Chapter 03 - In-Class Exercises - Solutions

Chapter 03 - In-Class Exercises - Solutions - Chapter # 3...

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Chapter # 3 In-Class Exercises Page 6 of 18 Chapter 03 - In-Class Exercises.doc - 08/30/07) Solution to Exercise #1 (a) Journal Entries: 1/1 Asset 240 Asset 240 1/2 Asset 1230 Asset 1230 1/3 Asset 1965 Liability 1965 1/4 Expense 75 Liability 75 1/4 Expense 567 Asset 1034 Revenue 1034 Asset 567 1/5 Expense 981 Asset 1789 Revenue 1789 Asset 981 1/9 Asset 651 Liability 651 1/11 Asset 76 Asset 76 1/11 Liability 34 Asset 34
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Chapter # 3 In-Class Exercises Page 7 of 18 Chapter 03 - In-Class Exercises.doc - 08/30/07) 1/15 Asset 600 Asset 600 1/19 Expense 445 Asset 812 Revenue 812 Asset 445 1/21 Expense 552 Asset 552 1/25 Expense 1288 Asset 2350 Revenue 2350 Asset 1288 1/27 Asset 879 Liability 879 1/29 Liability 1931 Asset 1931 1/30 Asset 812 Asset 812
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Chapter # 3 In-Class Exercises Page 8 of 18 Chapter 03 - In-Class Exercises.doc - 08/30/07) (b), (e), and (i) Assets Liabilities Owners' Equity Bal. 19,945 6,985 12,960 1-Jan 240 240 1-Jan 11-Jan 34 1,965 3-Jan 2-Jan 1,230 1,230 2-Jan 29-Jan 1,931 75 4-Jan 1,484 31-Jan 3-Jan 1,965 567 4-Jan 651 9-Jan 4-Jan 1,034 981 5-Jan 879 27-Jan 14,444 Bal. 5-Jan 1,789 76 11-Jan 8,590 Bal. 9-Jan 651 34 11-Jan 11-Jan 76 600 15-Jan 40 31-Jan 15-Jan 600 445 19-Jan 418 31-Jan 19-Jan 812 552 21-Jan 9,048 Bal. 21-Jan 2,350 1,288 25-Jan 27-Jan 879 30-Jan 812 1,931 29-Jan 812 30-Jan Bal. 23,627 40 31-Jan 55 31-Jan 40 31-Jan Bal. 23,492 Revenue Expenses 1,034 4-Jan 4-Jan 75 1,789 5-Jan 4-Jan 567 812 19-Jan 5-Jan 981 2,350 25-Jan 19-Jan 445 5,985 Bal. 21-Jan 552 31-Jan 5,985 25-Jan 1,288 - Bal. Bal. 3,908 31-Jan 40 31-Jan 55 31-Jan 40 31-Jan 40 31-Jan 418 Bal. 4,501 4,501 31-Jan Bal. -
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Chapter # 3 In-Class Exercises Page 9 of 18 Chapter 03 - In-Class Exercises.doc - 08/30/07) (c) Unadjusted Trial Balance Dr. Cr. Assets 23,627 $ Liabilities 8,590 $ Owners Equity 12,960 Revenue 5,985 Expenses 3,908 Totals 27,535 $ 27,535 $ (d) Adjusting Entries: Expense 40 Asset 40 Depreciation of office equipment (4,800 / 10 / 12 = $40)
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Chapter 03 - In-Class Exercises - Solutions - Chapter # 3...

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