Chapter 04 Additional Problem

Chapter 04 Additional Problem - Chapter 4 Additional...

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Chapter 4 Additional Problem Problem 4-3 Gray Co. Revenue and Expense Accounts This problem repeats Gray Co.’s February transactions from Chapter 4. Print the forms on the following pages and use them to complete this problem. Requirement 1 Enter the beginning account balance into each of the Revenue and Expense accounts. Requirement 2 Look at the General Journal and notice that the February entries have already been made as they appeared in Problem 3-3 from Chapter 3. Below are repeated the February transactions for those journal entries. For those entries in the General Journal that contain the Retained Earnings account name, make corrections by crossing-out Retained Earnings and replacing it with the correct Revenue or Expense account name. Feb 01 Sale of inventory to a customer – selling price $9,000 – cost of inventory sold $5,000 – customer paid cash. Feb 02 Pay $700 cash to landlord for February’s rent.
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This note was uploaded on 09/03/2009 for the course ACC ACC 231 taught by Professor Samuels during the Winter '09 term at ASU.

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Chapter 04 Additional Problem - Chapter 4 Additional...

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