chap3soln[1]

chap3soln[1] - BRIEF EXERCISE 3-1 May 1 Cash 3,000 Common...

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Unformatted text preview: BRIEF EXERCISE 3-1 May 1 Cash 3,000 Common Stock.................................................................... 3,000 3 Equipment ...................................................................................... 1,100 Accounts Payable ............................................................... 1,100 13 Rent Expense................................................................................. 400 Cash....................................................................................... 400 21 Accounts Receivable .................................................................... 500 Service Revenue ................................................................. 500 BRIEF EXERCISE 3-2 Aug. 2 Cash 12,000 Equipment ....................................................................................... 2,500 Brett Favre, Capital ............................................................ 14,500 7 Supplies............................................................................................ 400 Accounts Payable ................................................................ 400 12 Cash 1,300 Accounts Receivable ..................................................................... 670 Service Revenue .................................................................. 1,970 15 Rent Expense.................................................................................. 600 Cash........................................................................................ 600 19 Supplies Expense........................................................................... 130 Supplies ($400 – $270)......................................................... 130 BRIEF EXERCISE 3-3 July 1 Prepaid Insurance ......................................................................... 18,000 Cash........................................................................................ 18,000 Dec. 31 Insurance Expense........................................................................ 3,000 Prepaid Insurance .............................................................. 3,000 BRIEF EXERCISE 3-4 July 1 Cash 18,000 Unearned Insurance Revenue ......................................... 18,000 Dec. 31 Unearned Insurance Revenue ..........................................3,000 3,000 Insurance Revenue ............................................................. 3,000 ($18,000 X 1/2 X 1/3) BRIEF EXERCISE 3-5 Feb. 1 Prepaid Insurance ......................................................................... 840,000 Cash........................................................................................ 840,000 June 30 Insurance Expense........................................................................ 175,000 Prepaid Insurance .............................................................. 175,000 ($840,000 X 5/24) BRIEF EXERCISE 3-6 Nov. 1 Cash 2,700 Unearned Rent Revenue ................................................... 2,700 Dec. 31 Unearned Rent Revenue ..............................................................Unearned Rent Revenue ....
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This note was uploaded on 08/31/2010 for the course AEM 3360 at Cornell.

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chap3soln[1] - BRIEF EXERCISE 3-1 May 1 Cash 3,000 Common...

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