Ch04 - SOLUTIONS TO PROBLEMS PROBLEM 4-1C(a 1 2 3 Cash Accounts Receivable Unearned Rent Revenue Rent Revenue Cash Unearned Rent Revenue Unearned

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SOLUTIONS TO PROBLEMS PROBLEM 4-1C (a) 1. Cash. .................................................................. 19,000 Accounts Receivable. ............................... 19,000 2. Unearned Rent Revenue. ................................. 38,000 Rent Revenue. ........................................... 38,000 3. Cash. .................................................................. 89,000 Unearned Rent Revenue. .......................... 89,000 Unearned Rent Revenue ($89,000 – $30,000). ... 59,000 Rent Revenue. ........................................... 59,000 4. Accounts Receivable. ....................................... 162,000 Dues Revenue. ........................................... 162,000 5. Cash . ................................................................. 147,000 Accounts Receivable ($162,000 – $15,000). .. 147,000 (b) Cash received with respect to rent and dues 1. Collection of 2006 dues $ 19,000 3. Collection of rent 89,000 5. Collection of 2007 dues 147,000 $255,000 Accounts Receivable 2006 Bal. 19,000 4. 162,000 1. 19,000 5. 147,000 2007 Bal. 15,000 Unearned Rent Revenue 2. 38,000 3. 59,000 2006 Bal. 38,000 3. 89,000 2007 Bal. 30,000 Dues Revenue 4. 162,000 2007 Bal.162,000 Rent Revenue 2. 38,000 3. 59,000 2007 Bal. 97,000 Cash 1. 19,000 3. 89,000 5. 147,000 2007 Bal.255,000 4-1
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PROBLEM 4-2C (a) Date Account Titles Debit Credit 1. 2007 April 30 Supplies Expense. .................................... Supplies ($1,000 – $320). ................. 680 680 2. 30 Phone Expense. ........................................ Phone Payable. ................................. 120 120 3. 30 Rent Expense. ........................................... Prepaid Rent. ..................................... ($2,700 ÷ 3 months) 900 900 4. 30 Unearned Service Revenue. .................... Service Revenue. .............................. 2,200 2,200 5. 30 Salaries Expense. ..................................... Salaries Payable. ............................... 1,460 1,460 6. 30 Depreciation Expense. ............................. Accumulated Depreciation— Office Equipment. ......................... 300 300 7. 30 Accounts Receivable. .............................. Service Revenue. .............................. 2,800 2,800 (b) Cash 4/30 Bal. 9,300 Accounts Receivable 4/30 Bal. 5,000 4/30 2,800 4/30 Bal. 7,800 Prepaid Rent 4/30 Bal. 2,700 4/30 900 4/30 Bal. 1,800 Supplies 4/30 Bal. 1,000 4/30 680 4/30 Bal. 320 4-3
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Office Equipment 4/30 Bal. 20,000 Accumulated Depreciation— Office Equipment 4/30 300 4/30 Bal. 300 Accounts Payable 4/30 Bal. 5,100 Phone Payable 4/30 120 4/30 Bal. 120 Salaries Payable 4/30 1,460 4/30 Bal. 1,460 Unearned Service Revenue 4/30 2,200 4/30 Bal. 3,100 4/30 Bal. 900 Common Stock 4/30 Bal. 25,000 Service Revenue 4/30 Bal. 9,000 4/30 2,200 4/30 2,800 4/30 Bal. 14,000 Salaries Expense 4/30 Bal. 3,800 4/30 1,460 4/30 Bal. 5,260 Insurance Expense 4/30 Bal. 400 Depreciation Expense 4/30 300 4/30 Bal. 300 Rent Expense 4/30
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This note was uploaded on 05/24/2010 for the course ACCT 2101 taught by Professor Dollar during the Spring '10 term at SPSU.

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Ch04 - SOLUTIONS TO PROBLEMS PROBLEM 4-1C(a 1 2 3 Cash Accounts Receivable Unearned Rent Revenue Rent Revenue Cash Unearned Rent Revenue Unearned

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