HOMEWORK solutions 9a

HOMEWORK solutions 9a - HOMEWORK solutions: Ch. 9, part a...

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HOMEWORK solutions: Ch. 9, part a P9–2. Req. 1 January 8: Purchases (+A). ............................................................... 25,000 Accounts payable (+L). ................................................ 25,000 Purchased merchandise. January 17: Accounts payable (-L). ..................................................... 25,000 Cash (-A). ..................................................................... 25,000 Paid January 8 invoice. April 1: Cash (+A). ....................................................................... 40,000 Note payable, short term (+L). ..................................... 40,000 Borrowed on 12-month, 12%, interest-bearing note. June 3: Purchases (+A). ............................................................... 18,000 Accounts payable (+L). ................................................ 18,000 Purchased merchandise. July 5: Accounts payable (-L). ..................................................... 18,000 Cash (-A). ..................................................................... 18,000 Paid June 3 invoice. August 1: Cash (+A). ....................................................................... 5,100 Rent revenue ($5,100 x 5/6) (+R, +SE). ...................... 4,250 Rent revenue collected in advance ($5,100 x 1/6) (+L). ........ 850 Collected rent revenue for 6 months of which one month was for the subsequent year. No adjusting entry required at year end. December 20:
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HOMEWORK solutions 9a - HOMEWORK solutions: Ch. 9, part a...

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