7111AFE_Solution_Topic03

7111AFE_Solution_Topic03 - 7111AFE Tutorial Solution: Topic...

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7111AFE Tutorial Solution: Topic 3 (10-15 min.) E 3-7 Journal DATE ACCOUNTS AND EXPLANATIONS POST. REF. DEBIT CREDIT a. Unearned Rent Revenue ($6,000 × 3/12) 1,500 Rent Revenue 1,500 b. Interest Receivable 800 Interest Revenue 800 c. Salary Expense ($1,500 × 3) 4,500 Salary Payable 4,500 d. Supplies Expense 1,900 Supplies ($3,100 – $1,200) 1,900 e. Depreciation Expense ($10,000 / 4) 2,500 Accumulated Depreciation 2,500 f. Insurance Expense 200 Prepaid Insurance ($1,200 / 2 × 4/12) 200 Horngren Accounting 5E , Solutions Manual
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(150 min.) E 3-15 Reqs. 1, 3, and 6 Cash at Bank Accounts Receivable Dec. 2 14,000 Dec. 2 500 Dec. 9 1,700 Dec. 28 600 18 800 3 2,000 Bal. 1,100 21 900 12 200 Adj. 400 28 600 26 300 Bal. 1,500 30 1,600 Bal. 11,700 Supplies Equipment Dec. 5 300 Adj. 200 Dec. 3 2,000 Bal. 100 Accumulated Depreciation - Equipment Furniture Adj. 50 Dec. 4 3,600 Accumulated Depreciation - Furniture Accounts Payable Adj. 60 Dec. 26 300 Dec. 4 3,600 5 300 Bal. 3,600 Horngren Accounting 5E , Solutions Manual
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(continued) E 3-15 Reqs. 1, 3, and 6 (continued) Salary Payable Unearned Service Revenue Adj. 500 Adj. 300 Dec. 21 900 Bal. 600 Megan Walker, Capital Megan Walker, Drawings Dec. 2 14,000 Dec. 30 1,600 Service Revenue Dec. 9 1,700 18 800 Bal. 2,500 Adj. 400 Adj. 300 Bal. 3,200 Rent Expense Electricity and Gas Expense Dec. 2 500 Dec. 12 200 Salary Expense Depreciation Expense - Equipment Adj. 500 Adj. 50 Depreciation Expense - Furniture Supplies Expense Adj. 60 Adj. 200 Horngren Accounting 5E , Solutions Manual
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(continued) E 3-15 Req. 2 2 -18 December entries are repeated from the Solution to Exercise 2-17 Journal DATE ACCOUNTS AND EXPLANATIONS POST. REF. DEBIT CREDIT Dec. 2 Cash at Bank 14,000 Megan Walker, Capital 14,000 2 Rent Expense 500 Cash at Bank 500 3 Equipment 2,000 Cash at Bank 2,000 4 Furniture 3,600 Accounts Payable 3,600 5 Supplies 300 Accounts Payable 300 9 Accounts Receivable 1,700 Service Revenue 1,700 12 Electricity and Gas Expense 200 Cash at Bank 200 18 Cash at Bank 800 Service Revenue 800 Horngren Accounting 5E , Solutions Manual
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(continued) E 3-15 Req. 2 (continued) Dec. 21 Cash at Bank 900 Unearned Service Revenue 900 21 No entry; no transaction yet 26
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This note was uploaded on 10/10/2010 for the course ECON 7300 at University of Sydney.

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7111AFE_Solution_Topic03 - 7111AFE Tutorial Solution: Topic...

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