivable 9,580 Supplies on Hand 5,934 Furniture and Equipment 18,600 Accounts Payable $14,088 Common Stock 16,000 Retained Earnings 4,000 Service Revenue 14,610 Office Expense 2,240 $48,698 $48,698 E3-3B (10–15 minutes) 1. Depreciation Expense ($188 X 3). ........................... 564 Accumulated Depreciation—Equipment. ....... 564 2. Unearned Rent Revenue ($6,975 X 1/3). ................. 2,325 Rent Revenue. ................................................... 2,325 3. Interest Expense. ...................................................... 375 Interest Payable. ................................................ 375 4. Supplies Expense. .................................................... 1,463 Supplies ($2,100 – $637). .................................. 1,463 5. Insurance Expense ($225 X 3). ................................ 675 Prepaid Insurance. ............................................ 675 3-3
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E3-4B (10–15 minutes) 1. Accounts Receivable 375 Service Revenue 375 2. Utility Expense
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ch03 - SOLUTIONS TO B EXERCISES E3-1B (1520 minutes) Apr. 2...

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