Accounting Chapter 3 Solutions Study Guide Rated A+

1. Insurance expired during July of $400 was omitted. {Ans: Insurance expense 400}4. Accrued but unpaid salaries and wages at July 31 of $280 were not included. {Ans: Salaries and wages expense ($2,300 + $280) $2,580}3. Purchased dental equipment on January 1 for 80,000, paying 20,000 in cash and signing a 60,000, 3-year note payable. The equipment depreciates 400 per month. {Ans: 31 Depreciation Expense 400 Accumulated Depreciation—Equipment400}1. Performed services for patients who had dental plan insurance. At January 31, 875 of such services were performed but not yet recorded. {Ans: Jan. 31 Accounts Receivable 875 Service Revenue 875}3. Depreciation on the equipment for 2014 is $1,000. {Ans: 3. Depreciation Expense 1,000 Accumulated Depreciation—Equipment 1,000}5. Services performed but unrecorded totaled $920. {Ans: Service revenue ($5,500 + $920)}