HW_03_Solutions

HW_03_Solutions - Solutions to Homework 3 Raffaele B. Mari,...

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Solutions to Homework 3 Due October 12, 2010 Raffaele B. Mari, CPA Econ 25 – Econ of Acctg. EXERCISE 3-3 Assets = Liabilities + Stockholders’ Equity Cash + Accounts Receivable + Supplies + Property, Plant, and Equipment = Accounts Payable + Bonds Payable + Common Stock + Retained Earnings Revenues – Expenses Dividends (1) +$100,000 +$100,000 Issued Stock (2) +45,000 +$45,000 (3) –60,000 +$60,000 (4) +16,000 +$16,000 Service Revenue (5) +$4,200 +$4,200 (6) –5,600 –$5,600 Rent Expense (7) +$10,000 +10,000 Service Revenue (8) –28,000 –28,000 Salaries Expense (9) –11,000 –$11,000 Dividends $ 56,400 + $10,000 + $4,200 + $60,000 $4,200 + $45,000 + $100,000 + +$26,000 $33,600 $11,000 $130,600 $130,600
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Solutions to Homework 3 Due October 12, 2010 Raffaele B. Mari, CPA Econ 25 – Econ of Acctg. EXERCISE 3-15 THORNTON DELIVERY SERVICE Trial Balance July 31, 2010 (a) Debit Credit Cash ($98,450 – Debit total without Cash $85,246) . ........................................................... Accounts Receivable . ......................................... Prepaid Insurance . .............................................. Delivery Equipment . ............................................ Accounts Payable . .............................................. Salaries Payable .
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HW_03_Solutions - Solutions to Homework 3 Raffaele B. Mari,...

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