Quiz _3_Chapter 3_Sol

Quiz _3_Chapter 3_Sol - 1,000 Accounts Payable 1,000 2...

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Rec Sec: ________________________ MGA 201 - Fall 2008 Quiz #3 (Chapter 3) Garrison, Inc. conducted the following transactions during August: 1. Purchased $1,000 of office supplies on account. 2. Paid utilities of $225. 3. Received $20,000 for capital stock issued. 4. Billed a customer $7,500 for services rendered. 5. Received a bank loan of $80,000. 6. Received a $3,000 payment from customer in 4. above. 7. Paid the office supply bill in 1. above. 8. Paid $2,000 to bank: $1,900 principal payment on loan and $100 for interest expense. Entry # Dr. Cr. 1 Office Supplies
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Unformatted text preview: 1,000 Accounts Payable 1,000 2 Utilities Expense 225 Cash 225 3 Cash 20,000 Capital Stock 20,000 4 Accounts Receivable 7,500 Service (or Sales) Revenue 7,500 5 Cash 80,000 Note (or Loan) Payable 80,000 6 Cash 3,000 Accounts Receivable 3,000 7 Accounts Payable 1,000 Cash 1,000 8 Note (or Loan) Payable 1,900 Interest Expense 100 Cash 2,000 Name: _____ SOLUTION ________________________________ REQUIRED: Prepare journal entries for the transactions noted above. You can omit explanations (and dates since they aren't provided)....
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This note was uploaded on 04/18/2009 for the course MGA 201 taught by Professor Anderson during the Fall '08 term at SUNY Buffalo.

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