ACC 421 Week 2 LT Problems P3-5 and P3-9 in Ch.3

May 8th, 2015
Studypool Tutor
Price: $10 USD

Tutor description

ACC 421 Week 2 LT Problems P3-5 and P3-9 in Ch.3

Word Count: 699
Showing Page: 1/13
P3-5 (Adjusting Entries) The accounts listed on the next page appeared in the December 31 trial balanceof the Jane Alexander Theater.Debit$192,000EquipmentAccumulated DepreciationEquipmentNotes PayableAdmissions RevenueAdvertising ExpenseSalaries ExpenseInterest Expense$ 60,00013,68057,6001,400Instructions(a) From the account balances listed above and the information given below, prepare the annual adjustingentries 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 ofthat 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.)(3) In December 2,000 coupon admission books were sold at $25 each. They could be used foradmission any time after January 1.(4) Advertising expense paid in advance and included in Advertising Expense $1,100.(5) Salaries accrued but unpaid $4,700.(b) What amounts should be shown for each of the following on the income statement for the year?(1) Interest expense.(3) Advertising expense.A.Accounts(1)Depreciation Expense - EquipmentAccumulated Depreciation - EquipmentDr.9,500.00(2) Interest ExpenseInterest Payment1,800.00(3) Admissions RevenueUnearned Admissions RevenueCr.9,500.001,800.0050,000.0050,000.00(4) Prepaid AdvertisingAdvertising Expense1,100.00(5) Salary ExpenseSalaries Payable4,700.001,1

Review from student

Studypool Student
" Very Satisfied. "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1831 tutors are online

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors