CH3 Kettle& Wolfe handout Solution

CH3 Kettle& Wolfe handout Solution - Journal Entries...

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Journal Entries 9/1/08 Cash 10,000 Common Stock 10,000 To record the issuance of common stock in exchange for cash.
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Journal Entries 9/1/08 Cash 3,000 Long-Term Notes Payable 3,000 To record the issuance of a long-term note payable in exchange for cash.
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Journal Entries 9/1/08 Computer Equipment 3,000 Cash 3,000 To record the purchase of a computer for cash.
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Journal Entries 9/1/08 Supplies 1,000 Accounts Payable 1,000 To record the purchase of supplies on credit.
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Journal Entries 9/1/08 Prepaid Website 4,800 Cash 4,800 To record the payment for the website services to be used over the next 24 months.
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Journal Entries 9/1/08 Cash 2,400 Subscription Revenue 2,400 To record the sale of 800 one-month trial subscriptions.
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Journal Entries 9/1/08 Cash 6,000 Accounts Receivable 6,000 Unearned Revenue 12,000 To record the sale of 1,000 one-year subscriptions, to be earned over the next 12 months.
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Journal Entries 9/30/08 Accounts Payable 1,000 Cash 1,000 To record payment for supplies purchased on account.
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Journal Entries 9/30/08 Salaries Expense 400 Cash 400 To record payment of salaries.
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Kettle and Wolf, Inc. Unadjusted Trial Balance
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This note was uploaded on 11/17/2010 for the course ACC ACC 305 taught by Professor Rogero during the Spring '10 term at University of Dayton.

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CH3 Kettle& Wolfe handout Solution - Journal Entries...

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