Brief Exercise 10-2

Hive Company borrows $90,000on July 1 from the bank by signing a $90,000,7%, 1-year note payable.

(a)

Prepare the journal entry to record the proceeds of the note.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

July 1

(b)

Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end of the year.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

Dec. 31

Brief Exercise 10-3

Greenspan Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $10,388. All sales are subject to a6% sales tax.

Compute sales taxes payable.

Sales taxes payable$

Make the entry to record sales taxes payable and sales.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

Mar. 16

Brief Exercise 10-4

Bramble University sells3,500season basketball tickets at $80each for its10-game home schedule.

(a)

Give the entry to record the sale of the season tickets.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation

Debit

Credit

(b)

Give the entry to record the revenue recognized after playing the first home game.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation

Debit

Credit