Week 7

Week 7 - Jrnl. Date Item Ref. Debit Credit June 30 adj.c....

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P10-35A (35-45 min) Req.1 PLEASE COMPLETE ALL THE PINK AREAS ACCOUNT Accounts payable Jrnl. Date Item Ref. Debit Credit June 30 Bal. ACCOUNT Unearned rent revenue Jrnl. Date Item Ref. Debit Credit June 30 Bal. ACCOUNT Long–term notes payable Jrnl. Date Item Ref. Debit Credit June 30 Bal. Req. 2 General Journal DATE ACCOUNTS DEBIT a. Interest expense 16,500 Interest payable a. Long-term notes payable 40,000 Current portion of note payable b. Salary expense 4,600 Employee payroll taxes payable Salary payable c. Payroll tax expense 870 Employer payroll taxes payable d. Unlearned rent revenue 2,675 Rent revenue
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ACCOUNT Current portion of notes payable Jrnl. Date Item Ref. Debit Credit June 30 adj.a. 40,000 ACCOUNT Interest payable Jrnl. Date Item Ref. Debit Credit June 30 adj.a. 16,500 ACCOUNT Long–term note payable Jrnl. Date Item Ref. Debit Credit June 30 Bal. June 30 adj.a. 40,000 ACCOUNT Salary payable Jrnl. Date Item Ref. Debit Credit June 30 adj.b. 3,640 ACCOUNT Employee payroll taxes payable Jrnl. Date Item Ref. Debit Credit June 30 adj.b. 960 ACCOUNT Employer payroll taxes payable
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Unformatted text preview: Jrnl. Date Item Ref. Debit Credit June 30 adj.c. 870 ACCOUNT Unearned rent revenue Jrnl. Date Item Ref. Debit Credit June 30 Bal. June 30 adj.d. 2,675 Req. 3 SealNShip Balance Sheet (partial) June 30, 2012 Current liabilities: Accounts payable $110,000 Current portion of notes payable 40,000 Interest payable 16,500 Salary payable 3,640 Employee payroll taxes payable 960 Employer payroll taxes payable 870 Unearned rent revenue 3,675 Total current liabilities 175,645 Long-term liabilities: Long-term notes payable 160,000 Total liabilities $335,645 Balance Debit Credit 110,000 Balance Debit Credit 6,300 Balance Debit Credit 200,000 CREDIT 16,500 40,000 960 3,640 870 2,675 Balance Debit Credit 40,000 Balance Debit Credit 16,500 Balance Debit Credit 200,000 160,000 Balance Debit Credit 3,640 Balance Debit Credit 960 Balance Debit Credit 870 Balance Debit Credit 6,300 3,675...
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Week 7 - Jrnl. Date Item Ref. Debit Credit June 30 adj.c....

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