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TIMER Problem C-OS The following accounts appeared in the December 31 trial balance of the Crane Theatre: Credit Debit $1,171,200 Equipment Accumulated depreciation equipment Notes payable Sales revenue Rent experise Salaries and wages expense Interest expense $146,400 226,900 915,000 75,600 97,600 11,000 1 From the account balances above and the information that follows, prepare the annual adjusting entries necessary on December 31: The equipment has an estimated life of 16 years and a residual value of $48,800. (Use the straight-line method.) The note payable is a 90-day note given to the bank on October 20 and bearing interest at 10%. (Hint: Use number of days in your calculation.) 3 In December, 2,400 coupon admission books were sold at $25 each. They can be used for admission any time after January 1. 4 of the Rent Expense balance, $1,300 is paid in advance. 5 Salaries accrued but unpaid are $14,400. 2 (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for amounts. Use 365 days for calculation.) No. Account Titles and Explanation Debit Credit 11 2 3. O c e to search I Problem C05 The following accounts appeared in the December 31 trial balance of the Crane Theatre: Credit Debit $1,171,200 Equipment Accumulated depreciation equipment Notes payable Sales revenue Rent expense Salaries and wages expense Interest expense $146,400 226,900 915,000 75,600 97,600 11,000 From the account balances above and the information that follows, prepare the annual adjusting entries necessary on December 31: 1 2. The equipment has an estimated life of 16 years and a residual value of $48,800. (Use the straight-line method.) The note payable is a 90-day note given to the bank on October 20 and bearing interest at 10%. (Hint: Use number of days in your calculation.) In December, 2,400 coupon admission books were sold at $25 each. They can be used for admission any time after January 1. of the Rent Expense balance, $1,300 is paid in advance. Salaries accrued but unpaid are $14,400. 4. 5. (Credit account titles are automatically indented amounts. Use 365 days for calculation.) on the amount is entered. Do not indent manually. If no entry is required, select "No No. Account Titles and Explanation Debit Credit 2 to search RE C G

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