Business - Marketing ACC120 Chapter Notes - Chapter 3: Trial Balance, Accrued Interest, Income Statement

• School: Seneca College
• Department: Business - Marketing
• Course: Business - Marketing ACC120
• Professor: Lorna Martin- Scriver

Document Summary

3,165 (c) cleaning supplies used = + ,165 ,015 = ,975 (d) the balance sheet will report ,015 as supplies as a current asset. The income statement will report ,975 as supplies expense. (e) dec. 31. Brief exercise 3-4 (a) march 1 prepaid insurance 4,800 (b) monthly cost: ,800 12 = /month; Number of months expired: march to december 10 months. Amount expired in 2014: 10 months = ,000. Number of months remaining: january to february 2 months. Amount unexpired at december 31: 2 months = . Brief exercise 3-5 (a) (b) dec. 31/13 depreciation expense 3,000 (c) Equipment (,000 6 = ,000 per year) 4,800 (b) ,800 12 = per month. Number of months earned march to october 8 months. Amount earned to october 31: 8 = ,200. Number of months remaining november to february 4 months. Amount unearned at october 31: 4 = ,600 (c) oct. 31 unearned revenue 3,200.