Chapter 2 Review of the Accounting Process Exercises 2–15 - Edubirdie

University:
Concordia University Wisconsin
Course:
ACCT 3100 | Intermediate Accounting I
Academic year:

2021
Views:

151

Pages:

1
Author:

Hallie Randolph

Exercise 2–15 Requirement 1 2013 Feb. 1 Cash .................................................... Note payable ................................... Debit 12,000 April 1 Prepaid insurance ............................... Cash ................................................. 3,600 July 17 Supplies .............................................. Accounts payable ............................ 2,800 Nov. 1 Note receivable ................................... Cash ................................................. 6,000 Credit 12,000 3,600 2,800 6,000 Requirement 2 2013 Dec. 31 Interest expense ($12,000 x 10% x 11/12) Interest payable ............................... Debit 1,100 Dec. 31 Insurance expense ($3,600 x 9/24) ......... Prepaid insurance ........................... 1,350 Dec. 31 Supplies expense ($2,800 – 1,250) .......... Supplies ......................................... 1,550 Dec. 31 Interest receivable .............................. Interest revenue ($6,000 x 8% x 2/12) . 80 Credit 1,100 1,350 1,550 80 2– Solutions Manual, Vol.1, Chapter 2 29

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