E11-2, E11-3, E11-4 - Cash 23,540 Sales($23,540 1.07...

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EXERCISE 11-2 (a) June 1 Cash ............................................................ 90,000 Notes Payable ..................................... 90,000 (b) June 30 Interest Expense ....................................... 900 Interest Payable [($90,000 X 12%) X 1/12] ................ 900 (c) Dec. 1 Notes Payable ............................................ 90,000 Interest Payable ($90,000 X 12% X 6/12) .......................... 5,400 Cash ..................................................... 95,400 (d) $5,400 EXERCISE 11-3 WARKENTINNE COMPANY Apr. 10 Cash .................................................................. 31,500 Sales ......................................................... 30,000 Sales Taxes Payable ............................... 1,500 RIVERA COMPANY 15
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Unformatted text preview: Cash. ................................................................. 23,540 Sales ($23,540 ÷ 1.07). ............................. 22,000 Sales Taxes Payable ($23,540 – $22,000). ............................. 1,540 EXERCISE 11-4 (a) Nov. 30 Cash. ............................................................ 240,000 Unearned Subscriptions (12,000 X $20). ................................. 240,000 (b) Dec. 31 Unearned Subscriptions. ........................... 20,000 Subscription Revenue ($240,000 X 1/12). ............................ 20,000 (c) Mar. 31 Unearned Subscriptions. ........................... 60,000 Subscription Revenue ($240,000 X 3/12). ............................. 60,000...
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