2293 Chapter 3 Textbook Solutions 292

2293 Chapter 3 Textbook Solutions 292 - Chapter 3 Textbook...

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Chapter 3 Textbook Solutions 3-3 a) CR 3-4 a) DR b) DR b) DR c c ) DR c) DR d) DR d) CR e) CR e) DR f) DR f) DR g) CR g) CR h) CR h) DR i) DR i) CR j) DR j) CR k) CR k) CR 3-22 a) Inventory (A) 3,100 Accounts Payable (L) 3,100 b) Accounts receivable (A) 2,700 Sales (SE) 2,700 Cost of goods sold (SE) 1,800 Inventory (A) 1,800 c) Cash (A) 2,000 Accounts receivable (A) 2,000 d) Cash (A) 12,000 Bank loan (L) 12,000 e) Cash (A) 20,000 Common shares (SE) 20,000 f) Equipment (A) 7,500 Cash (A) 7,500
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g) Wages expense (SE) 6,300 Cash (A) 6,300 h) Accounts Payable (L) 3,000 Cash (A) 3,000 i) Interest expense (SE) 150 Bank loan (L) 1,850 Cash (A) 2,000 j) Land (A) 23,000 Cash (A) 3,000 Mortgage payable (L) 20,000 k) Rent expense (SE) 2,500 Cash (A) 2,500 l) Office supplies (A) 1,400 Accounts payable (L) 1,400 m) Office Supplies Expense (SE) 500 Office Supplies (A) 500 3-24 a) 1. Cash (A) 200,000 Common shares (SE) 200,000 2. Inventory (A) 480,000 Accounts payable (L) 480,000 3. Accounts receivable (A) 650,000 Sales (SE) 650,000 Cost of goods sold (SE) 390,000 Inventory (A) 390,000 4. Cash (A) 580,000 Accounts receivable (A) 580,000
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5. Accounts payable (L) 440,000 Cash (A) 440,000 6. Vehicle (A) 37,000 Cash (A) 37,000 7. Amortization Expense (SE) 2,000 Accumulated Amort (XA) 2,000 8. Rent expense (SE) 24,600 Cash (A) 24,600 9. Other expenses (SE) 20,000 Cash (A) 20,000 10. Dividend declared (SE) 6,000 Cash (A) 6,000 b) Sweet Dreams Chocolatiers: T-Accounts Cash (A) Accounts receivable (A) Bal. 0 Bal. 0 (1) 200,000 440,000 (5) (3) 650,000 580,000 (4) (4) 580,000 24,600 (8) 20,000 (9) Bal. 70,000 37,000 (6) 6,000 (10) Bal. 252,400 Inventory (A) Vehicle (A) Bal. 0 Bal. 0 (2) 480,000 390,000 (3) (6) 37,000 Bal. 90,000 Bal. 37,000
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Accounts payable (L) Common shares (SE) 0 Bal. 0 Bal. (5) 440,000 480,000 (2) 200,000 (1) 40,000 Bal. 200,000 Bal. Retained earnings (SE) Dividends declared (SE) 0 Bal. Bal. 0 (10) 6,000 Bal. 6,000
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Sales (SE) Cost of goods sold (SE) 0 Bal. Bal. 0 650,000 (3) (3) 390,000 650,000 Bal. Bal.390,000 Rent expense (SE) Other expenses (SE) Bal. 0 Bal. 0 (8) 24,600 (9) 20,000 Bal. 24,600 Bal. 20,000 Amortization expense (SE) Bal. 0 (7) 2,000 Bal. 2,000 Accumulated Amortization (A) Bal. 0 2,000 (7) Bal. 2,000
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c) Sweet Dreams Chocolatiers Ltd. Trial Balance December 31, 2008 Debit Credit Cash $252,400 Accounts receivable 70,000 Inventory 90,000 Vehicle 37,000 Accumulated Amortization 2,000 Accounts payable $40,000 Common shares 200,000 Retained earnings -0- Dividends declared 6,000 Sales 650,000 Cost of goods sold 390,000 Rent expense
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2293 Chapter 3 Textbook Solutions 292 - Chapter 3 Textbook...

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