Demonstration Problems
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1 Demonstration Problems Chapter 3 Problem #1: Solution A GENERAL JOURNAL J1 Date Account Title Debit Credit Oct. 31 Insurance Expense 3,600 Prepaid Expense 3, = $3, Supplies Expense 3,000 Supplies 3,000 $3, = $3, Depreciation Expense Cottages 7,500 Accumulated Depreciation Cottages 7,500 $150, = $7, Depreciation Expense Furniture 3,000 Accumulated Depreciation Furniture 3,000 $30, = $3, Unearned Rent Revenue 6,000 Rent Revenue 6, Salaries Expense 600 Salaries Payable Utilities Expense 400 Accounts Payable Accounts Receivable 1,200 Rent Revenue 1, Interest Expense 2,700 Interest Payable 2, /8
2 ($90,000 6%) 6/12 months = $2,700 B Cash Oct. 1 Balance 31,400 Accounts Receivable Oct. 1 1,200 1,200 Prepaid Insurance Oct. 31 Balance 4, J1 3,600 1,200 Supplies Oct. 31 Balance 3, J1 3, Land Oct. 31 Balance 45,500 Cottages Oct. 3 1 Balance 150,000 Accumulated Depreciation Cottages Oct. 31 Balance 3, /8
3 31 J1 7,500 11,250 Furniture Oct. 31 Balance 30,000 Accumulated Depreciation Furniture Oct. 31 Balance 1, J1 3,000 4,500 Unearned Rent Revenue Oct. 31 Balance 7, J1 6,000 1,500 Salaries Payable Oct. 31 J Interest Payable Oct. 31 J1 2,700 2,700 Mortgage Payable Oct. 31 Balance 90,000 Larry Waterman, Capital Oct. 31 Balance 139, /8
4 Larry Waterman, Drawings Oct. 31 Balance 6,000 Rent Revenue Oct. 31 Balance 120, J1 6, , J1 1, ,200 Depreciation Expense Cottages Oct. 31 J1 7,500 7,500 Depreciation Expense Furniture Oct. 31 J1 3,000 3,000 Insurance Expense Oct. 31 J1 3,600 3,600 Interest Expense Oct. 31 J1 2,700 2,700 Salaries Expense Oct. 31 Balance 85, J ,600 Repair Expense 4/8
5 Oct. 31 Balance 1,900 Supplies Expense Oct. 31 J1 3,000 3,000 Utilities Expense Oct. 31 Balance 9, J ,100 C MENESET ON THE LAKE Adjusted Trial Balance October 31, 2014 Debit Credit Cash $31,400 Accounts receivable 1,200 Prepaid insurance ($4,800 $3,600) 1,200 Supplies ($3,900 $3,000) 900 Land 45,000 Cottages 150,000 Accumulated depreciation cottages ($3,750 + $7,500) $11,250 Furniture 30,000 Accumulated depreciation furniture ($1,500 + $3,000) 4,500 Accounts payable ($5,200 + $400) 5,600 Unearned rent revenue ($7,500 $6,000) 1,500 Salaries payable 600 Interest payable 2,700 Mortgage payable 90, /8
6 LWaterman, capital 139,750 LWaterman, drawings 6,000 Rent revenue ($120,000 + $6,000 + $1,200) 127,200 Depreciation expense cottages 7,500 Depreciation expense furniture 3,000 Insurance expense 3,600 Interest expense 2,700 Repair expense 1,900 Salaries expense ($85,000 + $600) 85,600 Supplies expense 3,000 Utilities expense ($9,700 + $400) 10,100 $383,100 $383,100 D MENESET ON THE LAKE Income Statement Year Ended October 31, 2014 Revenues Rent revenue $127,200 Expenses Depreciation expense cottages $ 7,500 Depreciation expense furniture 3,000 Interest expense 2,700 Insurance expense 3,600 Repair expense 1,900 Salaries expense 85,600 Supplies expense 3,000 Utilities expense 10,100 Total expense 117,400 Profit $ 9, /8
7 MENESET ON THE LAKE Statement of Owner s Equity Year Ended October 31, 2014 L Waterman, Capital, October 31, 2013 $ 119,750* Add: Investment $ 20,000 Profit 9,800 29, ,550 Less: Drawings 6,000 L Waterman, Capital, October 31, 2014 $143,550 * $139,750 $20,000 = $119,750 MENESET ON THE LAKE Balance Sheet October 31, 2014 Assets Cash $31,400 Accounts receivable 1,200 Prepaid insurance 1,200 Supplies 900 Land 45,000 Cottages $150,000 Less: Accumulated depreciation cottages 11, ,750 Furniture 30,000 Less: Accumulated depreciation furniture 4,500 25,500 Total assets $243,950 Liabilities and Owner s Equity Liabilities Accounts payable $ 5,600 Salaries payable 600 Interest payable 2, /8
8 Unearned rent revenue 1,500 Mortgage payable 90,000 Total liabilities 100,400 Owner s equity L Waterman, Capital 143,550 Total liabilities and owner s equity $243,950 Back 8/8
PROBLEM 3-2B. (a) J1 Date Account Titles Ref. Debit Credit May 31 Insurance Expense Prepaid Insurance...
PROBLEM 3-2B (a) J1 Date Account Titles Ref. Debit Credit May 31 Insurance Expense... 722 190 Prepaid Insurance... ($2,280 X 1/12) 130 190 31 Supplies Expense... Supplies ($2,200 $)... 631 126 1,450 1,450
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