Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 29 Jul 2017 My Price 10.00

Savard Theater.

Problem 3-5

The accounts listed below appeared in the December 31 trial balance of the Savard Theater.
   

Debit

  

Credit
Equipment   $ 193,600        
Accumulated Depreciation-Equipment         $ 61,430  
Notes Payable         96,700  
Admissions Revenue         387,210  
Advertising Expense   14,360        
Salaries and Wages Expense   57,960        
Interest Expense   1,504        
 
From the account balances listed above and the information given below, prepare the annual adjusting entries necessary on December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,250.)
(1)   The equipment has an estimated life of 16 years and a salvage value of $24,320 at the end of that time. (Use straight-line method.)
(2)   The note payable is a 90-day note given to the bank October 20 and bearing interest at 8%. (Use 360 days for denominator.)
(3)   In December, 2,670 coupon admission books were sold at $30 each. They could be used for admission any time after January 1.
(4)   Advertising expense paid in advance and included in Advertising Expense $1,200.
(5)   Salaries and wages accrued but unpaid $4,780.

 

Answers

Maurice Tutor
(5)
Status NEW Posted 29 Jul 2017 11:07 PM My Price 10.00

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