PROBLEM 3

PROBLEM 3 - PROBLEM 3-2B (a) Date May 31 31 31 31 31 31 31...

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PROBLEM 3-2B (a) Date Account Titles and Explanation Ref. Debit Credit May31 Insurance Expense. .......................... Prepaid Insurance. .................... 722 130 200 200 31 Supplies Expense. ............................ Supplies ($1,900 – $900). .......... 631 126 1,000 1,000 31 Depreciation Expense—Lodge. ....... ($3,600 X 1/12) Accumulated Depreciation— Lodge. ..................................... 619 142 300 300 31 Depreciation Expense—Furniture. .. ($3,000 X 1/12) Accumulated Depreciation— Furniture. ................................ 621 150 250 250 31 Interest Expense. .............................. Interest Payable. ........................ [($35,000 X 12%) X 1/12] 718 230 350 350 31 Unearned Rent Revenue. ................. Rent Revenue. ........................... 208 429 1,500 1,500 31 Salaries Expense. .............................. Salaries Payable. ....................... 726 212 300 300 (b) Cash No. 100 Date Explanation Ref. Debit Credit Balance May31 Balance 2,500
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PROBLEM 3-2B (Continued) Supplies No. 126 Date Explanation Ref. Debit Credit Balance May31 31 Balance Adjusting J1 1,000 1,900 900 Prepaid Insurance No. 130 Date Explanation Ref. Debit Credit Balance May31 31 Balance Adjusting J1 200 2,400 2,200 Land No. 140 Date Explanation Ref. Debit Credit Balance May31 Balance 15,000 Lodge No. 141 Date Explanation Ref. Debit Credit Balance May31 Balance 70,000 Accumulated Depreciation—Lodge No. 142 Date Explanation Ref. Debit Credit Balance May31 Adjusting J1 300 300 Furniture No. 149 Date Explanation Ref. Debit Credit Balance May31 Balance 16,800 Accumulated Depreciation—Furniture No. 150 Date Explanation Ref. Debit Credit Balance
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May31 Adjusting J1 250 250
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PROBLEM 3-2B (Continued) Accounts Payable No. 201 Date Explanation Ref. Debit Credit Balance May31 Balance 5,300 Unearned Rent Revenue No. 208 Date Explanation Ref. Debit Credit Balance May31 31 Balance Adjusting J1 1,500 3,600 2,100 Salaries Payable No. 212 Date Explanation Ref. Debit Credit Balance May31 Adjusting J1 300 300 Interest Payable No. 230 Date Explanation Ref. Debit Credit Balance May31 Adjusting J1 350 350 Mortgage Payable No. 275 Date Explanation Ref. Debit Credit Balance May31 Balance 35,000 Common Stock No. 311 Date Explanation Ref. Debit Credit Balance May31 Balance 60,000 Rent Revenue No. 429 Date Explanation Ref. Debit Credit Balance May31 Balance 9,200
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31 Adjusting J1 1,500 10,700
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PROBLEM 3-2B (Continued) Advertising Expense No. 610 Date Explanation Ref. Debit Credit Balance May31 Balance 500 Depreciation Expense—Lodge No. 619 Date Explanation Ref. Debit Credit Balance May31 Adjusting J1 300 300 Depreciation Expense—Furniture No. 621 Date Explanation Ref. Debit Credit Balance May31 Adjusting J1 250 250 Supplies Expense No. 631 Date Explanation Ref. Debit Credit Balance May31 Adjusting J1 1,000 1,000 Interest Expense No. 718 Date Explanation Ref. Debit Credit Balance May31 Adjusting J1 350 350 Insurance Expense
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This note was uploaded on 05/21/2011 for the course ACY 1111 taught by Professor Km during the Spring '10 term at CUHK.

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PROBLEM 3 - PROBLEM 3-2B (a) Date May 31 31 31 31 31 31 31...

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