Homework Answers
| DATE | GENERAL JOURNAL | DEBIT | CREDIT | |
| (A) | JULY 31 | DEPRECIATION EXPENSES | 1 | |
| ACCUMULATED DEPRECIATION | 1 | |||
| (DEPRECIATION CHARGED ON EQUIPMENT FOR 1 MONTH) | ||||
| (B) | JULY 31 | WAGES EXPENSES | $2 | |
| WAGES PAYABLE | $2 | |||
| (WAGES ACCREUD FOR JULY) | ||||
| (C) | JULY 31 | SUPPLIES EXPENSES | $4 | |
| SUPPLIES | $4 | |||
| (SUPPLIES USED DURING MONTH OF JULY) | ||||
| (D) | JULY 31 | UNEARNED REVENUE | $15 | |
| SERVICE REVENUE | $15 | |||
| (75% OF UNERANED REVENUE HAS BEEN EARNED) | ||||
| (E) | JULY 31 | INSURANCE EXEPNSES | $3 | |
| PREPAID INSURANCE | $3 | |||
| (PREPAID INSURANCE EXPIRED DURING MONTH OF JULY) |
WORKING NOTES:
(A) DEPRECIATION = COST/NO OF WORKING LIFE
= 60/5 = $12 PER YEAR THAT MEANS $1 PER MONTH
(B) WAGES ACCRUED GIVEN.
(C) SUPPLIES EXPENSES = BEGINNING BALANCE - ENDING BALANCE
= 12 - 8 = 4
(D) SERVICE REVENUE = 75% OF UNEARNED REVENUE
= 75% * 20
= $15
(E) INSURANCE EXPESES = BEGIINING BALANCE OF UNEXPIRED INSURANCE - ENDING BALANCE OF UNEXPIRED INSURANCE
= $ 12 - $9
=$3
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