978-0077862381 Chapter 4 Solution Manual Part 3

subject Type Homework Help
subject Pages 9
subject Words 1518
subject Authors Jan Williams, Joseph Carcello, Mark Bettner, Susan Haka

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page-pf1
30 Minutes, Medium
Au
g
. 31 15,200
Pre
p
aid Film Rental 15,200
31 700
Accumulated De
p
reciation: Buildin
g
s 700
PROBLEM 4.4
A
CAMPUS THEATER
Depreciation Expense: Buildin
s
To record Au
g
ust depreciation expense
(
$168,000 ÷ 240 months
)
.
2015
a.
(Adjusting Entries)
(1)
(
2
)
General Journal
Film Rental Expense
Film rental expense incurred in Au
g
ust.
page-pf2
b. (1)
PROBLEM 4.4A
CAMPUS THEATER (concluded)
Eight months (bills received January through August). Utilities bills are recorded as
page-pf3
30 Minutes, Medium
Dec. 31 1,500
Fees Earned 1,500
31 2,500
Fees Earned 2,500
Office Su
pp
lies 200
31 500
Accumulated De
p
reciation: E
q
ui
p
ment 500
31 3,000
Income Taxes Pa
y
able 3,000
To record income taxes accrued in December.
(
6
)
Income Taxes Expense
Depreciation Expense: Equipment
(
7
)
(
$60,000 ÷ 120 mo.
)
.
(
$600 - $400
)
.
To record December depreciation expense
To record offices supplies used in December
2015 Accounts Receivable
To record accrued but uncollected fees earned.
PROBLEM 4.5
A
earned revenue.
TERRIFIC TEMPS
a.
(Adjusting Entries)
General Journal
Unearned Revenue
To convert previousl
y
unearned revenue to
(1)
(
2
)
Education.
page-pf4
1. $ 75,000
1,500
2,500
$ 79,000
2. $ 5,000
$ 980
6. 4,800$
7. $ 5,500
500
$ 6,000
8. 320$
80
10. $ 12,000
3,000
$15,000
c.
PROBLEM 4.5
A
b. TERRIFIC TEMPS (concluded)
Fees earned
(
unad
j
usted
)
Add: Ad
j
ustin
g
entr
y
#1
Travel expense (no adjustment required)
Ad
j
ustin
g
entr
y
#2
Fees Earned in 2015
Depreciation expense: equipment (unadjusted)
Add: Adjusting entry #6
Equipment depreciation expense in 2015
Interest expense (unadjusted)
Add: Adjusting entry #7
Office supplies expense incurred in 2015
Utilities expense (no adjustment required)
The unadjusted trial balance reports no dividends payable. Thus, the entire $3,000
dividend has been paid.
Income taxes expense (unadjusted)
Add: Adjusting entry #9
Income taxes expense incurred in 2015
Education.
page-pf5
30 Minutes, Medium
Dec. 31 6,400
Client Revenue Earned 6,400
31 6,600
Client Revenue Earned 6,600
Pre
p
aid Advertisin
g
1,100
31 2,900
Climbin
g
Su
pp
lies 2,900
31 75
Interest Pa
y
able 75
31 3,100
Income Taxes Payable 1,250
To record income taxes accrued in December.
(
5
)
(
$10,000 x 9% x 1/12
)
.
(
8
)
To recorded December depreciation expense
To record interest accrued in December.
Salaries Expense
Interest Expense
To record accrued but uncollected revenue.
Climbin
g
Supplies Expense
a.
(Adjusting Entries)
General Journal
Unearned Client Revenue
To convert previousl
y
unearned revenue to
PROBLEM
4
.
6A
(
7
)
(
$57,600 ÷ 48 mo.
)
.
To record Dec. advertisin
g
expense.
ALPINE
EXPEDITIONS
2015 Accounts Receivable
earned revenue.
(1)
(
2
)
page-pf6
1. $ 13,900
2. 78,000
6,400
4. $ 2,200
(1,100)
1,100$
5. $ 4,900
Prepaid advertising (unadjusted)
Less: Adjusting entry #4
Cash (no adjustment required)
Add: Adjusting entry #1
Accounts receivable (unadjusted)
PROBLEM 4.6A
b.
A
LPINE EXPEDITIONS (continued)
Prepaid advertising at December 31, 2015
Climbing supplies (unadjusted)
page-pf7
c. Deferred expenses are assets that eventually convert into expenses. For Alpine
PROBLEM 4.6
A
ALPINE EXPEDITIONS (concluded)
page-pf8
60 Minutes, Strong
Dec. 31 4,400
Studio Revenue Earned 4,400
31 700
Studio Su
pp
lies 700
PROBLEM 4.7
A
(
$7,600 - $6,900
)
.
To record accrued studio revenue earned in
To record studio supplies used in December
KEN
HENSLEY
ENTERPRISES
,
INC
.
a.
(Adjusting Entries)
(1)
(
2
)
(
3
)
General Journal
2015
Accounts Receivable
Supplies Expense
December.
Education.
page-pf9
b.
115,000$
18,540$
1,900 2,930
18,000
Supplies Expense
Insurance Expense
Salaries Expense
PROBLEM 4.7
A
KEN HENSLEY ENTERPRISES, INC. (continued)
Ken Hensley Enterprises, Inc.
For the Year Ended December 31, 2015
Studio Revenue Earned
Depreciation Expense: Recordin
g
Equipment
Income Statement
Education.
page-pfa
d.
2,930$
1,250
PROBLEM 4.7
A
KEN HENSLEY ENTERPRISES, INC. (concluded)
December 31, 2015
Less: Insurance expense for August through December
Insurance expense of $250 per month in the last 5 months of the year was $10 per month
more than the average monthly cost in the first 7 months of the year ($250 - $240).
Insurance expense for 12 months ended
page-pfb
20 Minutes, Strong
a. NE O U NE NE NE
b. NE U O O NE O
PROBLEM 4.8
A
COYNE CORPORATION
Error Total
Revenue Total
Expenses Net
Income Total
Assets Total
Liabilities Owners’
Equity
Recorded a dividend as
an expense reported in
the income statement.
Recorded the payment
of an account payable
as a debit to accounts
payable and a credit to
Education.

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