CHAPTER 3 Suggested Answer

CHAPTER 3 Suggested Answer - CHAPTER 3 The Accounting...

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1 CHAPTER 3 The Accounting Information System BRIEF EXERCISE 3-2 Assets = Liabilities + Stockholders’ Equity Cash + Accounts Receivable + Supplies = Accounts Payable + Bonds Payable + Common Stock + Retained Earnings (1) +$80,000 +$80,000 (2) 9,000 $9,000 Dividends (3) +17,000 $17,000 (4) +$3,100 +$3,100 BRIEF EXERCISE 3-3 Assets = Liabilities + Stockholders’ Equity Cash + Inventory + Property, Plant, and Equipment = Accounts Payable + Common Stock + Retained Earnings (1) $386,176,000 +$386,176,000 (2) +137,590,000 +$137,590,000 Issued stock (3) +$77,662,000 +$77,662,000 EXERCISE 3-1 1. Increase in assets and increase in stockholders’ equity. 2. D ecrease in assets and decrease in stockholders’ equity. 3. Increase in assets and increase in stockholders’ equity. 4. Increase in assets and increase in stockholders’ equity. 5. Decrease in assets and decrease in stockholders’ equity. 6. Increase in liabi lities and decrease in stockholders’ equity. 7. Increase in assets and decrease in assets. 8. Increase in assets and decrease in assets. 9. Increase in assets and increase in liabilities.
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2 (a) Account Debited Account Credited EXERCISE 3-6 Trans- action (a) Basic Type (b) Specific Account (c) Effect (d) Normal Balance (a) Basic Type (b) Specific Account (c) Effect (d) Normal
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This note was uploaded on 03/30/2010 for the course STATISTIC Cq498767 taught by Professor Wade during the Spring '10 term at UCSI.

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CHAPTER 3 Suggested Answer - CHAPTER 3 The Accounting...

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