Mgmt 200 Assignment Soln 1-26-11

Mgmt 200 Assignment Soln 1-26-11 - (4,500 b Reclassify...

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Management 200 – Introductory Financial Accounting– Spring 2011 Krannert School of Management - Purdue University Solutions to class assignment for January 26, 2011 Exercise 3-5 Net income (unadjusted) $90,000 a. Record insurance expense of $1,500 per month
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Unformatted text preview: (4,500) b. Reclassify revenue as unearned revenue (liability) (3,000) c. Reclassify supplies expense as supplies (asset) 2,250 d. Record interest expense of $600 per month (1% of $60,000) (2,400) Net income (adjusted) $82,350...
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