Ch03HWSolutionsPlus - CHAPTER 3 The Accounting Information System EXERCISE 3-1 Apr 2 Cash Equipment Christine Ewing Capital No entry-not a

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CHAPTER 3 The Accounting Information System 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 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
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EXERCISE 3-1 (Continued) 30 Supplies Expense 120 Supplies 120 30 Equipment 5,100 Christine Ewing, Capital 5,100 EXERCISE 3-2 GERONIMO COMPANY Trial Balance April 30, 2010 Debit Credit Cash. ...................................................................... ................................................................................ $ 2,100 Accounts Receivable. .......................................... 2,750 Prepaid Insurance ($700 + $1,000). ..................... 1,700 Equipment. ............................................................ 8,000 Accounts Payable ($4,500 – $1,000). .................. $ 3,500 Property Tax Payable. .......................................... 560 Geronimo, Capital ($11,200 + $3,200). ................ 14,400 Geronimo, Drawing. ............................................. 3,200 Service Revenue. .................................................. 6,690 Salaries Expense. ................................................. 4,200 Advertising Expense ($1,100 + $300). ................ 1,400 Property Tax Expense ($800 + $1,000). .............. 1,800 $25,150 $25,150
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EXERCISE 3-8 (a) Wages Expense. .................................................................. 2,900 Wages Payable. ............................................................ 2,900 (b) Utilities Expense. ................................................................. 600 Accounts Payable. ....................................................... 600 (c) Interest Expense ($60,000 X 8% X 1/12). ........................... 400 Interest Payable. ........................................................... 400 (d) Telephone Expense. ............................................................ 117 Accounts Payable. ....................................................... 117
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This note was uploaded on 06/28/2011 for the course ACCOUNTING 515 taught by Professor Jim during the Spring '11 term at CUNY Queens.

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Ch03HWSolutionsPlus - CHAPTER 3 The Accounting Information System EXERCISE 3-1 Apr 2 Cash Equipment Christine Ewing Capital No entry-not a

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