acy1111-ch10

Acy1111-ch10 - CHAPTER 10 COMPREHENSIVE PROBLEM SOLUTION(a 1 Equipment Cash 13,800 2 Depreciation ExpenseEquipment Accumulated 450 Cash Accumulated

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© 2009 For Instructor Use Only 10-43 CHAPTER 10 COMPREHENSIVE PROBLEM SOLUTION (a) 1. Equipment. ............................................................ 13,800 Cash . ................................................................ 13,800 2. Depreciation Expense—Equipment . .................. 450 Accumulated Depreciation—Equipment. ...... 450 Cash . ..................................................................... 3,500 Accumulated Depreciation—Equipment. ........... 2,250 Equipment. ....................................................... 5,000 Gain on Disposal. ............................................ 750 3. Accounts Receivable. .......................................... 9,000 Sales. ................................................................ 9,000 Cost of Goods Sold. ............................................. 6,300 Merchandise Inventory. .................................. 6,300 4. Bad Debts Expense. ............................................. 3,500 Allowance for Doubtful Accounts . ................ 3,500 5. Interest Receivable ($10,000 X .08 X 9 / 12 ) ........... 600 Interest Revenue . ............................................ 600 6. Insurance Expense . ............................................. 2,400 Prepaid Insurance. .......................................... 2,400 7. Depreciation Expense—Building. ....................... 4,000 Accumulated Depreciation—Building. .......... 4,000 8. Depreciation Expense—Equipment . .................. 9,900 Accumulated Depreciation—Equipment. ...... 9,900 [($60,000 – $5,000 – $5,500) ÷ 5] 9. Depreciation Expense—Equipment . .................. 1,600 Accumulated Depreciation—Equipment. ...... 1,600 [($13,800 – $1,800) ÷ 5] X 8 / 12
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© 2009 For Instructor Use Only 10-44 COMPREHENSIVE PROBLEM (Continued) 10. Amortization Expense—Patents . ........................ 900 Patent. ............................................................... 900 11. Salaries Expense. ................................................. 2,200 Salaries Payable . ............................................. 2,200 12. Unearned Rent. ..................................................... 2,000 Rent Revenue. .................................................. 2,000
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This note was uploaded on 02/04/2012 for the course ACCT 2111 taught by Professor Eric during the Spring '11 term at CUHK.

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Acy1111-ch10 - CHAPTER 10 COMPREHENSIVE PROBLEM SOLUTION(a 1 Equipment Cash 13,800 2 Depreciation ExpenseEquipment Accumulated 450 Cash Accumulated

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