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Chapter 3 Assignment Solution 292[1]

Chapter 3 Assignment Solution 292[1] - Chapter 3 Assignment...

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Chapter 3 Assignment Solution 292 3-35 a) Perfect Pizza: Journal Entries 1. Ingredients and sup- plies inventory (A) 220,000 Accounts Payable (L) 220,000 2. Cash (A) 470,000 Accounts receivable (A) 50,000 Sales (SE) 520,000 3. Wages payable (L) 4,000 Wages expense (SE) 74,000 Cash (A) 78,000 3. Other expenses (SE) 42,000 Cash (A) 42,000 4. Accounts payable (L) 218,000 Cash (A) 218,000 5. Cash (A) 51,000 Accounts receivable (A) 51,000 6. Cost of supplies used (SE) 222,000 Ingredients and sup- plies inventory (A) 222,000 7. Dividends declared (SE) 10,000 Cash (A) 10,000
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b) Perfect Pizza: T-Accounts Cash (A) Accounts receivable (A) Bal. 43,000 Bal. 5,000 (2) 470,000 (2) 50,000 51,000 (5) (5) 51,000 78,000 (3) 42,000 (3) 4,000 218,000 (4) 10,000 (7) 216,000 Ingredients & sup. inv. (A) Prepaid rent (A) Bal. 10,000 Bal. 30,000 (1) 220,000 222,000 (6) 15,000(9) 8,000 15,000 Equipment (A) Accum. amort.–Equip. (XA) Bal. 60,000 22,500 Bal. 7,500 (10) 60,000 30,000 Delivery vehicles (A) Accum. amort.–Del. Veh.(XA) Bal. 80,000 45,000 Bal. 15,000 (11) 80,000 60,000 Wages payable (L) 4,000 Bal. (3) 4,000 0 2,000 (8) 2,000
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