Chapter 03 - Homework Solutions

Chapter 03 - Homework Solutions - CHAPTER 3 The Accounting...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
CHAPTER 3 The Accounting Information System SOLUTIONS TO EXERCISES EXERCISE 3-1 (15–20 minutes) Apr. 2 Cash. .................................................................... 32,000 Equipment . .......................................................... 14,000 Beverly Crusher, Capital. ............................ 46,000 2 No entry—not a transaction. 3 Supplies. .............................................................. 700 Accounts Payable . ...................................... 700 7 Rent Expense. ..................................................... 600 Cash. ............................................................. 600 11 Accounts Receivable. ......................................... 1,100 Service Revenue. ......................................... 1,100 12 Cash. .................................................................... 3,200 Unearned Service Revenue. ....................... 3,200 17 Cash. .................................................................... 2,300 Service Revenue. ......................................... 2,300 21 Insurance Expense. ............................................ 110 Cash. ............................................................. 110 30 Salaries Expense . ............................................... 1,160
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Cash. ............................................................. 1,160 30 Supplies Expense. .............................................. 120 Supplies . ...................................................... 120 30 Equipment . .......................................................... 6,100 Beverly Crusher, Capital. ............................ 6,100 EXERCISE 3-4 (15–20 minutes) Watteau Co. Trial Balance June 30, 2007 Debit Credit Cash ($2,870 + $180 – $65 – $65) . ......................................... $ 2,920 Accounts Receivable ($3,231 – $180) . .................................. 3,051 Supplies ($800 – $500) . .......................................................... 300 Equipment ($3,800 + $500). .................................................... 4,300 Accounts Payable ($2,666 – $206 – $260) . ........................... $ 2,200 Unearned Service Revenue ($1,200 – $325). ........................ 875 Common Stock . ...................................................................... 6,000 Dividends . ............................................................................... 575 Retained Earnings. ................................................................. 3,000 Service Revenue ($2,380 + $801 + $325) . ............................. 3,506 Wages Expense ($3,400 + $670 – $575). ............................... 3,495 Office Expense. ....................................................................... 940 $15,581 $15,581
Background image of page 2
EXERCISE 3-6 (10–15 minutes) 1. Accounts Receivable . .................................................... 750 Service Revenue . .................................................... 750 2. Utilities Expense. ............................................................ 520
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 01/20/2011 for the course ACC 301 taught by Professor Staff during the Fall '08 term at Kentucky.

Page1 / 16

Chapter 03 - Homework Solutions - CHAPTER 3 The Accounting...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online