ACC201 - HW-Week2

ACC201 - HW-Week2 - and Dec Adjustment (f) Dec. 31 Accounts...

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QUESTION 3-1A 1. Use the information to prepare adjusting entries as of December 31, 2009. Date Explanation Debit Credit Adjustment (a) Dec. 31 Supplies Expense 12,325 Supplies 12,325 To record supplies used Adjustment (b) Dec. 31 Insurance Expense 12,280 Prepaid Insurance 12,280 To record insurance used during 2009 Adjustment (c) Dec. 31 Salaries Expense 54,900 Salaries Payable 54,900 To record two days accrued salary, 2 x $1830 for 15 employees Adjustment (d) Dec. 31 Depreciation Expense 18,875 Accumulated Depreciation - Building 18,875 To record monthly depreciation for 12 full months Adjustment (e) Dec. 31 Accounts Receivable 6,000 Rent Earned 6,000 To record accrued rent for Nov
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Unformatted text preview: and Dec Adjustment (f) Dec. 31 Accounts Receivable 5,436 Rent earned 5,436 To record earned rent for Nov and Dec 2. Prepare journal entries to record the first subsequent cash transaction in 2010 for parts c and e . Date Explanation Debit Credit Jan. 6 Salaries Payable (15 Employees 2 days at $1,830 per day) 54,900 Salaries Expense (15 Employees, 3 days at $1,830 per day) 82,350 Cash 137,25 Paid one weeks' salary including two days accrued in December Jan. 15 Cash 6,000 Accounts receivable (Dec) 3,000 Rent Earned (Jan) 3,000 Rent paid for both December and January QUESTION 3-4A 1....
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ACC201 - HW-Week2 - and Dec Adjustment (f) Dec. 31 Accounts...

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