Chapter 3 - 4b0e5b41fe4ae0cd57ce9687de676102e8d2f880.xlsx...

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4b0e5b41fe4ae0cd57ce9687de676102e8d2f880.xlsx Page 1 of 8 3.1A a) Heartland Construction General Journal February 1 - 28 Date Account Title and Explanation Debit Credit 2/1 Cash 500,000 Capital Stock 500,000 To record the issue of 25,000 shares of capital stock 2/10 Office Building 100,000 Land 200,000 Cash 60,000 Notes Payable 240,000 Purchased building and land 2/16 Computer System 12,000 Cash 12,000 Purchased computer equipment from PCWorld 2/18 Office Furnishings 9,000 Cash 1,000 Accounts Payable 8,000 2/22 Office Supplies 300 Cash 300 Purchased office supplies from Office World 2/23 Accounts Receivable 36 Computer System 36 2/27 Accounts Payable 4,000 Cash 4,000 Made partial payment on liability to Hi-Way Furnshings 2/28 Cash 36 Accounts Receivable 36 Received payment from PC World for overcharge b) Trans Assets Liabilities Owner's Equity 2/1 +$500,000 (Cash) 0 +$500,000 (Capital Stock) 2/10 +$100,000 (Land) +240,000 (Notes Payable) 0 +$200,000 (Office Building) 0 0 -$60,000 (Cash) 0 0 2/16 +$12,000 (Computer System) 0 0 -$12,000 (Cash) 0 0 2/18 +$9,000 (Office Furnishings) +$8,000 (A/P) 0 -$1,000 (Cash) 0 0 2/22 +$300 (Office Supplies) 0 0 -$300 (Cash) 0 0 2/23 +$36 (A/R) 0 0 -$36 (Computer System) 0 0 2/27 -$4,000 (Cash) -$4,000 (A/P) 0 2/28 +$36 (Cash) 0 0 -$36 (A/R) 0 0 Purchased office furnishing from Hi-Way Furnishings partial liabilty of $4,000 due 3/1 and $4,000 due 4/1 Adjusted computer system asset for vendor overcharge on 2/16, PC World to send refund of $36 in 7 days
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4b0e5b41fe4ae0cd57ce9687de676102e8d2f880.xlsx Page 2 of 8 SEE Part a) on page 6 3.3A Weida Surveying, Inc. b)
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This note was uploaded on 07/15/2010 for the course ACC ACC50 taught by Professor Smith during the Summer '10 term at Rutgers.

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Chapter 3 - 4b0e5b41fe4ae0cd57ce9687de676102e8d2f880.xlsx...

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