Mgmt 200 Assignment Soln 2-2-11

Mgmt 200 Assignment Soln 2-2-11 - Management 200...

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Management 200 – Introductory Financial Accounting– Spring 2011 Krannert School of Management - Purdue University Solutions to class assignment for February 2, 2011 Additional Perspective 3-1 Requirement 1: Aug. 1, 2012 Debit Credit Cash 30,000 Notes Payable 30,000 ( Obtain loan from city council ) Aug. 4, 2012 Equipment (Kayaks) 28,000 Cash 28,000 ( Pay cash for kayaks ) Aug. 10, 2012 Cash 3,000 Unearned Revenue 4,000 Clinic Revenue (Clinic) 7,000 ( Receive cash and hold kayak clinic ) Aug. 17, 2012 Cash 10,500 Service Revenue (Clinic) 10,500 ( Receive cash and hold kayak clinic ) Aug. 24, 2012 Accounts Payable 1,800 Cash 1,800 ( Pay cash on account ) Sep. 1, 2012 Prepaid Rent 2,400 Cash 2,400 ( Pay cash for one-year rental policy ) Sep. 21, 2012 Cash 13,200 Service Revenue (Clinic) 13,200 ( Receive cash for rock climbing clinic ) Oct. 17, 2012 Cash 17,900 Service Revenue (Clinic) 17,900 ( Receive cash for orienteering clinic ) Dec. 8, 2012 Miscellaneous Expense 1,200 Cash 1,200 ( Pay cash for race permit )
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Dec. 12, 2012 Supplies (Racing) 2,800 Accounts Payable 2,800 ( Purchase racing supplies on account ) Dec. 15, 2012 Cash 20,000 Service Revenue (Racing) 20,000 ( Receive cash for adventure race ) Dec. 16, 2012 Salaries Expense 2,000 Cash 2,000 ( Pay cash for salary ) Dec. 31, 2012 Dividend 4,000 Cash 4,000 ( Pay cash for dividend ) Requirement 2: Dec. 31, 2012 Debit Credit Depreciation Expense 8,000 Accumulated Depreciation 8,000 ( Adjust accumulated depreciation ) Dec. 31, 2012 Insurance Expense 2,400 Prepaid Insurance 2,400 ( Adjust prepaid insurance ) Dec. 31, 2012 Rent Expense 800 Prepaid Rent 800 ( Adjust prepaid rent ) Dec. 31, 2012 Supplies Expense (Office) 1,500
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