Albrecht Fin Acct SM Comp 1-5

Albrecht Fin Acct SM Comp 1-5 - Comprehensive Problem 15 1....

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Comprehensive Problem 1–5 1. Journalize current year transactions a. Cash. ....................................................................... 30,000 Capital Stock. .................................................... 30,000 b. Cash. ....................................................................... 10,000 Long-Term Bank Loan. .................................... 10,000 c. Prepaid Truck Rental. ............................................ 5,100 Cash. .................................................................. 5,100 d. Cash. ....................................................................... 1,800 Unearned Rent Revenue. ................................. 1,800 e. Prepaid Insurance. ................................................. 900 Cash. .................................................................. 900 f. Supplies. ................................................................. 250 Cash. .................................................................. 250 g. Inventory. ................................................................ 80,000 Accounts Payable. ........................................... 80,000 h. Accounts Receivable. ........................................... 105,000 Sales Revenue. ................................................. 105,000 Cost of Goods Sold. .............................................. 60,000 Inventory. .......................................................... 60,000 i. Cash. ....................................................................... 95,000 Accounts Receivable. ...................................... 95,000 j. Accounts Payable. ................................................. 65,000 Cash. .................................................................. 65,000 k. Salaries Payable. .................................................... 3,500 Salaries Expense. .................................................. 30,500 Cash. .................................................................. 34,000 l. No entry. m. Income Taxes Payable. ......................................... 3,200 Cash. .................................................................. 3,200 n. See adjusting entries r, s, and t. o. See adjusting entry u. p. See adjusting entry v. q. See adjusting entry w. 165
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166 Comprehensive Problem 1–5 Comp. Prob. 1–5 (Continued) 2. Post to T-accounts Cash Accounts Receivable Inventory BB* 22,100 (c) 5,100 BB 27,000 (i) 95,000 BB 13,500 (h) 60,000 (a) 30,000 (e) 900 (h) 105,000 (g) 80,000 (b) 10,000 (f) 250 (d) 1,800 (j) 65,000 (i) 95,000 (k) 34,000 (m) 3,200 Bal. 50,450 Bal. 37,000 Bal. 33,500 Supplies Prepaid Insurance Prepaid Truck Rental BB 600 (u) 450 (e) 900 (t) 75 (c) 5,100 (r) 1,700 (f) 250 Bal. 400 Bal. 825 Bal. 3,400 Accounts Payable Salaries Payable Interest Payable BB 17,000 BB 3,500 (q) 700 (j) 65,000 (g) 80,000 (k) 3,500 (v) 4,000 Bal. 32,000 Bal. 4,000 Bal. 700
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This note was uploaded on 02/02/2010 for the course FNEC 140 taught by Professor Clark during the Spring '08 term at Vanderbilt.

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Albrecht Fin Acct SM Comp 1-5 - Comprehensive Problem 15 1....

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