Homework Manager #4

Homework Manager #4 - Exercise 4-15A Recording Events in...

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Exercise 4-15A Recording Events in the General Journal, Posting to T-Accounts, and Preparing Closing Entries L.O. 3, 5, 7 At the beginning of 2005, Mitchell Cleaning Service had the following balances in its accounts: Account Balance Cash $29,800 Accounts Receivable 23,200 Accounts Payable 11,300 Common Stock 31,100 Retained Earnings 10,600 The following events apply to Mitchell for 2005. 1. Provided $70,700 of services on account. 2. Incurred $2,600 of operating expenses on account. 3. Collected $50,400 of accounts receivable. 4. Paid $31,700 cash for salaries expense. 5. Paid $12,510 cash as a partial payment on accounts payable. 6. Paid a cash dividend of $8,700 to the stockholders. Required a. Record these events in a general journal. b. Offline and on paper, open T-accounts and post the beginning balances and the preceding transactions to the appropriate accounts. Determine the balance of each account. c.
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This note was uploaded on 04/19/2008 for the course ACCT 209 taught by Professor Lusher during the Fall '07 term at Slippery Rock.

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Homework Manager #4 - Exercise 4-15A Recording Events in...

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