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Unformatted text preview: ACCOUNT DR$ CR$ Cash 38,027 Accounts receivable 3,500 Supplies 1,200 Equipment 53,300 Building 180,000 Accounts payable 320 Note payable 75,000 Mortgage payable 140,000 Contributed capital 61,500 Retained earnings* 600 Food sales revenue 10,900 Catering Sales Revenue 3,200 Cost of food and paper products 8,830 Utilities expense 320 Wages expense 5,080 Fuel expense 63 TOTALS 290,920 290,920 * Dividends are normally debited to a temporary account “Dividends”. In this assignment they have been debited directly to Retained earnings. The Utilities payable have been included in accounts payable. These are typically recorded in a separate account ‘ expenses payable” or “Accrued expenses”....
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- Spring '08
- Management, Generally Accepted Accounting Principles, sales revenue, Krannert School of Management, Food Sales Revenue, Catering Sales Revenue