SM_Ch.03_final_11th

SM_Ch.03_final_11th - CHAPTER 3 EXERCISES Ex. 31 1. 2. 3....

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EXERCISES Ex. 3–1 1. Prepaid expense 2. Accrued revenue 3. Unearned revenue 4. Accrued expense 5. Unearned revenue 6. Prepaid expense 7. Accrued expense 8. Accrued expense Ex. 3–3 Supplies Expense. ........................................................... 923 Supplies. ..................................................................... 923 Supplies used ($1,736 – $813). Ex. 3–7 a. Insurance Expense. ......................................................... 10,400 Prepaid Insurance. ..................................................... 10,400 Insurance expired ($5,400 + $6,000 – $1,000). b. Insurance Expense. ......................................................... 10,400 Prepaid Insurance. ..................................................... 10,400 Insurance expired. Ex. 3–12 a. Fees earned (or revenues) will be understated. Net income will be understated. b. Accounts (fees) receivable (or assets) will be understated. Owner’s equity will be understated. 1
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This note was uploaded on 08/11/2010 for the course ACCT 1A taught by Professor Seyedin during the Spring '10 term at Foothill College.

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SM_Ch.03_final_11th - CHAPTER 3 EXERCISES Ex. 31 1. 2. 3....

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