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(Solution Download) Problem 3-5 The accounts listed below appeared in the December 31 trial balance of the Savard Theate


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Problem 3-5

 

The accounts listed below appeared in the December 31 trial balance

 

of the Savard Theater.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debit

 

 

Credit

 

Equipment$ 193,600
Accumulated Depreciation-Equipment$ 61,430
Notes Payable96,700
Admissions Revenue387,210
Advertising Expense14,360
Salaries and Wages Expense57,960
Interest Expense1,504

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

From the account balances listed above and the information

 

given below, prepare the annual adjusting entries necessary on

 

December 31. (Credit account titles are automatically

 

indented when amount is entered. Do not indent manually. If no

 

entry is required, select "No entry" for the account titles and

 

enter 0 for the amounts. Round answers to 0 decimal places, e.g.

 

5,250.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)The equipment has an estimated life of 16 years and a salvage

 

value of $24,320 at the end of that time. (Use straight-line

 

method.)

(2)The note payable is a 90-day note given to the bank October 20

 

and bearing interest at 8%. (Use 360 days for denominator.)

(3)In December, 2,670 coupon admission books were sold at $30

 

each. They could be used for admission any time after January

 

1.

(4)Advertising expense paid in advance and included in Advertising

 

Expense $1,200.

(5)Salaries and wages accrued but unpaid $4,780.

 

 

 

 


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