www.acc291.com BE 1-2, BE 10-3, BE 10-4, BE 10-5, BE 10-14
BRIEF EXERCISES Prepare entries for an interest‐bearing note payable. BE10-2 Hive Company borrows $90,000 on July 1 from the bank by signing a $90,000, 7%, 1‐year note payable. Prepare the journal entries to record (a) the proceeds of the note and (b) accrued interest at December 31, assuming adjusting entries are made only at the end of the year.
Compute and record sales taxes payable. BE10-3 Greenspan Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $10,388. All sales are subject to a 6% sales tax. Compute sales taxes payable and make the entry to record sales taxes payable and sales.
Prepare entries for unearned revenues. BE10-4 Bramble University sells 3,500 season basketball tickets at $80 each for its 10‐game home schedule. Give the entry to record (a) the sale of the season tickets and (b) the revenue recognized after playing the first home game.
Compute gross earnings and net pay.