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AFM 101 Classroom Solutions - Sept 26th

AFM 101 Classroom Solutions - Sept 26th - E47 Req 1 and 2 a...

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E4–7 Req. 1 and 2 a. Deferred expense -- cash paid before expense is incurred. Office supplies expense (+E - SE) ....................................... 1,050 Office supplies inventory ( - A) ..................................... 1,050 Supplies used in 2011 ($350 + 900 - 200 = $1,050). b. Accrued expense expense incurred before cash is paid. Wages expense (+E - SE) .................................................... 2,700 Wages payable (+L) ..................................................... 2,700 Amount is given. c. Deferred revenue cash received before revenue is earned. Deferred rent revenue ( - L) ..................................................... 2,400 Rent revenue (+R +SE) ............................................. 2,400 Rent earned in 2011 ($7,200 x 2/6) d. Accrued revenue revenue earned before cash is collected. Rent receivable (+A) .............................................................. 1,000 Rent revenue (+R +SE) ............................................. 1,000 ($500 x 2 months) e. Deferred expense cash paid for equipment before being used. Depreciation expense (+E - SE) .......................................... 6,500 Accumulated depreciation, delivery equipment (+XA - A) 6,500 ($30,000 - 4,000) ÷ 4 yrs) f. Deferred expense
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