Class Notes (838,019)
United States (325,262)
Accounting (20)
ACC 201 (20)
Lecture 10

ACC 201 Lecture 10: 4:3-4:7
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Department
Accounting
Course
ACC 201
Professor
Hani Tadros
Semester
Spring

Description
Lecture Notes 4/3-4/7 PPE Turnover – Sales/Average BV of PPE Interpret: For every $1 of BV of PPE, the company will generate X amount of dollars of sales Current Liabilities: - Accounts Payable - Note Payable (Short Term) - Wages Payable - Accrued Liabilities - Unearned Liabilities - Warranty Liabilities - Current portions of long-term debt Long-Term Liabilities: - Note Payable (Long Term) - Deferred Tax Liabilities - Mortgage Payable - Bonds Payable o Sold to investors in the free market Assets Liabilities SE Debit Credit Sept. 1, 2014 +20,000 (Cash) +20,000 (N/P) Cash (20,000) N/P (20,000 Dec. 31, 2014 +600 (Int. Pay.) -600 (Int. Pay.) Int. Exp. (600) Int. Pay. (600) 20,000*.09*(4/12) Feb. 1, 2015 -20,150 (Cash) -20,000 (N/P) -150 (Int. Exp.) N/P (20,150) Cash (20,000) Int. Exp. (150) 7.2) 28,600 Gross Pay (Cost of Employment) o 20,400 Net Pay (to employees) o 2,000 FICA Tax o 5,000 Income Tax o 1,200 Insurance Assets Liabilities SE Debit Credit +2,000 (FICA Pay.)-28,600 (Wage Exp.)Wage Exp. (28,600) Wage Pay. (20,400) June 25, 2016 +5,000 (Tax Pay.) FICA Pay. (2,000) +20,400 (Wage Pay.)ay.) IInsurance Pay. (1,200) 7.12) 1200 people purchased season ticket for 6 events at a price of $189 - Record the initial transaction - After the first event Assets Liabilities SE Debit Credit Sale of Season +226,800 (Cash) +226,800 (Unearned Rev.) Cash (226,800) Unearned Rev. (226,800) Ticket After Event #1 -37,800 (Unearned Rev.) +37,800 (Revenue) Unearned Rev. Rev. (37,800)
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