Chap3 Class Demo 2010

Chap3 Class Demo 2010 - C:\Documents and...

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C:\Documents and Settings\katycck_acy\Desktop\TA assignment\ACCT 2111Victor\Contents\Chap3 Class Demo 2010.DOC` 1 Victor Leung Y.E. Illustrations ACCT2111, 2010, Chapter 3 Chapter 3 Demonstration Problems (a) Adjusting Entry for Prepaid Expenses Illustration 3-1 Journal Entries Original Prepaid Insurance 2,400 1/12/2006 Cash 2,400 Adjusting Insurance Expense 200 31/12/2006 Prepaid Insurance 200 The Ledger (2006) Balance Sheet – Assets Income Statement (Expense) Prepaid Insurance Insurance Expense 1/12 2,400 31/12 200 31/12 200 Bal 2,200 December 1 2006 (y.e.) December 31 2006 Paid cash $2,400 for 1 year insurance 1 month Insurance Expense 11 months Prepaid Insurance
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C:\Documents and Settings\katycck_acy\Desktop\TA assignment\ACCT 2111Victor\Contents\Chap3 Class Demo 2010.DOC` 2 Victor Leung Y.E. Illustrations ACCT2111, 2010, Chapter 3 Chapter 3 Demonstration Problems (b) Adjusting Entry for Unearned Revenues Illustration 3- 2 Journal Entries Original Cash 3,000 1/12/2006 Unearned Rent 3,000 Adjusting Unearned Rent 1,000 31/12/2006 Rent Revenue 1,000 ($3,000 x 1/3) The Ledger (2006) Balance Sheet – Liabilities Income Statement - Revenue Unearned Rent Rent Revenue 31/12 1,000 1/12 3,000 31/12 1,000 Bal 2,000 December 1 2006
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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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Chap3 Class Demo 2010 - C:\Documents and...

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