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Lecture 9 Midterm 1Reviewv - Bookkeeping challenge Answer

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

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T Cash Accoun ts Receiva ble Inventory Prepaid Expense OC PP&E OL TA = Accou nts Payabl e OCL Loan Payable Paid-in Capital Retained Earnings Ex. -200 200 T1 500,000 500,000 T2 T3 1,000 2,000 3,000 T4 -1,500 1,500 T5 200,00 0 200,000 T6 -2,500 -2,500 T7 550,00 0 -500,000 50,000 T8 -400 -400
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Cash Accounts Receivable Inventory OC PP&E -Acc. Depre. = Accounts Payable Wage Payable Paid-in Capital Retained Earnings Revenues -Expenses Net income Beginning balance, Jan. 1 2002 50000 0 0 0 10000 0 0 0 60000 0 0 0 0 Jan. 2 -30000 30000 Jan. 3 3000 3000 Jan. 15 2500 2500 -1500 -1500 Adjusting entry 1 -200 -200
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Unformatted text preview: Adjusting entry 2 600-600 Closing Entry1-2500 2500 Closing Entry2 +2300-2300 Closing Entry3 200-200 Ending Jan. 31, 2002 22500 1500 40000-200 3000 600 60000 200 (2) Prepare the income statement for Zhang Company for the month of Jan. 2002. Income Statement, for the month of Jan. 2002 Revenues: $2,500-Cost of goods sold: -$1,500-Depreciation expense: -$200-Salary expense: -$600 Net income: $200...
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