2008 Acct 304 Chapt 2 Homework

2008 Acct 304 Chapt 2 Homework - Exercise 2-1 Assets =...

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Unformatted text preview: Exercise 2-1 Assets = Liabilities + Paid-in Capital + Retained Earnings 1. + 300,000 (cash) + 300,000 (common stock) 2.- 10,000 (cash) + 40,000 (equipment) + 30,000 (note payable) 3. + 90,000 (inventory) + 90,000 (accounts payable) 4. + 120,000 (accounts receivable) + 120,000 (revenue)- 70,000 (inventory) - 70,000 (expense) 5.- 5,000 (cash) - 5,000 (expense) 6.- 6,000 (cash) + 6,000 (prepaid insurance) 7.- 70,000 (cash)- 70,000 (accounts payable) 8. + 55,000 (cash)- 55,000 (accounts receivable) 9.- 1,000 (accumulated depreciation)- 1,000 (expense) Exercise 2-2 1. Cash.......................................................................... 300,000 Common stock..................................................... 300,000 2. Equipment................................................................ 40,000 Note payable......................................................... 30,000 Cash ..................................................................... 10,000 3. Inventory.................................................................. 90,000 Accounts payable................................................. 90,000 4. Accounts receivable................................................. 120,000 Sales revenue........................................................ 120,000 Cost of goods sold.................................................... 70,000 Inventory.............................................................. 70,000 5. Rent expense............................................................ 5,000 Cash...................................................................... 5,000 6. Prepaid insurance..................................................... 6,000 Cash...................................................................... 6,000 7. Accounts payable..................................................... 70,000 Cash...................................................................... 70,000 8. Cash.......................................................................... 55,000 Accounts receivable............................................. 55,000 9. Depreciation expense............................................... 1,000 Accumulated depreciation.................................... 1,000 Exercise 2-3 BALANCE SHEET ACCOUNTS Cash Accounts receivable _____________________________ _________________________ 3/1 Bal. 3/1 Bal. 1. 300,000 10,000 2. 4. 120,000 55,000 8. 8. 55,000 5,000 5. 6,000 6. 70,000 7. ________________ ________________ 3/31 Bal. 264,000 3/31 Bal. 65,000 Inventory Prepaid Insurance _____________________________ _________________________ 3/1 Bal. 3/1 Bal. 3. 90,000 70,000 4. 6. 6,000 ________________ ________________ 3/31 Bal. 20,000 3/31 Bal. 6,000 Equipment Accumulated depreciation _____________________________ _________________________ 3/1 Bal. 3/1 Bal....
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2008 Acct 304 Chapt 2 Homework - Exercise 2-1 Assets =...

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