ACCT 211 Chapter 10 Final Review Exam
Questions And Correct Answers.
Journal entry: Pomona Corporation signed a 90 day note on November 1 for $10,000 with 6% annual
interest for equipment - Answer November 1
Equipment 10,000
Notes Payable 10,000
To record purchase of equipment
December 31
Interest expense 100
Interest payable 100
To accrue interest expense
Jan 31
Interest expense 50
Notes payable 10,000
Interest payable 100
Cash 10,000
To record payment of note and interest
Journal entry: Airline sells a ticket on June 1 for travel on July 15 for $300 - Answer June 1
Cash 300
Unearned revenue 300
To record the advance sale of a ticket
July 15
unearned revenue 300
ticket revenue 300
Questions And Correct Answers.
Journal entry: Pomona Corporation signed a 90 day note on November 1 for $10,000 with 6% annual
interest for equipment - Answer November 1
Equipment 10,000
Notes Payable 10,000
To record purchase of equipment
December 31
Interest expense 100
Interest payable 100
To accrue interest expense
Jan 31
Interest expense 50
Notes payable 10,000
Interest payable 100
Cash 10,000
To record payment of note and interest
Journal entry: Airline sells a ticket on June 1 for travel on July 15 for $300 - Answer June 1
Cash 300
Unearned revenue 300
To record the advance sale of a ticket
July 15
unearned revenue 300
ticket revenue 300
