chapter2 hw problems

chapter2 hw problems - 2-20Page 1Kathy HainesExercise...

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Unformatted text preview: 2-20Page 1Kathy HainesExercise 2-20DEBIT CREDITA.Insurance Expense$1,500.00Prepaid Insurance$1,500.00B.Rent Revenue$6,750.00Unearned rent revenue $6,750.00C.Advertising Supplies$500.00 Advertising Expenses$500.00D.Prepaid Rent$1,400.00Rent Expense$1,400.00E.Miscellaneous Office (supplie$825.00Miscellaneous Off. Exp$825.00F.Interest Expense$534.00Interest Payable$534.00Sources would be th Balance Sheet; the Income Statement and the General Ledger2-27Page 202-27Enter the appropriate numbers for supporting calculations in the blue-shaded cells in columns E, H, K, and M . To enter the journal entries, select the appropriate accounttitles in the blue-shaded cells from the drop-down lists in columns C and D, and enter the appropriate amounts in the blue-shaded cells in columns M and O.The word “Wrong” will appear to the left of incorrect entries.(a)Supporting calculations:PolicyPolicy CostxA$5,400 xB$2,700 xC$18,000 xPrepaid amountAccount balanceAdjustmentJournal entry:Prepaid InsuranceInsurance Expense(b)Supporting calculations:MonthCollectedxJul.$27,000 xOct.$22,200 xJan.$28,800 xApr.$20,700 xUnearned amountAccount balanceAdjustmentJournal entry:Subscription RevenueUnearned Subscription Revenue(c)Journal entry:Interest PayableInterest Expense(d)Journal entry:WrongSupplies ExpenseSupplies(e)Journal entry:Salaries PayableSalaries Expense2-27Page 32-27Page 4Name:Months/Total months21 /24 $4,725 2 /6 900 27 /36 13,500 $19,125 14,100 $5,025 Debit5,025 Months/Total months3 /12 $6,750 6 /12 11,100 9 /12 21,600 12 /12 20,700 $60,150 56,250 $3,900 Debit3,900 Debit450 Debit780 Debit5,250 2-27Page 52-27Page 6Credit5,025 Credit3,900 Credit450 Credit780 Credit5,250 2-27Page 72-34Page 802-34Name:KATHY HAINEComplete columns D, F, H, J, and L by selecting the correct answer from the drop-dowan incorrect answer, the word "Wrong" will appear to the left of the answer cell.an incorrect answer, the word "Wrong" will appear to the left of the answer cell....
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This note was uploaded on 08/12/2011 for the course ACCT 2201 taught by Professor Alvarez during the Spring '11 term at FIT.

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chapter2 hw problems - 2-20Page 1Kathy HainesExercise...

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