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Homework 2

# Homework 2 - Financial Accounting Homework#2 M2-5 M2-8 M2-9...

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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

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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. M2-10 Starting with the beginning balances in M2-9 and given the transaction in M2-5 (including the sample), prepare a balance sheet for Bandera Inc. as of Jan 31, 2011,
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Homework 2 - Financial Accounting Homework#2 M2-5 M2-8 M2-9...

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