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WK4+LT - Running head LEARNING TEAM ASSIGNMENT CH 11...

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Running head: LEARNING TEAM ASSIGNMENT: CH. 11 TEXTBOOK EXERCISES 1 Learning Team Assignment: Ch. 11 Textbook Exercises Paula Dierks, Ticy Joris, Shannon Mell, Scott Ward ACC/281 August 29, 2011 Hong Zhao
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LEARNING TEAM ASSIGNMENT: CH. 11 TEXTBOOK EXERCISES 2 P11-1A (a) Jan. 5 Cash ..................................................................... 22,680 Sales ........................................................ 21,000 Sales Taxes Payable ............................... 1,680 12 Unearned Service Revenue ................................. 10,000 Service Revenue ...................................... 10,000 14 Sales Taxes Payable ........................................... 7,700 Cash ........................................................ 7,700 20 Accounts Receivable .......................................... 43,200 Sales ....................................................... 40,000 Sales Taxes Payable ............................... 3,200 21 Cash ..................................................................... 18,000 Notes Payable ........................................... 18,000 25 Cash ...................................................................... 12,420 Sales ......................................................... 11,500 Sales Taxes Payable ................................ 920 (b) (1) Jan. 31 Interest Expense .................................................. 40 Interest Payable ................................................... 40 (2) Jan. 31 Warranty Expense ............................................... 2,800 Estimated Warranty Liability .............................. 2,800 (c) Current liabilities Notes payable ................................................................................ $18,000 Accounts payable ........................................................................... 52,000 Unearned service revenue…………………… ............................. 6,000 Sales taxes payable ……………………….. ................................ 5,800 Estimated warranty liability .......................................................... 2,800 Interest payable ............................................................................. 40 Total current liabilities ...................................................... $84,640
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LEARNING TEAM ASSIGNMENT: CH. 11 TEXTBOOK EXERCISES 3 P11-7A On July 1, 2008, Rossillon Company issued $4,000,000 face value, 8%, 10-year bonds at $3,501,514.This price resulted in an effective-interest rate of 10% on the bonds. Rossillon uses the effective-interest method to amortize bond premium or discount. The bonds pay semiannual interest July 1 and January 1.
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