Homework Answers
Solution:
|
# |
Particulars |
Debit |
Credit |
|
A |
Supplies Expense |
4,800 |
|
|
Supplies |
4,800 |
||
|
B |
Rent Expense |
16,000 |
|
|
Prepaid Rent |
16,000 |
||
|
C |
Depreciation Expense |
12,500 |
|
|
Accumulated Depreciation -Building |
12,500 |
||
|
D |
Decreciation Expense |
7,000 |
|
|
Accumulated Depreciation - Equipment |
7,000 |
||
|
E |
Salary Expense |
4,500 |
|
|
Salary Payable |
4,500 |
||
|
F |
Acounts Receivable |
24,000 |
|
|
Sales Revenue |
24,000 |
Explanation:
A) Supplies expense: $6,000 - $1,200 = $4,800
B) Rent per month $24,000/6 months = $4000; Prepaid rent: 4000*4 month =16000
C) Depreciation on building: 250,000 / 20 years = 12,500
D) Depreciation on equipment: (75,000 - 5,000) / 10 years = $7,000
E) Salary expense: 7500 * 3 days / 5 days = $4,500
F) Accrued revenue: $24,000
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