Unearned Revenue - Intermediate Accounting - Exam Answers, Exams of Accounting

Download Unearned Revenue - Intermediate Accounting - Exam Answers and more Exams Accounting in PDF only on Docsity! PART 1 I. Matching: 2, W, B, 7, N, U, Q, G II. Adjusting Entries DR CR 1. Unearned revenue 4,900 Sales revenue 4,900 2. Bad debt expense 3,080 Allowance for uncollectible accounts 3,080 3. Prepaid insurance 1,400 Insurance expense 1,400 4. Depreciation expense – building 23,000 Accumulated depreciation – building 23,000 5. Interest expense 10,000 Interest payable 10,000 6. Rent expense 7,250 Prepaid rent 6,600 Rent payable 650 ****OR**** 6. Rent expense 6,600 Prepaid rent 6,600 Rent expense 650 Rent payable 650 7. Supplies 325 Supplies expense 325 III. Closing Entries column 1 column 2 Wage Expense YES INC Accumulated Depreciation NO BAL Income Summary YES NONE Cost of Goods Sold YES INC Dividends Declared YES SSE Gain due to change in depreciation methods YES INC IV. Discontinued Operations Income (Loss) from Discontinued Operations: (85,000) for 2002 ; (13,000) for 2003 Gain (Loss) due to Impairment: (4,000) for 2002 ; zero for 2003 Gain (Loss) from Sale of Discontinued Operation: zero for 2002 ; 4,500 for 2003 docsity.com