Mgmt_200_Spring_2008_solutions_1-28-08(1,28)

Mgmt_200_Spring_2008_solutions_1-28-08(1,28) - ACCOUNT DR$...

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Management 200 – Introductory Financial Accounting– Spring 2008 Krannert School of Management - Purdue University Solutions to class assignment for January 28, 2008 E3–13. 1 and 2 Cash Accounts Receivable Supplies (a) 40,000 (c) 75,000 (e) 10,900 (f) 1,700 20,000 (b) 8,830 (d) 63 ( h) 5,080 (i) 600 (j) 55,000 ( k ) (a) 2,000 (f) 1,500 (a) 1,200 38,027 3,500 1,200 Equipment Building Accounts Payable (a) 18,300 (k) 35,000 (b) 160,000 ( k ) 20,000 320 (g) 53,300 180,000 320 Note Payable Mortgage Payable Contributed Capital 75,000 (c) 140,000 (b) 61,500 (a) 75,000 140,000 61,500 Retained Earnings Food Sales Revenue Catering Sales Revenue (j) 600 10,900 (e) 3,200 (f) 600 10,900 3,200 Cost of Food and Paper Products Utilities Expense Wages Expense (d) 8,830 (g) 320 (i) 5,080 8,830 320 5,080 Fuel Expense (h) 63 63
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EXTRA: Trial Balance Traveling Gourmet, Inc Trial Balance as at March 31, 2008
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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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Mgmt_200_Spring_2008_solutions_1-28-08(1,28) - ACCOUNT DR$...

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