3A-W'08-EX#1-KEY-PR0B 2

3A-W'08-EX#1-KEY-PR0B 2 - (23) Cash provided by operations...

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Econ 3A-W'08-Ex#1-KEY Prob 2 page1 JOURNAL ENTRIES DR CR a Cash 10 Capital stock 10 b Cash 30 Loans payable 30 c 25 Cash 25 d Accounts receivable 40 Revenues 40 e Cash 33 Accounts receivable 33 f Expenses 23 Cash 23 g Loans payable 15 Cash 15 h Dividends 2 Cash 2
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Econ 3A-W'08-Ex#1-KEY Prob 2 page2 T-ACCOUNTS CASH ACCOUNTS RECEIVABLE DR CR DR CR DR CR + + + a 10 d 40 c 25 b 30 e 33 c 25 EB 25 e 33 EB 7 f 23 g 15 h 2 EB 8 LOAN PAYABLE CAPITAL STOCK DIVIDENDS DR CR DR CR DR CR + + + b 30 a 10 h 2 g 15 EB 10 EB 2 EB 15 REVENUES EXPENSES DR CR DR CR + + d 40 f 23 EB 40 EB 23
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Econ 3A-W'08-Ex#1-KEY Prob 2 page3 FINANCIAL STATEMENTS Accounting Jokes Unlimited, Inc. Accounting Jokes Unlimited, Inc. Income statement Statement of cash flows Year ended December 31, 2007 Year ended December 31, 2007 Revenues $40 OPERATING Expenses 23 Cash received from customers 33 $ Net income $17 Expenses paid
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Unformatted text preview: (23) Cash provided by operations 10 Accounting Jokes Unlimited, Inc. Statement of retained earnings INVESTING Year ended December 31, 2007 Purchase of computers & equip. (25) Beginning balance $0 FINANCING Net income 17 Issuance of capital stock 10 Dividends (2) Loan proceeds 30 Ending balance $15 Loan repayment (15) Dividends paid (2) Accounting Jokes Unlimited, Inc. Total financing 23 Balance sheet December 31, 2007 Increase in cash 8 ASSETS Beginning cash balance-Cash $8 Accounts receivable 7 Ending cash balance 8 $ Cpmputers & equip. 25 Total assets $40 LIABILITIES AND EQUITY Loan payable $15 Capital stock 10 Retained earnings 15 Total liabilities and equity $40...
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This note was uploaded on 03/05/2009 for the course ECON 3A taught by Professor Loster during the Fall '07 term at UCSB.

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3A-W'08-EX#1-KEY-PR0B 2 - (23) Cash provided by operations...

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