# Acc101

Satisfactory Essays
Chapter 3
Brief Exercise 3.2, page 120. Brief Exercise 3.7, page 121.

a. Do not represent a revenue because
b. It not represents revenue to the firm during the month of May, because the receivable was originated in August.
c.
d.
e. Yes, represent revenue in May, because the services were rendered in May.

Brief Exercise 3.8, page 121.
a. The purchase of the copying machine is an Expense, because is going to be used uo in the process of earning revenue.
b. It is an expense, because the delivery would help to do the job and have revenue.
c. It is an expense too, because the employees help to earn revenue.
d. This expense do not represent expenses in March because is a service rendered in January, so it is a January expense.
e. Dividends are not an expense because do not generate revenue.

Chapter 4
Exercise 4.3, page 170
1. Rent Expense \$240.000
Prepaid Rent \$240.000
(\$1.200.000/5 months=\$240.000 Per Months)
2. Unearned Ticket Revenue \$148.800
Ticket Revenue \$148.800

Exercise 4.5, page 170

a. 1. Interest Expense \$375
Interest Payable \$375 2. Account Receivable \$10000
Consulting Services Revenue \$10000
(10 days * 1000 (per day)

b. The portion of the total interest expense associated with this note will be reported in the firms’s 2010 income statement is \$2.250
\$50.000 * 9% * 6/12=\$2.250

c. The amount that constitutes revenue earned in January is \$15.000
\$25.000-\$10.000(earned in December 2002)

Exercise 4.7, page 171

a.

b. The Sweeney & Associates’s net income increase by \$62, 650 as a result of the adjusting entries performed in part a.

Problem 4.3A, pages 175
A. 1. The age of the airplane in months is 36 months
\$36000/\$1000=36 months
Accumulated depreciation / Monthly depreciation
240 months of useful life = 20 years

2. The monthly airport rent expense is \$1.800
At June 30, May and June have been paid. There are 4 months of rent remaining

## You May Also Find These Documents Helpful

• Satisfactory Essays

San Ms Hemalata UPDATED 15 MARCH 2013 KA-SR2.3 Puan Norzan Abdullah QBM 101 - T3 Mr Yap Fu Chu KA-SR2.2 MGT101- T3 Puan Norzan Abdullah ITC 101 - T9 BLOCK B,LEVEL 3 KA-SR2.1 ACC101 - T4 MGT101- T2 Mr Liew Khay Fatt KA-SR3.5 COM 200 - Lecture 1 ACC101 - T3 Mr Gooi Chee San EL 101 - T1 D2HRM100 - Lecture 1 KA-SR3.5 Ms Leu Fong Yuen Ms Leu Fong Yuen COM 200 - Tutorial…

• 2774 Words
• 12 Pages
Satisfactory Essays
• Good Essays

Acc101 – Quiz on Receivables Show your supporting computations in good form. Encircle your final answer. Problem 1 For the year ended December 31, 2009, Colt Co. estimated its allowance for uncollectible accounts using the year-end aging of accounts receivable. The following data are available: Allowance for uncollectible accounts, 1/1/09 P51,000 Provision for uncollectible accounts during 2009 (2% on credit sales of P2,000,000) 40,000 Uncollectible accounts written off, 11/30/09…

• 561 Words
• 3 Pages
Good Essays
• Powerful Essays

## Acc202

• 4691 Words
• 19 Pages

Telephone: 03-20958791 Fax: 03-20957063 Room: 22, KPD Block B, Level 4 Email: lyekk@help.edu.my Consultation: Please call or email for appointment 1 PRE-REQUISITE(S) ACC101 ACC203 FINANCIAL ACCOUNTING 1 FINANCIAL ACCOUNTING 2 SYNOPSIS ACC202 Financial Reporting builds on the knowledge acquired from ACC101 Financial Accounting 1 and ACC203 Financial Accounting 2. This subject requires students to consider the role of accounting in conveying an organisation’s economic and social performance…

• 4691 Words
• 19 Pages
Powerful Essays
• Satisfactory Essays

Accredited Tertiary Courses Listing 2013 Accredited Tertiary Courses Listing 2013 – as at 20 March 2013 1 2013 Accredited Undergraduate Courses AUSTRALIAN CAPITAL TERRITORY The Australian National University University of Canberra NEW SOUTH WALES Australian Catholic University Australian Institute of Higher Education Avondale College of Higher Education Charles Sturt University Kings Own Institute Macquarie University Southern Cross University Top Education Institute The University of…

• 15922 Words
• 64 Pages
Satisfactory Essays