ACC201-HW-Week2

ACC201-HW-Week2 -...

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Use the information to prepare adjusting entries as of Dec. 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 Adjustment (d) Dec. 31 Depreciation Expense 18,875      Accumulated Depreciation - Building 18,875 Adjustment (e) Dec. 31 Rent Expense 3,000      Rent Earned 3,000 Adjustment (e) Dec. 31 Rent Expense 5,436      Rent earned 5,436 To record earned rent  To record two days accrued salary, 2 x  $1830 for 15 employees To record monthly depreciation for 12 full  months To record unearned rent for the month of  December
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Prepare journal entries to record the first subsequent cash transaction i Date Explanation Jan. 6 Salaries Payable (15 Employees 2 days at $1,830 per day)   Salaries Expense (15 Employees, 3 days at $1,830 per day)      Cash Paid one weeks' salary including two days accrued in December Jan. 15 Cash      Accounts receivable (Dec)      Rent Earned (Jan)    Rent paid for both December and January
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 in 2010 for parts c and e Debit Credit 54,900 82,350 137,250 6,000 3,000 3,000
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CASH 101 Date Account Titles and Explanation PR Debit Credit Balance Apr. 1  Invested $32,000 32,000 32,000 Apr. 2 Prepaid first months rent 1,300 30,700 Apr. 3 Bought office supplies for cash 2,500 28,200 Apr. 10 Prepaid 12 mo. Insurance 2,502 25,698 Apr. 14 Paid 2 weeks' salary 2,300 23,398 Apr. 24 Commissions earned from airline tickets 16,000 39,398 Apr. 28 Paid 2 weeks' salary 2,400 36,998 Apr. 29 Minor repairs on company computer 750 36,248 Apr. 30 Aprils telephone expense 550 35,698 Apr. 30 Paid cash for dividends 1,200 34,498 ACCOUNTS RECEIVABLE 106 Date Account Titles and Explanation PR Debit Credit Balance Apr. 30 Adjustment 3,050 3,050 OFFICE SUPPLIES 124 Date Account Titles and Explanation PR Debit Credit Balance Apr. 3 Bought office Supplies for cash 2,500 2,500 Apr. 30 Adjustment 1,800 700 PREPAID INSURANCE 128 Date Account Titles and Explanation PR Debit Credit Balance Apr. 10 Prepaid 12 mo. Insurance 2,502 2,502 Apr. 30 Adjustment 139 2,363
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ACC201-HW-Week2 -...

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