acc 302 due First Exam - Nan Chen BE13-1 July 1 Purchases...

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Nan Chen 9/4/2011 BE13-1 July 1 Purchases 60000 Account Payable 60000 Fright-in 1200 Cash 1200 July 3 Account Payable 6000 Puchase return and allowance 6000 July 10 Account payable 54000 Cash (54000*98%) 52920 Puchase Discount 1080 BE13-2 11/1/10 Cash 40000 Note Payable 40000 12/31/10 Interest Expense 600 Interest Payable 600 (40000*0.09*2/12) 2/1/11 Note Payable 40000 Interest Payable 600 Interest Expense 300 Cash 40900
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BE13-3 11/1/10 Cash 60000 Discount on Note Payable 1350 Note Payable 61350 12/31/10 Interest Expense 900 Discount on Note Payable 900 2/1/11 Interest Expense 450 Discount on Note Payable 450 Note Payable 61350 Cash 61350 BE13-4 1. Since both criteria are met, none of the 500,000 would be reported as current liability. The entire amount would be reported as a long-term liabilities. 2. Because repayment of note payable required the use of existing 12/31/10 current asset, entire 500,000 liability must be reported as current.(This asset ocurr had not enter into a long-term agreement piror to insurance) BE13-5 8/1/10 Cash 216000 Unearned Subscription Revenue 216000 (12000*18)
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90000 Subscription Revenue 90000 (216000*5/12=90000) BE13-6 A. Account receivable 31800 Sales 30000 Sales Tax Payable 1800 B. Cash 20670 Sales 19500 Sales Tax Payable 1170 (20670/1.06=19500) BE13-7 Wages Expense 24000 FICA Tax Payable 1836 Federal Withholding Tax Payable 2990 State Withholding Tax Payable
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This note was uploaded on 09/15/2011 for the course COBA acc302 taught by Professor James during the Spring '11 term at Michigan State University.

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acc 302 due First Exam - Nan Chen BE13-1 July 1 Purchases...

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