Accruedrevenue rev10102011 worksheet e46part1 e4 6

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Unformatted text preview: ens e. Trans ac tion a. Accrued expense b. Deferred expense c. Accrued revenue d. Deferred expense e. Deferred expense f. Deferred revenue g. Accrued revenue Rev: 10_10_2011 Worksheet E4­6 Part 1 E4-6 Part 1 Required: 1. Identify eac h of the abov e trans ac tions as a deferred rev enue, deferred ex pens e, ac c rued rev enue, or ac c rued ex pens e. Trans ac tion a. Ac c rued ex pens e b. Deferred ex pens e c. Ac c rued rev enue d. Deferred ex pens e e. Deferred ex pens e f. Deferred rev enue g. Ac c rued rev enue Rev: 10_10_2011 Learning Objective: 04­02 Explain the purpose of adjustments and analyze the adjustments necessary at the end of the period to update balance sheet and income statement accounts. 10. awar d: 0.10 out of 0.10 points E4-6 Part 2 2. Prepare the adjus ting entries that s hould be rec orded for Dittman's Variety Store at Dec ember 31, 2011. (Do not round interm ediate calculations. Om it the "$" sign in your response.) General J ournal Debit Credit a. Wages expense 3,300 Wages payable 3,300 b. Office supplies expense 900 Office supplies 900 c. Rent receivable 1,220 Rent revenue 1,220 d. e. f. g. Depreciation expense Accum ulated depreciation Insurance expense Prepaid insurance Unearned rent revenue Rent revenue Repair accounts receivable Repair shop revenue 12,300 780 3,000 770 12,300 780 3,000 770 Rev. 10_10_2011 Worksheet Learning Objective: 04­02 Explain the purpose of adjustments and analyze the adjustments necessary at the end of the period to update balance sheet and income statement accounts. E4­6 Part 2 E4-6 Part 2 2. Prepare the adjus ting entries that s hould be rec orded for Dittman's Variety Store at Dec ember 31, 2011. (Do not round interm ediate calculations. Om it the "$" sign in your response.) General J ournal Debit Credit a. Wages ex pens e 3,300 ± 0% Wages pay able 3,300 ± 0% b. Offic e s upplies ex pens e 900 ± 0% Offic e s upplies 900 ± 0% c. Rent rec eiv able 1,220 ± 0% Rent rev enue 1,220 ± 0% d. Deprec iation ex pens e 12,300 ± 0% Ac c umulated deprec iation 12,300 ± 0% e. Ins uranc e ex pens e 780 ± 0% Prepaid ins uranc e 780 ± 0% f. Unearned rent rev enue 3,000 ± 0% Rent rev enue 3,000 ± 0% g. Repair ac c ounts rec eiv able 770 ± 0% Repair s hop rev enue 770 ± 0% Rev. 10_10_2011 Explanation: b. $520 + $650 – $270 = $900 us ed c . $610 × 2 months = $1,220 earned e. $3,120 × 6/24 = $780 us ed f. $9,000 × 2/6 = $3,000 earned...
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This homework help was uploaded on 02/23/2014 for the course BUSE 30000 taught by Professor N/a during the Winter '12 term at UChicago.

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