week 3 quiz answers

week 3 quiz answers - 900 Office Salaries Payable.

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Quiz 3 Answer Key 1. B 2. E 3. B 4. C a. Dec.  31 Depr. Expense–Office Equipment. ..................... 4,000 Accum. Depr.–Office Equipment. ................. 4,000 Adjust for  annual depreciation b. 31 Insurance Expense. ............................................ 950 Prepaid Insurance. ....................................... 950 Adjust for expired insurance c. 31 Insurance Expense. ............................................ 1,800 Prepaid Insurance. ....................................... 1,800   Adjust for expired insurance ($2,400 – $600 =  $1,800 expired) d. 31 Office Salaries Expense. ....................................
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Unformatted text preview: 900 Office Salaries Payable. ............................... 900 Adjust for owed and unpaid salaries (3 Employees x 3 days x $100/day/employee = $900) e. 31 Unearned Rent. .................................................. 1,400 Rent Earned. ................................................ 1,400 Adjust for rent earned ($700/mo x 2 months earned = $1,400) f. 31 Rent Receivable. ................................................ 750 Rent Earned. ................................................ 750 Adjust for uncollected rent...
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week 3 quiz answers - 900 Office Salaries Payable.

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