Final Exam 2 - On September 1, 2005, Kelly Randolf and Paul...

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On September 1, 2005, Kelly Randolf and Paul Simple started a comic book industry newsletter called Comic Times. They produced the first month’s edition in September. The following transactions occurred during their first month of operations: Sept 1: Comic Times, Inc., was formed when Kelly and Paul filed with the State of California and each received common stock in exchange for $10,000 cash. Sept 1: Applied for a loan with a bank and signed a note for $5,000 due in two years, at 12% annual interest rate. Sept 1: Purchased a computer for $4,000 cash. Sept 1: Purchased office supplies on account with Rapid Supplies for $1,500. Sept 1: Paid $2,400 for a website to be used for the next two years (24 months). Sept 1: Sold 1,800 one-year subscriptions for cash at $12 each. Sept 30: Sold 400 more one-year subscriptions for cash at $12 each. These subscriptions begin on October 1. Sept 30: Paid for the office supplies purchased on September 1 from Rapid Supplies. Sept 30:
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This note was uploaded on 10/26/2009 for the course ACTP 5712 taught by Professor Baker during the Summer '09 term at Nova Southeastern University.

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Final Exam 2 - On September 1, 2005, Kelly Randolf and Paul...

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