AFM 101 Solutions - Week of Sept 26th (Edit)

AFM 101 Solutions - Week of Sept 26th (Edit) - AP46 Req. 1...

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AP4–6 Req. 1 December 31, 2012 Adjusting Entries: ( a ) Depreciation expense (+E - SE) . ...................................... 3,000 Accumulated depreciation, equipment (+XA - A) . .... 3,000 ( b ) Insurance expense (+E - SE) . ............................................ 450 Prepaid insurance ( - A) . ................................................ 450 ( c ) Wages expense (+E - SE). .................................................. 1,100 Wages payable (+L) . ..................................................... 1,100 ( d ) Supplies expense (+E - SE) . ............................................. 700 Supplies inventory ( - A) . ............................................... 700 See Requirement (3) for calculation. ( e ) Income tax expense (+E - SE) . ......................................... 2,950 Income tax payable (+L) . ............................................. 2,950 Req. 2 Transaction Effect on Profit Effect on Cash a. 3,000 NE b. 450 NE c. 1,100 NE d. 700
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AFM 101 Solutions - Week of Sept 26th (Edit) - AP46 Req. 1...

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