Week 4 class 1

Week 4 class 1 - Week 4 class 1 (10-15 min.) E 8-2 DEBIT...

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Week 4 class 1 (10-15 min.) E 8-2 Journal DATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT Sept. 30 Cash………………………………………… 428 Unearned Subscription Revenue… 400 Sales Tax Payable ($400 × 0.07)… 28 Dec. 15 Sales Tax Payable………………………… 28 Cash……………………………………… 28 31 Unearned Subscription Revenue………. 100 Subscription Revenue ($400 × 3/12) 100 BALANCE SHEET Current liabilities: Unearned subscription revenue ($400 – $100)…… $300
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(10-15 min.) E 8-5 ‘000 Stantec’s balance sheet at December 31, 2007, reported: Income tax payable…………………………………… $10,758* Stantec’s 2007 income statement reported: Income tax expense ($44,660 × 0.347)…………… $15,497 _____ * Beginning income tax payable…………… $2,000 + Income tax expense (and payable) for the year ($44,660 × 0.347)…………………………… 15,497 – Income tax payments during the year…… (6,739
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This note was uploaded on 10/18/2010 for the course ACF ACC220 taught by Professor Fiona during the Spring '08 term at Seneca.

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Week 4 class 1 - Week 4 class 1 (10-15 min.) E 8-2 DEBIT...

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