Ch02ExercisesandProblems

Ch02ExercisesandProblems - Business Activities-The Source...

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Business Activities—The Source of Accounting Information 23 CHAPTER 2 Business Activities—The Source of Accounting Information EXERCISES E2-1 Definitions of all terms are listed in the glossary. E2-2 1. Operating activity 2. Financing activity 3. Investing activity 4. Financing activity 5. Investing activity 6. Operating activity 7. Investing activity 8. Financing activity 9. Investing activity 10. Operating activity E2-3 a. I b. O c. F d. O e. O f. I g. F h. O i. O j. F E2-4 ASSETS = LIABILITIES + OWNERS' EQUITY Date Accounts Cash Other Assets Contrib- uted Capital Retained Earnings Beginning Amounts 40,000 + 60,000 = 30,000 + 50,000 + 20,000 June 1 Merchandise Inventory 15,000 Cash –15,000 June 15 Cash 60,000 Sales Revenue 60,000 Cost of Goods Sold –28,000 Merchandise Inventory –28,000 June 23 Cash 250,000 Bank Loan Payable 250,000
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June 25 Supplies Expense –2,000 Cash –2,000 June 28 Wages Expense –5,000 Cash –5,000 June 30 Equipment 100,000 Cash –100,000 June 30 Utilities Expense
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This note was uploaded on 05/12/2008 for the course ACCT 2101 taught by Professor Woods during the Spring '08 term at Middle Georgia State College.

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Ch02ExercisesandProblems - Business Activities-The Source...

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