LT Assignment wk 2 upload - Equipment Accumulated...

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Credit Equipment 192,000 Accumulated Depreciation-Equipment 60,000 Notes Payable 90,000 Admissions Revenue 380,000 Advertising Expense 13,680 Salaries Expense 57,600 Interest Expense 1,400 (a) From the account balances listed above and the information given below, prepare the annual adjusting entries necessary on December 31. (Omit explanations.) (1) The equipment has an estimated life of 16 years and a salvage value of $40,000 at the end of that time. (Use straight-line method.) (2) The note payable is a 90-day note given to the bank October 20 and bearing interest at 10%. (Use 360 days for denominator.) (3) In December 2,000 coupon admission books were sold at $25 each. They could be used for admission any time after January 1. (4) Advertising expense paid in advance and included in Advertising Expense $1,100. (5) Salaries accrued but unpaid $4,700. (b) What amounts should be shown for each of the following on the income statement for the year? (1)
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This note was uploaded on 01/14/2012 for the course ACCOUNTING ACC 241 taught by Professor Unknown during the Spring '11 term at University of Phoenix.

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LT Assignment wk 2 upload - Equipment Accumulated...

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