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PUOLE PUULIUOLLS LLLLLLL The accounts listed below appeared in the Decen s listed below appeared in the December 31 trial P3.

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Answer #1

a) Adjusting entry

No General Journal Debit Credit
1 Depreciation expense (192000-24000/16) 10500
Accumulated depreciation-equipment 10500
2 Interest expense (90000*8%*92/360) 1840
Interest payable 1840
3 Admission revenue (2000*30) 60000
Deferred revenue 60000
4 Prepaid advertising 1100
Advertising expense 1100
5 Salaries and wages expense 4700
Salaries and wages payable 4700

b) Calculate following

1) Interest expense = 1840+1400 = 3240

2) Admissions revenue = 380000-60000 = 320000

3) Advertising expense = 13680-1100 = 12580

4) Salaries and wages expense = 57600+4700 = 62300

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