ACCT101_YUNLEE_SOLUTIONS_Ch03

Exercise 3-7 (LO 3-3)

(1a) Debit Credit
Supplies 4,500
Cash 4,500
(Purchase supplies during December)
(1b) Debit Credit
Supplies Expense 3,000
Supplies 3,000
(Supplies used during December)

(2a) Debit Credit

No journal entry required

(2b) Debit Credit

Insurance Expense 2,000
Prepaid Insurance 2,000
(Reduce prepaid insurance due to passage of
time)

(3a) Debit Credit

Salaries Payable 11,000
Cash 11,000
(Pay November salaries)
(3b) Debit Credit
Salaries Expense 16,000
Salaries Payable 16,000
(Record salaries owed at December 31)

(4a) Debit Credit

Cash 4,500
Deferred Revenue 4,500
(Receive cash in advance from customer)
(4b) Debit Credit
Deferred Revenue 1,500
Service Revenue 1,500
(Reduce deferred revenue for rental space
used by the customer during December)

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 ACCT101_YUNLEE_SOLUTIONS_Ch03

Exercise 3-14 (LO 3-3, 3-4)

Requirement 1
(1) Debit Credit
Rent Expense 2,400
Prepaid Rent 2,400
(Adjust prepaid rent to recognize two
months used of six months prepaid = $7,200
× 2/6 = $2,400)

(2) Debit Credit

Deferred Revenue 750
Service Revenue 750
(Adjust deferred revenue for service
provided)

(3) Debit Credit

Salaries Expense 700
Salaries Payable 700
(Record salaries owed at December 31)

(4) Debit Credit

Supplies Expense 3,200
Supplies 3,200
(Supplies used during year; $1,700 + $2,300
– $800 = $3,200)

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Exercise 3-14 (concluded)

Requirement 2
Demon Deacons Corporation
Adjusted Trial Balance
December 31, 2024
Accounts Debit Credit
Cash $ 10,000
Accounts Receivable 15,000
Prepaid Rent 4,800
Supplies 800
Deferred Revenue $ 2,250
Salaries Payable 700
Common Stock 11,000
Retained Earnings 6,000
Service Revenue 51,950
Salaries Expense 35,700
Rent Expense 2,400
Supplies Expense 3,200
Totals $71,900 $71,900

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 ACCT101_YUNLEE_SOLUTIONS_Ch03

Exercise 3-17 (LO 3-6)

Requirement 1

December 31, 2024 Debit Credit

Service Revenue 50,000
Interest Revenue 6,000
Retained Earnings 56,000
(Close revenue accounts)

Retained Earnings 40,000

Salaries Expense 15,000
Rent Expense 6,000
Advertising Expense 3,000
Insurance Expense 11,000
Interest Expense 5,000
(Close expense accounts)

Retained Earnings 3,000

Dividends 3,000
(Close dividends account)

Requirement 2
Retained Earnings
30,000
40,000 56,000
3,000
43,000 End. Bal.

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 ACCT101_YUNLEE_SOLUTIONS_Ch03

Exercise 3-20 (LO 3-3, 3-4, 3-5, 3-6, 3-7)

Requirement 1
February 15 Debit Credit
1. Cash 20,000
Common Stock 20,000
(Issue shares of common stock)
May 20
2. Cash 35,000
Accounts Receivable 30,000
Service Revenue 65,000
(Provide services to customers for
cash and on account)
August 31
3. Salaries Expense 23,000
Cash 23,000
(Pay salaries to employees)
October 1
4. Prepaid Rent 12,000
Cash 12,000
(Pay for one-year of rental space)
November 17
5. Supplies 22,000
Accounts Payable 22,000
(Purchase supplies on account)
December 30
6. Dividends 2,000
Cash 2,000
(Pay dividends)

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Exercise 3-20 (continued)

Requirement 2

December 31 Debit Credit

1. Salaries Expense 4,000
Salaries Payable 4,000
(Record salaries owed at December 31)

2. Rent Expense 3,000

Prepaid Rent 3,000
(Reduce prepaid rent for three months used
= $12,000 × 3/12 = $3,000)

3. Supplies Expense 25,000

Supplies 25,000
(Supplies used during year = $8,000 +
$22,000 – $5,000 = $25,000)

4. Deferred Revenue 5,000

Service Revenue 5,000
(Reduce deferred revenue for
services performed)

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Exercise 3-20 (continued)

Requirement 3
Red Flash Photography
Adjusted Trial Balance
December 31, 2024

Accounts Debit Credit

Cash $ 30,000
Accounts Receivable 30,000
Supplies 5,000
Prepaid Rent 9,000
Land 60,000
Accounts Payable $ 22,000
Salaries Payable 4,000
Common Stock 70,000
Retained Earnings 25,000
Dividends 2,000
Service Revenue 70,000
Salaries Expense 27,000
Rent Expense 3,000
Supplies Expense 25,000
Total $191,000 $191,000

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 ACCT101_YUNLEE_SOLUTIONS_Ch03

Exercise 3-20 (continued)

Requirement 4
Red Flash Photography
Income Statement
For the year ended December 31, 2024
Service revenue $70,000
Expenses:
Salaries 27,000
Rent 3,000
Supplies 25,000
Total expenses 55,000
Net income $15,000

Red Flash Photography

Statement of Stockholders’ Equity
For the period ended December 31, 2024
Total
Common Retained Stockholders’
Stock Earnings Equity

Balance at January 1 $50,000 $25,000 $ 75,000

Issuance of common stock 20,000 20,000
Add: Net income for 2024 15,000 15,000
Less: Dividends (2,000) (2,000)
Balance at December 31 $70,000 $38,000 $108,000

Red Flash Photography

Balance Sheet
December 31, 2024
Assets Liabilities
Current assets: Current liabilities:
Cash $ 30,000 Accounts payable $ 22,000
Accounts receivable 30,000 Salaries payable 4,000
Supplies 5,000 Total current liabilities 26,000
Prepaid rent 9,000 Stockholders’ Equity
Total current assets 74,000 Common stock 70,000
Long-term assets: Retained earnings 38,000
Land 60,000 Total stockholders’ equity 108,000
Total liabilities and
Total assets $134,000 stockholders’ equity $134,000

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Exercise 3-20 (concluded)

Requirement 5

December 31, 2024 Debit Credit

Service Revenue 70,000
Retained Earnings 70,000
(Close revenue accounts)

Retained Earnings 55,000

Salaries Expense 27,000
Rent Expense 3,000
Supplies Expense 25,000
(Close expense accounts)

Retained Earnings 2,000

Dividends 2,000
(Close dividends account)

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 ACCT101_YUNLEE_SOLUTIONS_Ch03

Exercise 3-1 (LO 3-1)

1. August 16.
2. January 27.
3. April 2.
4. Revenue would be recognized as each magazine is delivered.

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Exercise 3-2 (LO 3-1)

1. August 16.
2. January 27.
3. One month’s worth of insurance expense is recorded each month.
4. February 4.

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 ACCT101_YUNLEE_SOLUTIONS_Ch03

Exercise 3-6 (LO 3-3, 3-4, 3-5, 3-6, 3-7)

(i) Use source documents to identify accounts affected by external
transactions.
(g) Analyze the impact of the transaction on the accounting
equation.
(h) Assess whether the transaction results in a debit or a credit to
the account balance.
(c) Record the transaction.
(b) Post the transaction to the T-account in the general ledger.
(f) Prepare a trial balance.
(a) Record and post adjusting entries.
(d) Prepare financial statements (income statement, statement of
stockholders’ equity, balance sheet, and statement of cash
flows).
(e) Record and post-closing entries.

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 ACCT101_YUNLEE_SOLUTIONS_Ch03

Exercise 3-13 (LO 3-3)

(1) Debit Credit
Interest Receivable 270
Interest Revenue 270
(Record interest revenue not received;
$9,000 × 0.12 × 3/12 = $270)

(2) Debit Credit

Rent Expense 3,000
Prepaid Rent 3,000
(Reduce prepaid rent for two months used of
three months prepaid; $4,500 × 2/3 =$3,000 )

(3) Debit Credit

Deferred Revenue 5,500
Service Revenue 5,500
(Recognize revenue for five months of 12
months collected in advance; $13,200 × 5/12 )

(4) Debit Credit

Utilities Expense 5,500
Utilities Payable 5,500
(Utilities owed at December 31)

(5) Debit Credit

Salaries Expense 5,000
Salaries Payable 5,000
(Record salaries owed at December 31)

(6) Debit Credit

Supplies Expense 3,500
Supplies 3,500
(Supplies used during year; $1,500 + $5,500
– $3,500 = $3,500)

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 ACCT101_YUNLEE_SOLUTIONS_Ch03

Exercise 3-16 (LO 3-5)

Requirement 1
Fightin’ Blue Hens Corporation
Income Statement
For the year ended December 31, 2024
Service revenue $500,000
Expenses:
Salaries 400,000
Rent 20,000
Utilities 40,000
Interest 5,000
Total expenses 465,000
Net income $ 35,000

Requirement 2
Fightin’ Blue Hens Corporation
Statement of Stockholders’ Equity
For the period ended December 31, 2024
Total
Common Retained Stockholders’
Stock Earnings Equity

Balance at July 1 $300,000 $60,000 $360,000

Issuance of common stock 0 0
Add: Net income for 2024 35,000 35,000

Balance at December 31 $300,000 $95,000 $395,000

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Exercise 3-16 (concluded)

Requirement 3
Fightin’ Blue Hens Corporation
Balance Sheet
December 31, 2024
Assets Liabilities
Current assets: Current liabilities:
Cash $ 12,000 Accounts payable $ 12,000
Accounts receivable 150,000 Salaries payable 11,000
Prepaid rent 6,000 Interest payable 5,000
Supplies 30,000 Total current liabilities 28,000
Total current assets 198,000 Long-term liabilities:
Notes payable 40,000
Total liabilities 68,000
Stockholders’ Equity
Long-term assets: Common stock 300,000
Land 265,000 Retained earnings 95,000 *
Total stockholders’ equity 395,000
Total liabilities and
Total assets $463,000 stockholders’ equity $463,000

* Retained earnings = Beginning retained earnings + Net income − Dividends

= $60,000 + $35,000 − $0
= $95,000

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Problem 3-1A (LO 3-1, 3-2)

Accrual-Basis Cash-Basis
Transaction Revenue Expense Revenue Expense
1. Receive cash from customers in
advance of services to be provided,
$600. $0 $0 $600 $0
2. Pay utilities bill for the previous
period, $150. $0 $0 $0 $150
3. Pay for insurance one year in
advance of period to be covered,
$2,000. $0 $0 $0 $2,000
4. Pay workers’ salaries for the current
period, $800. $0 $800 $0 $800
5. Incur costs for employee salaries in
the current period but do not pay,
$1,000. $0 $1,000 $0 $0
6. Receive cash from customers at the
time of service, $1,700. $1,700 $0 $1,700 $0
7. Purchase office supplies on account,
$330. $0 $0 $0 $0
8. Borrow cash from the bank, $4,000. $0 $0 $0 $0
9. Receive cash from customers for
services performed in the previous
period, $750. $0 $0 $750 $0
10. Pay for advertising to appear in the
current period, $450. $0 $450 $0 $450

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Problem 3-4A (LO 3-3)

(1) Debit Credit
Insurance Expense 3,000
Prepaid Insurance 3,000
(Reduce prepaid insurance for six months
used of thirty-six months paid in advance;
$18,000 × 6/36 = $3,000)

(2) Debit Credit

Salaries Expense 25,000
Salaries Payable 25,000
(Record salaries owed at December 31)

(3) Debit Credit

Deferred Revenue 4,000
Service Revenue 4,000
(Reduce deferred revenue for completion of
four custom bikes of six custom bikes paid
for in advance; $6,000 × 4/6 = $4,000)

(4) Debit Credit

Supplies Expense 16,000
Supplies 16,000
(Supplies used during year; $2,000 + $18,000 − $4,000
= $16,000)

(5) Debit Credit

Advertising Expense 3,000
Prepaid Advertising 3,000
(Reduce prepaid advertising for one month used of four
months prepaid; $12,000 × ¼ = $3,000)

(6) Debit Credit

Interest Expense 3,000
Interest Payable 3,000
(Record ten months interest expense not yet paid;
$36,000 × 10% × 10/12 = $3,000)

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Problem 3-7A (LO 3-4, 3-5, 3-6, 3-7)

Requirements 1 and 2 (adjusting entries posted in red)
Cash Accounts Receivable Supplies
10,300 9,500 2,000
(c) 1,300
10,300 9,500 700

Interest Receivable Prepaid Rent Land

0 7,200 78,000
(b) 800 (e) 5,400
800 1,800 78,000

Notes Receivable Accounts Payable Salaries Payable

20,000 7,700 0
(a) 2,100
20,000 7,700 2,100

Utilities Payable Deferred Revenue Common Stock

0 5,300 79,000
(f) 200 (d) 3,300
200 2,000 79,000

Retained Earnings Service Revenue Interest Revenue

19,700 42,200 0
(d) 3,300 (b) 800
19,700 45,500 800

Salaries Expense Utilities Expense Rent Expense

24,500 2,400 0
(a) 2,100 (f) 200 (e) 5,400
26,600 2,600 5,400

Supplies Expense
0
(c) 1,300
1,300

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Problem 3-7A (continued)

Requirement 3
Crimson Tide Music Academy
Adjusted Trial Balance
December 31, 2024

Accounts Debit Credit

Cash $ 10,300
Accounts Receivable 9,500
Interest Receivable 800
Supplies 700
Prepaid Rent 1,800
Land 78,000
Notes Receivable 20,000
Accounts Payable $ 7,700
Salaries Payable 2,100
Deferred Revenue 2,000
Utilities Payable 200
Common Stock 79,000
Retained Earnings 19,700
Service Revenue 45,500
Interest Revenue 800
Salaries Expense 26,600
Rent Expense 5,400
Supplies Expense 1,300
Utilities Expense 2,600
Total $157,000 $157,000

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Problem 3-7A (continued)

Requirement 4
Crimson Tide Music Academy
Income Statement
For the year ended December 31, 2024
Revenues:
Service $45,500
Interest 800
Total revenues 46,300
Expenses:
Salaries 26,600
Rent 5,400
Supplies 1,300
Utilities 2,600
Total expenses 35,900
Net income (Loss) $10,400

Crimson Tide Music Academy

Statement of Stockholders’ Equity
For the year ended December 31, 2024
Total
Common Retained Stockholders’
Stock Earnings Equity

Balance at January 1 $79,000 $19,700 $ 98,700

Issuance of common stock 0 0
Less: Net income for 2021 10,400 10,400
Less: Dividends (0) (0)
Balance at December 31 $79,000 $30,100 $109,100

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Problem 3-7A (continued)

Crimson Tide Music Academy

Balance Sheet
December 31, 2024
Assets Liabilities
Current assets: Current liabilities:
Cash $ 10,300 Accounts payable $ 7,700
Accounts receivable 9,500 Salaries payable 2,100
Interest receivable 800 Deferred revenue 2,000
Supplies 700 Utilities payable 200
Prepaid rent 1,800 Total current liabilities 12,000
Total current assets 23,100

Long-term assets: Stockholders’ Equity

Land 78,000 Common stock 79,000
Notes receivable 20,000 Retained earnings 30,100
98,000 Total stockholders’ equity 109,100
Total liabilities and
Total assets $121,100 stockholders’ equity $121,100

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Problem 3-7A (continued)

Requirement 5

December 31, Debit Credit

2024
Service Revenue 45,500
Interest Revenue 800
Retained Earnings 46,300
(Close revenue accounts)

Retained Earnings 35,900

Salaries Expense 26,600
Rent Expense 5,400
Supplies Expense 1,300
Utilities Expense 2,600
(Close expense accounts)

Problem 3-7A (concluded)

Requirement 6 (closing entries posted in red)
Retained Earnings Service Revenue Interest Revenue
19,700 42,200
35,900 46,300 45,500 3,300 800 800
30,100 0 0

Salaries Expense Rent Expense

24,500 0
2,100 26,600 5,400
5,400
0 0

Supplies Expense Utilities Expense

0 2,400
1,300 1,300 200 2,600
0 0

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Requirement 7
Crimson Tide Music Academy
Post-Closing Trial Balance
December 31, 2024
Accounts Debit Credit
Cash $ 10,300
Accounts Receivable 9,500
Interest Receivable 800
Supplies 700
Prepaid Rent 1,800
Land 78,000
Notes Receivable 20,000
Accounts Payable $ 7,700
Salaries Payable 2,100
Deferred Revenue 2,000
Utilities Payable 200
Common Stock 79,000
Retained Earnings 30,100
Total $121,100 $121,100

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Problem 3-9A (LO 3-3, 3-4, 3-5, 3-6, 3-7)

Requirement 1
Cash Accounts Receivable Prepaid Insurance
24,600 15,400 12,000
24,600 15,400 12,000

Supplies Land Accounts Payable

0 148,000 6,700
0 148,000 6,700

Deferred Revenue Common Stock Retained Earnings

5,800 143,000 44,500
5,800 143,000 44,500

Service Revenue Dividends Property Tax Expense

0 0 0
0 0 0

Salaries Expense Insurance Expense Supplies Expense

0 0 0
0 0 0

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Problem 3-9A (continued)

Requirement 2
(1) January 9 Debit Credit
Cash 134,100
Accounts Receivable 52,200
Service Revenue 186,300
(Provide services for cash and on account)
(2) February 12 Debit Credit
Cash 51,500
Accounts Receivable 51,500
(Collect on account)
(3) April 25 Debit Credit
Cash 12,900
Deferred Revenue 12,900
(Receive cash in advance from customers)
(4) May 6 Debit Credit
Supplies 9,200
Accounts Payable 9,200
(Purchase supplies on account)
(5) July 15 Debit Credit
Property Tax Expense 8,500
Cash 8,500
(Pay property taxes)
(6) September 10 Debit Credit
Accounts Payable 11,400
Cash 11,400
(Pay on account)
(7) October 31 Debit Credit
Salaries Expense 123,600
Cash 123,600
(Pay salaries for the current year)
(8) November 20 Debit Credit
Cash 27,000
Common Stock 27,000
(Issue shares of common stock)
(9) December 30 Debit Credit
Dividends 2,800
Cash 2,800
(Pay dividends)

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Problem 3-9A (continued)

Requirement 3 (entries posted in red)
Cash Accounts Receivable Prepaid Insurance
24,600 15,400 12,000
134,100 8,500 52,200 51,500
51,500 11,400
12,900 123,600
27,000 2,800
103,800 16,100 12,000

Supplies Land Accounts Payable

0 148,000 6,700
9,200 11,400 9,200
9,200 148,000 4,500

Deferred Revenue Common Stock Retained Earnings

5,800 143,000 44,500
12,900 27,000
18,700 170,000 44,500

Dividends Service Revenue Property Tax Expense

0 0 0
2,800 186,300 8,500
2,800 186,300 8,500

Salaries Expense Insurance Expense Supplies Expense

0 0 0
123,600
123,600 0 0

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Problem 3-9A (continued)

Requirement 4
Zips Storage
Unadjusted Trial Balance
December 31, 2024
Accounts Debit Credit
Cash $103,800
Accounts Receivable 16,100
Prepaid Insurance 12,000
Supplies 9,200
Land 148,000
Accounts Payable $ 4,500
Deferred Revenue 18,700
Common Stock 170,000
Retained Earnings 44,500
Dividends 2,800
Service Revenue 186,300
Property Tax Expense 8,500
Salaries Expense 123,600
Insurance Expense 0
Supplies Expense 0
Total $424,000 $424,000

Requirement 5
December 31 Debit Credit
Insurance Expense 7,000
Prepaid Insurance 7,000
(Reduce prepaid insurance due to passage of time)

Supplies Expense 6,300

Supplies 6,300
(Supplies used during the year; $0 + $9,200
− $2,900 = $6,300)

Deferred Revenue 11,800

Service Revenue 11,800
(Provide services to customers who paid in advance)

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Problem 3-9A (continued)

Requirement 6 (adjusting entries posted in red)
Cash Accounts Receivable Prepaid Insurance
24,600 15,400 12,000
134,100 8,500 52,200 51,500 7,000
51,500 11,400
12,900 123,600
27,000 2,800
103,800 16,100 5,000

Supplies Land Accounts Payable

0 148,000 6,700
9,200 6,300 11,400 9,200
2,900 148,000 4,500

Deferred Revenue Common Stock Retained Earnings

5,800 143,000 44,500
11,800 12,900 27,000
6,900 170,000 44,500

Dividends Service Revenue Property Tax Expense

0 0 0
2,800 186,300 8,500
11,800
2,800 198,100 8,500

Salaries Expense Insurance Expense Supplies Expense

0 0 0
123,600 7,000 6,300
123,600 7,000 6,300

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Problem 3-9A (continued)

Requirement 7
Zips Storage
Adjusted Trial Balance
December 31, 2024
Accounts Debit Credit
Cash $103,800
Accounts Receivable 16,100
Prepaid Insurance 5,000
Supplies 2,900
Land 148,000
Accounts Payable $ 4,500
Deferred Revenue 6,900
Common Stock 170,000
Retained Earnings 44,500
Dividends 2,800
Service Revenue 198,100
Property Tax Expense 8,500
Salaries Expense 123,600
Insurance Expense 7,000
Supplies Expense 6,300
Total $424,000 $424,000

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Problem 3-9A (continued)

Requirement 8
Zips Storage
Income Statement
For the year ended December 31, 2024
Service revenue $198,100
Expenses:
Property tax 8,500
Salaries 123,600
Insurance 7,000
Supplies 6,300
Total expenses 145,400
Net income $ 52,700

Zips Storage
Balance Sheet
December 31, 2024
Assets Liabilities
Current assets: Current liabilities:
Cash $103,800 Accounts Payable $ 4,500
Accounts receivable 16,100 Deferred Revenue 6,900
Prepaid Insurance 5,000 Total current liabilities 11,400
Supplies 2,900 Stockholders’ Equity
Total current assets 127,800 Common stock 170,000
Long-term assets: Retained earnings 94,400 *
Land 148,000 Total stockholders’ equity 264,400
Total liabilities and
Total assets $275,800 stockholders’ equity $275,800

* Retained earnings = Beginning retained earnings + Net income − Dividends

= $44,500 + $52,700 − $2,800
= $94,400

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Problem 3-9A (continued)

Requirement 9

December 31 Debit Credit

Service Revenue 198,100
Retained Earnings 198,100
(Close revenue accounts)

Retained Earnings 145,400

Property Tax Expense 8,500
Salaries Expense 123,600
Insurance Expense 7,000
Supplies Expense 6,300
(Close expense accounts)

Retained Earnings 2,800

Dividends 2,800
(Close dividends account)

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Problem 3-9A (continued)

Requirement 10 (closing entries posted in red)

Cash Accounts Receivable Prepaid Insurance

24,600 15,400 12,000
134,100 8,500 52,200 51,500 7,000
51,500 11,400
12,900 123,600
27,000 2,800
103,800 16,100 5,000

Supplies Land Accounts Payable

0 148,000 6,700
9,200 6,300 11,400 9,200
2,900 148,000 4,500

Deferred Revenue Common Stock Retained Earnings

5,800 143,000 44,500
11,800 12,900 27,000 145,400 198,100
2,800
6,900 170,000 94,400

Dividends Service Revenue Property Tax Expense

0 0 0
2,800 2,800 186,300 8,500 8,500
198,100 11,800
0 0 0

Salaries Expense Insurance Expense Supplies Expense

0 0 0
123,600 123,600 7,000 7,000 6,300 6,300
0 0 0

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Problem 3-9A (concluded)

Requirement 11

Zips Storage
Post-Closing Trial Balance
December 31, 2024
Accounts Debit Credit
Cash $103,800
Accounts Receivable 16,100
Prepaid Insurance 5,000
Supplies 2,900
Land 148,000
Accounts Payable $ 4,500
Deferred Revenue 6,900
Common Stock 170,000
Retained Earnings 94,400
Total $275,800 $275,800

33