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Lecture 5

MGAB01H3 Lecture Notes - Lecture 5: Accrual, Accounts Payable, Interest Expense
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2 Pages
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Fall 2018

Department
Financial Accounting
Course Code
MGAB01H3
Professor
H Levy-Shalev
Lecture
5

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MGAB01 Class5
Content: review of the chapter4
The question you can find on professor’s slide, here is the process and answer
Example question 1.ICQ#4 (1) E4-4
(1 Accrued expense
SHE down
Wages expense
2700
Liability up
Wages payable
2700
(2
SHE UP
Supply expense
675
Assets down
supplies
675
The procession to get 675: we debit 450 and 500, and the ending balance is 275.
450+500-375=675
(3
Assets up
Accounts
receivable
1120
SHE down
Rent revenue
1120
How to get 1120: since the rent of November and December are two months, so it
should be 560*2=1120
(4
SHE down
Depreciation
expense
12,100
Assets down
Accumulated
depreciation
12,100
(5
Assets up
Prepaid insurance
2400
Assets down
cash
2400
(6
Liability down
Unearned revenue
3200
SHE up
Rent revenue
3200
How to get 3200: two months’ rent 1600*2=3200
(7
Assets up
Account receivable
800
SHE up
revenue
800
Example2 chapter4 slide problem 2
(1
Assets up
Account receivable
85,000
SHE up
Sales revenue
85,000
SHE up
Cost of goods
36,500
Assets down
inventory
36,500
(2
Assets up
inventory
46,300

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Description
MGAB01 Class5 Content: review of the chapter4 The question you can find on professors slide, here is the process and answer Example question 1.ICQ4 (1) E4-4 (1 Accrued expense SHE down Wages expense 2700 Liability up Wages payable 2700 (2 SHE UP Supply expense 675 Assets down supplies 675 The procession to get 675: we debit 450 and 500, and the ending balance is 275. 450+500-375=675 (3 Assets up Accounts 1120 receivable SHE down Rent revenue 1120 How to get 1120: since the rent of November and December are two months, so it should be 560*2=1120 (4 SHE down Depreciation 12,100 expense Assets down Accumulated 12,100 depreciation (5 Assets up Prepaid insurance 2400 Assets down cash 2400 (6 Liability down Unearned revenue 3200 SHE up Rent revenue 3200 How to get 3200: two monthsrent 1600*2=3200 (7 Assets up Account receivable 800 SHE up revenue 800 Example2 chapter4 slide problem 2 (1 Assets up Account receivable 85,000 SHE up Sales revenue 85,000 SHE up Cost of goods 36,500 Assets down inventory 36,500 (2 Assets up inventory 46,300
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