ACCT 1107 - chapter 9 practice problems PDF

Preview

Summary

Download ACCT 1107 - chapter 9 practice problems PDF

Description

E9-1 ***question similar on

A.

Title of account affected by event Deferred revenue

Amount of current liability Jounral entry $ 470 Cash Deferred revenue

Debit Credit $ 470 $ 470

B.

Deferred revenue

$

$ 50,000

Event

C.

Notes payable

Interest payable

D.

E.

F.

Deferred revenue

No liability OR Accounts payable

No liability

$

$

$

50,000 Cash Deferred revenue 10,000.00 Cash Notes payable

$ 50,000 $ 10,000 $ 10,000

83.33 Interest expense Interest payable

$ 83.33

17,800 Cash Deferred revenue

$ 17,800

63,000 Accounts payable Cash

$ 63,000

$ 83.33

$ 17,800

$

$ 63,000

exam, prepare general entries and financial statements *C

Calculations: C. calc------>

$ 500.00 $ 41.67 $ 83.33

*Assumed that they did not pay within 30 days and it is now a liability

*calls were made after year ended

E9-3

***MUST KNOW FOR EXAM

Requirement 1 Wages/payroll/salaries expense Payroll income taxes payable CPP payable EI payable Union dues payable Insurance premiums payable Cash (if paid)/wages payable (if not)

Debit Credit $ 224,000 $ 55,000 $ 11,100 $ 4,000 $ 3,000 $ 1,000 $ 149,900

Requirement 2 Wages/payroll/salaries expense CPP payable (x1) EI payable (x1.4) Requirement 3 Payroll income taxes payable CPP payable EI payable Union dues payable Insurance premiums payable Cash Requirement 4 Total compensation expense

$

$ $ $ $ $

$

16,700 $ $

11,100 5,600

$

90,800

55,000 22,200 9,600 3,000 1,000

240,700 This is what you would see on the income st

Employer contributions for requirement 2 CPP x 1 EI x 1.4

atement...