Hinson 2-5 The Accounting Cycle

Hinson 2-5 The Accounting Cycle - Intermediate Accounting I...

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Intermediate Accounting I Assignment 2-5 The Accounting Cycle Jamie Hinson January 21, 2008 Problem 2-6 1 and 3. Balance Sheet Accounts _____Accounts receivable____ ____Cash____ 1-1-06 15,000 / 1-1-06 30,000 / 30,000 / 27,300 10,000 / 70,000 12-31-06 17,700 / 41,000 / 24,000 / 15,000 / 2,500 /______ 12-31-06 52,500 / __Sales Revenue___ __Common Stock___ ____/ 100,000 __ / 40,000 1-1-06 / 100,000 12-31-06 / 10,000_____ / 50,000 12-31-06 __Salaries payable__ ___Equipment___ 1-1-06 9,000 / 9,000 1-1-06 20,000 / 0 15,000 /________ 12-31-06 35,000 / Income Statement Accounts __Salaries expense__ ___Misc. Exp.___ 50,000 / 24,000 / ________ 12-31-06 50,000 / 12-31-06 24,000 /
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Karlin Company General Journal Debit Credit Sales Revenue 100,000 Accounts Receivable 30,000 Cash 70,000 Sale of services Accounts Receivable 27,300 Cash 27,300 Collected AR Cash 10,000 Common Stock 10,000 Issued Common Stock Salaries Expense 50,000 Salaries Payable 9,000 Cash 41,000 Paid Salaries Misc. Expense 24,000 Cash
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Hinson 2-5 The Accounting Cycle - Intermediate Accounting I...

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