ACC210 Ch3 Ex

ACC210 Ch3 Ex - 300 Cash 300 8. Div 400 Cash 400 3-9 Cash...

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Chapter 3 Exercises 3-2 1. Assets Up Liabilities Up 2. Assets Down Equity Down 3. Assets Up Assets Down 4. Assets Up Equity Up 5. Assets Down Equity Down 6. Assets Up Equity Down 7. Assets Down Liability Down 8. Liability Up Equity Down 3-4 a. 1. SH’s bought stock for 15,000 2. bought office equipment with 1000 cash and 4000 acc payable 3. bought 750 supplies in cash 4. paid for services – 4400 in cash and 3400 on acc receivable 5. signed 1500 note 6. paid 2000 dividends 7. paid rent 800 8. customer paid 450 from acc receivable 9. paid 3000 of salaries 10. paid 500 utilities b. 15000 7800 (2000) (800) (3000) (500) 16500 c. NI = 7800 – (800+3000+500) = 3500 3-6 Debited Credited a. Trans Type Acc Effect NB Type Acc Effect NB 1 A Cash incr debit E CS incr credit 2 A Equip incr debit A Cash decr debit 3 A sup incr debit L AcPay incr credit 4 A AcRec incr debit E Rev incr credit 5 E Exp incr cred A Cash decr debit 6 A Cash incr debit A AcRec decr incr 7 L AccPa decr credit A Cash decr debit
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8 E Div inc debit A Cash decr debit b. 1. Cash 1200 ComSt 1200 2. Equip 8000 Cash 8000 3. Suppl 300 AccPay 300 4. AcReci 2600 Rev 2600 5. Exp 200 Cash 200 6. Cash 1100 AcRec 1100 7. AccPay
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Unformatted text preview: 300 Cash 300 8. Div 400 Cash 400 3-9 Cash 25000 3500 140 700 AccRec 10800 Furniture 3600 AccPay 3600 700 ComSt 25000 Rev 10800 140 Exp 42000 3500 Account Debit Credit Cash 20940 Acc Rec 10800 Furniture 3600 Account Pay 2900 Common Stock 25000 Revenues 10940 Expenses 45500 38840 38840 3-14 Bal Diff LarCol 1. Y 2. N 750 Debit 3. Y 4. N 300 Credit 5. Y 6. N 18 Credit 3-15 Debit Credit Cash 55,620 AccRec 13,400 Equip 59,360 PrepIns 1,800 AccPay 7,400 900 NP 28,450 ComSt 40,000 Exp 758 600 1,200 4,428 Rev 15,500 Div 700 Income Stmt Rev 15,500 Exp (6,986) NI 8,514 RE Stmt Beg NI 8514 Div (700) RE 7814 BS Assets Liab Cash 55,620 AccPay 8,300 AccRec 13,400 NP 28,450 Equip 59,360 Equity PrepIns 1,800 ComSt 40,000 76,750 76,750 3-16 AccPay Credit BS AccRec- Debit BS ComSt Credit BS DepEx Credit NI IntExp Credit NI IntInc Debit NI Invt Debit BS PrepEx Credit BS Prop Debit BS Rev Debit NI...
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This note was uploaded on 03/30/2008 for the course ACC ACC210 taught by Professor Unknown during the Spring '06 term at N.C. State.

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ACC210 Ch3 Ex - 300 Cash 300 8. Div 400 Cash 400 3-9 Cash...

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