ORIE 350 Lecture 3 - ORIE 350 Lecture 3 Review to Lecture 2...

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ORIE 350 Lecture 3 Review to Lecture 2 handout Qn 4: Cranbrook a. Paid, Rent, $1200 “Rent” -> Rent Expenses (Temp SE) “Paid” -> Cash A = L + SE Cash($1,200) = Rent Expense($1,200) b. Bought Copier $(2, 600)-> “Office Equipment” (A) “Paid” ->Cash(A) A = L + SE Cash($1,200) = Equipment($1,200) c. Billed Client, ($800) “Bill”-> Accounts Receivable(A) Service Revenue(Temp SE) A = L + SE Accounts Receivable(↑$800) = Service Revenue(↑$800)
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“Dividends”-> Dividends(Temp SE) A = L + SE Cash(↓$4,000) = Rent Expense(↓$4,000) e. “Wages”-> Wages Expenses(Temp SE) Paid-> Cash A = L + SE Cash(↓$6,400) = Rent Expense(↓$6,400) f. Sold Stock to investors, ($5,000) -> ContrCap -> Cash A = L + SE Cash(↑$5,000) = Rent Expense(↑$5,000) 5. IBC company Balance Sheet Assets Liabilities Cash ($2,000) Accounts Payable(3,000) Accounts Receivable($4,500) Notes Payable($12,000) Inventory($10,000) Total Liablities ($15,000 ) Plant Equipment($25,000) Stockholder’s Equity
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This note was uploaded on 03/30/2008 for the course ORIE 350 taught by Professor Callister during the Spring '08 term at Cornell University (Engineering School).

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ORIE 350 Lecture 3 - ORIE 350 Lecture 3 Review to Lecture 2...

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