Acct exam 1 - Name_ Intermediate Accounting 301 Exam 1 Take...

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Name________________________ Intermediate Accounting 301 Exam 1 – Take Home Portion Spring 2008 – 30 points On September 1, 2007, Nancy Wolf and John Kettle are ready to begin another year of operations for their Web newsletter. The newsletter is updated monthly and can be viewed during the year. The company had the following balances on August 31, 2007: Cash $10,000 Office Supplies 400 Computer Equipment 5,100 Accumulated Depreciation – Computer Equipment 1,700 Retained Earnings 3,800 Common Stock 10,000 The following Transactions have taken place during the period from September 1, 2007, through August 21, 2008 (12 months). Sept. 1 Applied for a loan with a bank and signed a note for $10,000 due August 31, 2008, at a 10 percent annual percentage rate. Sept. 1 Purchased office supplies for $2,000 on account. Sept. 1 Paid $2,000 for a website design and hosting service to be used for the next two years (24 months) Sept. 1 Sold 2,000 one-year subscriptions for cash at $12 each. Sept.
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Acct exam 1 - Name_ Intermediate Accounting 301 Exam 1 Take...

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