ACC 311 Quiz 3 - ACC 311 (Atiase) Fall 2010 Quiz #3...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
ACC 311 (Atiase) Name: KEY 9:30 and 11:00 Classes Fall 2010 Quiz #3 9/16/2010 Class Time: 9:30 and 11:00 Classes Longhorn Company’s annual accounting year ends on May 31. It is May 31 2007 , and all of the 2007 entries except the following adjusting entries have been made: a. On March 30, 2007 Longhorn paid a six month premium for property insurance $3,900 for coverage starting on that date. Cash was credited and Prepaid insurance was debited for the amount. b. On May 31, 2007, wages of $900 were earned by employees but not yet paid. The employees will be paid on the next payroll date, June 15, 2007. c. On May 1, 2007, Longhorn collected two month’s maintenance revenue of $450.for services to be provided in June and July. d. Depreciation of was recognized on a service truck that cost $15,000 when purchased on June 1, 2006. The truck has an estimated useful life of 5 years and a residual value of $3,000. Assume straight line depreciation. e.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 3

ACC 311 Quiz 3 - ACC 311 (Atiase) Fall 2010 Quiz #3...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online