421-+ACCT+week+2+team+assignment

421-+ACCT+week+2+team+assignment - Week 2 Team Assignment...

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Week 2 Team Assignment Maria Garcia, John Willms, Rebecca Mittag, Scott Ward 24-Oct-11 ACCT/421 Intermediate Financial Accounting 1 Lee Kroll
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P3-5 (Adjusting Entries) The accounts listed on the next page appeared in the December 31 trial balance of the Jane Alexander Theater. (L0 5) 118 • Chapter 3 The Accounting Information System Debit Credit Equipment $192,000 Accumulated Depreciation—Equipment $ 60,000 Notes Payable 90,000 Admissions Revenue 380,000 Advertising Expense 13,680 Salaries Expense 57,600 Interest Expense 1,400 Instructions (a) From the account balances listed above and the information given below, prepare the annual adjusting entries necessary on December 31. (Omit explanations.) (1) The equipment has an estimated life of 16 years and a salvage value of $40,000 at the end of that time. (Use straight-line method.) (2) The note payable is a 90-day note given to the bank October 20 and bearing interest at 10%. (Use 360 days for denominator.)
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This note was uploaded on 03/01/2012 for the course ACC all taught by Professor All during the Spring '12 term at University of Phoenix.

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421-+ACCT+week+2+team+assignment - Week 2 Team Assignment...

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