Debit Credit Cash Accounts Receivable Notes Receivable Interest Receivable Inven

Question

Debit Credit Cash Accounts Receivable Notes Receivable Interest Receivable Inventory Prepaid Insurance Land Buildings Equipment Patents Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Notes Payable (due in 2018) Interest Payable Notes Payable (due after 2018) Owner's Capital $27,500 35,200 8,400 0 36,400 3,000 20,400 132,000 62,000 10,800 $550 44,000 24,800 27,500 4,200 11,000 35,000 101,850 y Policy | ? 2000-2018 John Wiley & Sons Inc. Al Rights Reserved. A Division of John Wiley Sons, Inc.

Explanation / Answer

Journal entries: date accounts head debit $ credit $ 2017 1-May equipment 21600 cash 21600 1-Jul cash 3500 Acc Dep 450 Loss on sale 1050 Equipment 5000 31-Dec AR 5500 Sales 5500 COGS 3850 Inventory 3850 31-Dec Bad Debts 3250 Allow for Doubtful accounts 3250 (3800-550) 31-Dec Interest receivable 504 Interest rev 504 (8400*8%*0.75) 31-Dec Insu exp 2000 Prepaid Insu 2000 (3000*4/6) 31-Dec Depreciation exp 3340 Acc Dep -build 3340 (132000-31800)/30 31-Dec Depre exp 11160 Acc Dep-equp 11160 (62000*0.9/5) 31-Dec Depre exp 3960 Acc Dep-equp 3960 (21600-1800)/5 31-Dec Depre exp 1080 Acc Dep-patent 1080 (10800/10) 31-Dec Wages & Salary exp 4800 Wages & salary payable 4800 31-Dec Unearned rent rev 1400 Rent reve 1400 (4200*1/3) 31-Dec Interest exp 4140 Interest payable 4140 (11000+35000)*9%

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