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The accounts listed below appeared in the December 31 trial balance of the Flint Theater

Price:
$15.99
SKU:
703221


Product Description

The accounts listed below appeared in the December 31 trial balance of the Flint Theater.

 

Debit

Credit

Equipment$194,384Accumulated Depreciation-Equipment$64,360Notes Payable126,000Admissions Revenue389,900Advertising Expense15,330Salaries and Wages Expense57,410Interest Expense1,960

From the account balances listed above and the information given below, prepare the annual adjusting entries necessary on December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,250.)

 

(1)The equipment has an estimated life of 16 years and a salvage value of $22,944 at the end of that time. (Use straight-line method.)(2)The note payable is a 90-day note given to the bank on October 20 and bearing interest at 8%. (Use 360 days for denominator.)(3)In December, 1,910 coupon admission books were sold at $30 each and recorded as Admissions Revenue. They could be used for admission any time after January 1.(4)Advertising expense paid in advance and included in Advertising Expense $1,025.(5)Salaries and wages accrued but unpaid $4,408.

 

 

What amounts should be shown for each of the following on the income statement for the year?

 

(1)Interest Expense$

(2)Admissions Revenue$

(3)Advertising Expense$

(4)Salaries and Wages Expense$


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