The accounts listed below appeared in the December 31 trial balance of the Nash Theater. Debit...
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The accounts listed below appeared in the December 31 trial balance of the Nash Theater. Debit Credit Equipment $195,392 Accumulated Depreciation-Equipment $62,040 Notes Payable 108,000 Admissions Revenue 386,200 Advertising Expense 15,120 Salaries and Wages Expense 59,130 Interest Expense 1,680 (a) 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 O for the amounts. List all debit entries before credit entries.) (1) CHU (2) (3) (4) (5) The equipment has an estimated life of 16 years and a salvage value of $22,592 at the end of that time. (Use straight-line method.) The note payable is a 90-day note given to the bank October 20 and bearing interest at 8%. (Use 360 days for denominator.) In December, 2,170 coupon admission books were sold at $30 each and recorded as Admissions Revenue. They could be used for admission any time after January 1. Advertising expense paid in advance and included in Advertising Expense $1,048. Salaries and wages accrued but unpaid $4,592. No. Account Titles and Explanation (1) (2) Debit Credit The accounts listed below appeared in the December 31 trial balance of the Nash Theater. Debit Credit Equipment $195,392 Accumulated Depreciation-Equipment $62,040 Notes Payable 108,000 Admissions Revenue 386,200 Advertising Expense 15,120 Salaries and Wages Expense 59,130 Interest Expense 1,680 (a) 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 O for the amounts. List all debit entries before credit entries.) (1) CHU (2) (3) (4) (5) The equipment has an estimated life of 16 years and a salvage value of $22,592 at the end of that time. (Use straight-line method.) The note payable is a 90-day note given to the bank October 20 and bearing interest at 8%. (Use 360 days for denominator.) In December, 2,170 coupon admission books were sold at $30 each and recorded as Admissions Revenue. They could be used for admission any time after January 1. Advertising expense paid in advance and included in Advertising Expense $1,048. Salaries and wages accrued but unpaid $4,592. No. Account Titles and Explanation (1) (2) Debit Credit
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1 Adjusting entry for depreciation expense Debit Depreciation Expense Equipment 9581 Credit Accumula... View the full answer
Related Book For
Intermediate Accounting principles and analysis
ISBN: 978-0471737933
2nd Edition
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
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