Additional Problems-Chapter 3

Additional Problems-Chapter 3 - If you would like to solve...

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If you would like to solve additional problems from Chapter 3 as a review of the chapter or to prepare for the exam, here are some that might be helpful. The solutions are attached. I would recommend developing an answer for an exercise before looking at the solutions. Brief Exercises 3-3, 3-4, 3-5, 3-6, 3-7, 3-8, 3-9, 3-10, 3-12 Exercises 3-5, 3-6, 3-8,3-10,3-19 BRIEF EXERCISE 3-3 July 1 Prepaid Insurance. ............................................. 15,000 Cash. ............................................................ 15,000 Dec. 31 Insurance Expense. ........................................... 2,500 Prepaid Insurance ($15,000 X 1/2 X 1/3). .............................. 2,500 BRIEF EXERCISE 3-4 July 1 Cash. ................................................................... 15,000 Unearned Insurance Revenue. .................. 15,000 Dec. 31 Unearned Insurance Revenue. ................ 3,000 2,500 Insurance Revenue
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($15,000 X 1/2 X 1/3). .............................. 2,500 BRIEF EXERCISE 3-5 Feb. 1 Prepaid Insurance. ............................................. 720,000 Cash. ............................................................ 720,000 June 30 Insurance Expense. ........................................... 150,000 Prepaid Insurance ($720,000 X 5/24). ................................... 150,000 BRIEF EXERCISE 3-6 Nov. 1 Cash. ................................................................... 2,400 Unearned Rent Revenue. ........................... 2,400 Dec. 31 Unearned Rent Revenue. .................................. 1,600 Rent Revenue ($2,400 X 2/3). .......................................... 1,600 BRIEF EXERCISE 3-7 Dec. 31 Salaries Expense. .............................................. 4,800 Salaries Payable ($8,000 X 3/5). .......................................... 4,800 Jan. 2 Salaries Payable. ............................................... 4,800 Salaries Expense. .............................................. 3,200 Cash. ............................................................ 8,000
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BRIEF EXERCISE 3-8 Dec. 31 Interest Receivable. ........................................... 300 Interest Revenue. ....................................... 300 Feb. 1 Cash. ................................................................... 12,400 Notes Receivable. ....................................... 12,000 Interest Receivable. ................................... 300 Interest Revenue. ....................................... 100 BRIEF EXERCISE 3-9 Aug. 31 Interest Expense. ...............................................
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Additional Problems-Chapter 3 - If you would like to solve...

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