3101 Homework Solutions ch.03

3101 Homework Solutions ch.03 - Acct 3101 Intermed. Acctg 1...

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Acct 3101 Intermed. Acctg 1 Homework Solutions Text: Kieso et al. 13 th ed. Chapter 3 EXERCISE 3-1 Apr. 2 Cash. ................................................................... 30,000 Equipment. ......................................................... 14,000 Christine Ewing, Capital. ........................... 44,000 2 No entry—not a transaction. 3 Supplies. ............................................................. 700 Accounts Payable. ..................................... 700 7 Rent Expense. .................................................... 600 Cash. ............................................................ 600 11 Accounts Receivable. ........................................ 1,100 Service Revenue. ........................................ 1,100 12 Cash. ................................................................... 3,200 1
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Unearned Service Revenue. ...................... 3,200 17 Cash. ................................................................... 2,300 Service Revenue. ........................................ 2,300 21 Insurance Expense. ........................................... 110 Cash. ............................................................ 110 30 Salaries Expense. .............................................. 1,160 Cash. ............................................................ 1,160 30 Supplies Expense. ............................................. 120 Supplies. ..................................................... 120 30 Equipment. ......................................................... 5,100 Christine Ewing, Capital. ........................... 5,100 2
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EXERCISE 3-3 The ledger accounts are reproduced below, and corrections are shown in the accounts. Cash Accounts Payable Bal. 5,912 (4) 190 Bal. 7,044 (1) 270 Accounts Receivable Common Stock Bal. 5,240 (1) 270 Bal. 8,000 Supplies on Hand Retained Earnings Bal. 2,967 Bal. 2,000 Furniture and Equipment Service Revenue Bal. 6,100 Bal. 5,200 (2) 1,900 (3) 2,025 (5) 80 3
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Office Expense Bal. 4,320 (2) 1,900 EXERCISE 3-3 (Continued) SCARLATTI CORPORATION Trial Balance (Corrected) April 30, 2010 Debit Credit Cash. ...................................................................... ................................................................................ $ 5,992 Accounts Receivable. .......................................... 4,970 Supplies on Hand. ................................................ 2,967 Furniture and Equipment. .................................... 8,000 Accounts Payable. ................................................ $ 7,044 Common Stock. .................................................... 8,000 Retained Earnings. ............................................... 2,000 Service Revenue. .................................................. 7,305 Office Expense. ..................................................... 2,420 $24,349 $24,349 4
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EXERCISE 3-19 (a) NALEZNY CORP. Income Statement (Cash Basis)
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This note was uploaded on 04/29/2011 for the course ACCT 3001 taught by Professor Erickson during the Spring '10 term at University of Minnesota Duluth.

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3101 Homework Solutions ch.03 - Acct 3101 Intermed. Acctg 1...

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