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ACC-557-Week-2-Chapter-3-E3-6-E3-7-E3-11-P3-2A-100-Scored

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Exercise 3-6
Item
(a)
Type of Adjustment
(b)
Accounts before Adjustment
1.
Accrued Revenues
Assets Understated
Revenues Understated
2.
Prepaid Expenses
Assets Overstated
Expenses Understated
3.
Accrued Expenses
Expenses Understated
Liabilities Understated
4.
Unearned Revenues
Liabilities Overstated
Revenues Understated
5.
Accrued Expenses
Expenses Understated
Liabilities Understated
6.
Prepaid Expenses
Assets Overstated
Expenses Understated
Exercise 3-7
Mar. 31 Depreciation Expense ($300 X 3) 900
Accumulated Depreciation
Equipment ............................................................... 900
31 Unearned Rent Revenue .............................................. 3,300
Rent Revenue ($9,900 X 1/3) ...................................... 3,300
31 Interest Expense .................................................................... 500
Interest Payable ........................................................... 500
31 Supplies Expense................................................................... 2,150
Supplies ($2,800 $650) ............................................ 2,150

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31 Insurance Expense ($200 X 3) .............................................. 600
Prepaid Insurance ........................................................ 600
Exercise 3-11
(a) Supplies expense $ 950
Add: Supplies (1/31) 850
Less: Supplies purchase (670)
Supplies (1/1) $ 1,130
Therefore supplies balance = $1,130
b.
Total premium = Monthly premium X 12
$400 X 12 = $4,800
Purchase date is: On Jan. 31, from Aug. 1, 2013 there are 6 months’ coverage remaining
($400 X 6). Thus, the purchase date was 6 months earlier on Aug. 1, 2013
c.
Cash paid $3,300
Salaries and wages payable (1/31/14) 800
4,100
Less: Salaries and wages expense 2,500
Salaries and wages
payable (12/31/13) $1,600
Problem 3-2A
(a)
Debit
Credit
Insurance Expense ($400 X 3) ...........................
Prepaid Insurance .....................................
1,200
1,200
Supplies Expense ($3,300 $900) ...........................
Supplies ....................................................
2,400
2,400

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Exercise 3-6 Item (a) Type of Adjustment (b) Accounts before Adjustment 1. Accrued Revenues Assets Understated Revenues Understated 2. Prepaid Expenses Assets Overstated Expenses Understated 3. Accrued Expenses Expenses Understated Liabilities Understated 4. Unearned Revenues Liabilities Overstated Revenues Understated 5. Accrued Expenses Expenses Understated Liabilities Understated 6. Prepaid Expenses Assets Overstated Expenses Understated Exercise 3-7 Mar. 31 Depreciation Expense ($300 X 3) 900 Accumulated Depreciation   Equipment   900 31 Unearned Rent Revenue 3,300 Rent Revenue ($9,900 X 1/3) 3,300 31 Interest Expense   500 Interest Payable   500 31 Supplies Expense 2,150 Supplies ($2,800 – $650) 2,150 31 Insurance Expense ($200 X 3)   600 Prepaid Insurance   600 Exercise 3-11 (a) Supplies expense $ 950 Add: Supplies (1/31)   850 Less: Supplies purchase (670) Supplies (1/1) $ 1,130 Therefore supplies balance = $1,130 b. Total premium = Monthly premium X 12 $400 X 12 = $4,800 Purchase date is: On Jan. 31, from Aug. 1, 2013 there are 6 months’ coverage remaining ($400 X 6). Thus, the purchase date was 6 months earlier on Aug. 1, 2013 c. ...
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