Ch 3 Exercises - 23rd - CHAPTER 3 THE ADJUSTING PROCESS...

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Unformatted text preview: CHAPTER 3 THE ADJUSTING PROCESS PRACTICE EXERCISES PE 31A a. No c. Yes e. No b. No d. No f. Yes PE 31B a. Yes c. No e. Yes b. No d. Yes f. Yes PE 32A a. Unearned revenue c. Accrued expense b. Accrued revenue d. Prepaid expense PE 32B a. Unearned revenue c. Accrued revenue b. Prepaid expense d. Accrued expense PE 33A Insurance Expense......................................................... 9,000 Prepaid Insurance...................................................... 9,000 Insurance expired ($6,000 + $7,200 $4,200). PE 33B Supplies Expense............................................................ 3,930 Supplies...................................................................... 3,930 Supplies used ($1,815 + $3,790 $1,675). 1 PE 34A Unearned Rent................................................................. 3,825 Rent Revenue............................................................. 3,825 Rent earned [($15,300/12) 3 months]. PE 34B Unearned Fees................................................................. 25,655 Fees Earned................................................................ 25,655 Fees earned ($31,850 $6,195). PE 35A Accounts Receivable...................................................... 12,400 Fees Earned................................................................ 12,400 Accrued fees. PE 35B Accounts Receivable...................................................... 9,134 Fees Earned................................................................ 9,134 Accrued fees. PE 36A Salaries Expense............................................................. 19,400 Salaries Payable......................................................... 19,400 Accrued salaries [($29,100/6 days) 4 days]. PE 36B Salaries Expense............................................................. 7,750 Salaries Payable......................................................... 7,750 Accrued salaries [($19,375/5 days) 2 days]. 2 PE 37A Depreciation Expense..................................................... 5,500 Accumulated DepreciationEquipment................. 5,500 Depreciation on equipment. PE 37B Depreciation Expense..................................................... 3,200 Accumulated DepreciationEquipment................. 3,200 Depreciation on equipment....
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Ch 3 Exercises - 23rd - CHAPTER 3 THE ADJUSTING PROCESS...

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