Accounting Chapter 3 Homework Interest Payable Adjust Interest Payable

subject Type Homework Help
subject Pages 9
subject Words 63
subject Authors David Spiceland, Don Herrmann, Wayne Thomas

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page-pf1
Student Name:
Class:
Entry Debit Credit
(a) 6,000
6,000 <--Correct!
(e) 5,400
5,400 <--Correct!
(f) 200
Instructor
Problem 03-04
McGraw-Hill
Adjusting Entries
CRIMSON TIDE MUSIC ACADEMY
Utilities Expense
(Adjust prepaid rent)
Prepaid Rent
Rent Expense
(Adjust supplies)
(Adjust accumulated depreciation)
Accumulated Depreciation
Depreciation Expense
Account
page-pf2
Debits Credits
10,300$
9,500
24,500
-
6,000$
CRIMSON TIDE MUSIC ACADEMY
December 31, 2018
Unadjusted Trial Balance
Cash
Accounts
Accounts Receivable
Salaries Expense
Interest Expense
Depreciation of equipment for year
Additional information:
page-pf3
Student Name:
Class:
450,000$
280,000
Total
Common Retained Stockholders'
Stock Earnings Equity
170,000$ 31,000$ 201,000$
30,000 30,000
16,000$ 31,000$
(200,000)
200,000
91,000
For the year ended December 31, 2018
Income Statement
BOILERMAKER UNLIMITED
For the year ended December 31, 2018
Statement of Stockholders' Equity
BOILERMAKER UNLIMITED
Service revenues:
New Construction
Remodel
Balance at January 1
Issuance of common stock
Assets
Cash
BOILERMAKER UNLIMITED
December 31, 2018
Balance Sheet
Retained Earnings
Common Stock
Problem 03-05
McGraw-Hill
Instructor
Stockholders' Equity
Liabilities
Accumulated Depreciation
Accounts payable
page-pf4
Debits Credits
16,000$
625,000
200,000$
31,000
28,000
5,000
150,000
200,000
BOILERMAKER UNLIMITED
December 31, 2018
Adjusted Trial Balance
Cash
Accounts
Equipment
Accumulated Depreciation
Accounts Payable
Salaries Payable
Utilities Payable
Notes Payable (due in 5 years)
Common Stock
page-pf5
Student Name:
Class:
10,300 9,500 2,000
1,300
7,200 90,000 12,000
7,700 - -
2,100 800
7,700 2,100 800
Correct! Correct! Correct!
Instructor
Problem 03-07
McGraw-Hill
Requirement 1 and 2:
Prepaid Rent
Equipment
Accumulated Depr.
Accounts Payable
Salaries Payable
Interest Payable
Utilities Payable
Notes Payable
Common Stock
T-Accounts
CRIMSON TIDE MUSIC ACADEMY
Cash
Accounts Receivable
Supplies
page-pf6
Student Name:
Class:
Instructor
Problem 03-07
McGraw-Hill
2,400 -
200 6,000
Utilities Expense
Depr. Expense
page-pf7
Student Name:
Class:
Instructor
Problem 03-07
McGraw-Hill
Debit Credit
10,300$
9,500
700
Correct! Correct!
42,200$
26,600
December 31, 2018
CRIMSON TIDE MUSIC ACADEMY
Requirement 3:
Requirement 4:
CRIMSON TIDE MUSIC ACADEMY
Adjusted Trial Balance
Accounts Receivable
Cash
Account Title
Supplies
For the year ended December 31, 2018
Income Statement
Service Revenue
Expenses:
Salaries
page-pf8
Student Name:
Class:
Instructor
Problem 03-07
McGraw-Hill
Total
Common Retained Stockholders'
Stock Earnings Equity
45,000$ 19,000$ 64,000$
- -
10,300$ 7,700$
9,500 2,100$
Requirement 5:
Entry Account Debit Credit
(a) Service Revenue 42,200
Retained Earnings 42,200 <--Correct!
(Close Revenue accounts)
CRIMSON TIDE MUSIC ACADEMY
Closing Entries
Assets
For the year ended December 31, 2018
Statement of Stockholders' Equity
CRIMSON TIDE MUSIC ACADEMY
Liabilities
Cash
Accounts Receivable
Balance at January 1
Issuance of common Stock
December 31, 2018
Balance Sheet
CRIMSON TIDE MUSIC ACADEMY
Accounts Payable
Salaries Payable
page-pf9
Student Name:
Class:
Instructor
Problem 03-07
McGraw-Hill
19,000 42,200 24,500
- - -
2,400 -
200 6,000
2,600 6,000
- -
Correct! Correct!
Debit Credit
10,300$
9,500
18,000$
7,700
2,100
800
200
December 31, 2018
CRIMSON TIDE MUSIC ACADEMY
Post-Closing Trial Balance
Interest Expense
Rent Expense
Utilities Expense
Retained Earnings
Service Revenue
Salaries Expense
Requirement 6:
Supplies Expense
Cash
Account Title
Requirement 7:
Depr. Expense
Accumulated Depreciation
Accounts Payable
Salaries Payable
Interest Payable
Utilities Payable
Accounts Receivable
page-pfa
Debits Credits
10,300$
9,500
42,200
24,500
-
-
Salaries Expense
Interest Expense
Rent Expense
Cash
Accounts
Accounts Receivable
CRIMSON TIDE MUSIC ACADEMY
Unadjusted Trial Balance
December 31, 2018
Service Revenue

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