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acy1111-ch10 - CHAPTER 10 COMPREHENSIVE PROBLEM SOLUTION(a...

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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 13. Interest Expense ................................................... 4,140 Interest Payable ............................................... 4,140 ($11,000 + $35,000) X .09
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© 2009
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