23 - Danielle Landis M2-5 b. Sold $3,000 additional stock...

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Danielle Landis 1960542 M2-5 b. Sold $3,000 additional stock to investors ASSETS LIABILITES SE Cash Contributed Capital + $3,000 + $3,000 c. Purchased $500 in equipment, paying $100 cash and the rest on a note due in one year ASSETS LIABILITES SE Cash Equipment Notes Payable - $100 + $500 + $400 d. Declared and paid $100 in dividends to stockholders ASSETS LIABILITES SE Cash Retained Earnings - $100 - $100 e. Lent $200 to an affiliate; accepted a note due in one year ASSETS LIABILITES SE Cash Long Term Notes - $200 + $200 M2-8 a. Cash (+A)……………………………………………. $1,000 Notes Payable (+L)……………………………. . $1,000 b. Cash (+A) ……………………………………………. $3,000 Contributed capital (+SE)……. .............................. $3,000 c. Property and equipment (+A)………………………… $500 Cash (-A)………………………………………… $100 Note Payable (+L)………………………………. . $400 d. Retained Earnings (-SE)……………………………….
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This note was uploaded on 05/07/2008 for the course H ADM 121 taught by Professor Ddittman during the Spring '07 term at Cornell University (Engineering School).

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23 - Danielle Landis M2-5 b. Sold $3,000 additional stock...

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