Lecture 9 Midterm 1Reviewv - Bookkeeping challenge

Lecture 9 Midterm 1Reviewv - Bookkeeping challenge -...

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Bookkeeping challenge – Balance Sheet transactions Record the following transactions for company Little in the table below. If a transaction does not require recording, write “No transaction recorded.” Use ONLY the columns provided (Choose the most appropriate one). You may not need to use all of the rows and columns provided. Example: Company Little purchases equipment costing $200 with cash. T1: The owner Mr. Little gives the Company Little an equipment worth $500,000 cash. T2. One employee of the Company Little spends two days to set up the equipment and the daily wage of this employee is $200. T3: Company Little provides consulting service to Company Big and charges Company Big $3,000. Company Big pays $1,000 in cash and promises to pay the rest $2,000 within a month. T4: Company Little prepays a $1,500 car insurance policy covering the next year. The insurance has coverage of $30,000 and a deductible of $500. T5. Company Little borrows from a bank $200,000 with an interest rate 8% and Company Little has to pay back
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Lecture 9 Midterm 1Reviewv - Bookkeeping challenge -...

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