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

May 8th, 2015
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ACC 421 Week 2 LT Problems P3-5 and P3-9 in Ch.3

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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

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