ACCT 421 Chapter 3 Team Problems

ACCT 421 Chapter 3 Team Problems - Chapter 3 Problems...

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Chapter 3 Problems Paulette Adams Josie Ellzey Natalie Hightower Ayanna James Dozenia Marshall March 3, 2011 ACC/421 Joseph Oliveri
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P3-5 a) GENERAL JOURNAL J1 Date Account Titles and Explanation Ref. Debit Credit 20-- Adjusting Entries Dec. 31 Depreciation Expense-Equipment 9,500 Accumulated Depreciation-Equipment 9,500 Dec. 31 Interest Expense 1,800 Interest Payable 1,800 Dec. 31 Unearned Admission Revenue 50,000 Admission Revenue 50,000 Dec. 31 Advertising 1,100 Prepaid Advertising 1,100 Dec. 31 Salaries Expense 4,700 Salaries Payable 4,700 b) Interest expense 3,200 Admissions revenue 330,000 Advertising expense 12,580 Salaries expense 62,300
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a) Allow Cash Accounts Receivable Doubtfu 18,500 42,000 18,500 42,000 Office Supplies Inventory Prepaid 1,500 (7) 80,000 5,100 1,500 80,000 2,550 Furniture and Accu Prepaid Advertising Equipment Furn. A 700 (6) 84,000 700 84,000 Sales Notes Payable Interest Payable Pa 28,000 3,360 (4) 28,000 3,360 Common Stock Retained Earnings S 80,600 10,000
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ACCT 421 Chapter 3 Team Problems - Chapter 3 Problems...

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