Homework 2 - Financial Accounting Homework #2 M2-5; M2-8,...

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Unformatted text preview: Financial Accounting Homework #2 M2-5; M2-8, M2-9, M2-10, M2-11, M2-12, E2-11, E2-19 M2-5 For each of the following transactions of Bandera Inc for the month of January 2011, indicate the accounts, amounts, and direction of the effects on the accounting equation. A sample is provided. (a) Sample: borrowed $20,000 from a local bank Assets= liabilities + stockholders equity Cash +20,000 = notes payable + 20,000 (b) Lent $7,000 to an affiliate; accepted a note due in one year (c) Sold additional stock to investors for $1,000 cash (d) Purchased $15,000 of equipment, paying $6,000 cash and the rest on a note due in one year (e) Declared an dpaid $2,000 in dividends to stockholders M2-8 For each transaction in M2-5 including the sample write the journal entry in proper form. M2-9 For each transaction in M2-5 (including the sample, post the effects to the appropriate T-accounts and determine ending account balances. Beginning balances are provided....
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This note was uploaded on 09/20/2009 for the course H ADM 121 taught by Professor Ddittman during the Fall '07 term at Cornell University (Engineering School).

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Homework 2 - Financial Accounting Homework #2 M2-5; M2-8,...

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