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Chapter_3_Homework_Solutions

Chapter_3_Homework_Solutions - EXERCISE 3-5(1015 minutes 1...

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Chapter 3 Homework Solutions EXERCISE 3-5 (10–15 minutes) 1 . Depreciation Expense ($250 X 3) 750 Accumulated Depreciation—Equipment 750 2 . Unearned Rent Revenue ($6,300 X 1/3) 2,100 Rent Revenue 2,100 3 . Interest Expense 500 Interest Payable 500 4 . Supplies Expense 2,150 Supplies ($2,800 – $650) 2,150 5 . Insurance Expense ($300 X 3) 900 Prepaid Insurance 900
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EXERCISE 3-6 (10–15 minutes) 1 . Accounts Receivable 750 Service Revenue 750 2 . Utilities Expense 520 Utilities Payable 520 3 . Depreciation Expense 400 Accumulated Depreciation—Dental Equipment 400 Interest Expense 500 Interest Payable 500 4 . Insurance Expense ($15,000 X 1/12) 1,250 Prepaid Insurance 1,250 5 . Supplies Expense ($1,600 – $400) 1,200 Supplies 1,200
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EXERCISE 3-8 (10–15 minutes) ( a ) Wages Expense ............................................................... 2,90 0 Wages Payable ............................................................. 2,90 0 ( 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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EXERCISE 3-10 (25–30 minutes) ( a ) 1 . Aug. 31 Insurance Expense ($4,500 X 3/12) .... 1,125 Prepaid Insurance ............................. 1,125 2 . Aug.
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