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FMGT 2293 Assignment #3

FMGT 2293 Assignment #3 - F MGT 2293 Assignment#3 Seung H...

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FMGT 2293 Assignment #3 Seung Hun Han Student #: 100165736 June 2, 2009 3-35 (a) Perfect Pizza’s Journal Entries for 2008 1. Ingredients and supplies inventory (A) 220,000 Accounts payable (L) 220,000 2. Cash (A) 470,000 Accounts receivable (A) 50,000 Sales (SE) 520,000 3. Wages expense (SE) 74,000 Other expenses (SE) 42,000 Wages payable (L) 4,000 Cash (A) 120,000 4. Accounts payable (L) 218,000 Cash (A) 218,000 5. Cash (A) 510,000 Accounts receivable (A) 510,000 6. Cost of goods sold (SE) 222,000 Ingredients and supplies inventory (A) 222,000 7. (a) Dividends declared (SE) 10,000 Dividends payable (L) 10,000 (b) Dividends payable (L) 10,000 Cash (A) 10,000 (b) Perfect Pizza : T-Accounts Cash (A) Accounts receivable (A) Bal. 43,000 Bal. 5,000
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(2) 470,000 120,000 (3) (2) 50,000 51,000 (5) (5) 51,000 218,000 (4) 10,000 7(b) 4,000 Ingredients and supplies inventory (A) 216,000 Bal. 10,000 (1) 220,000 222,000 (6) 8,000 Prepaid rent (A) Equipment (A) Bal. 30,000 Bal. 60,000 30,000 60,000 Delivery vehicles (A) Accum. Amort.–Equip. (XA) Bal. 80,000 22,500 Bal. 80,000 22,500 Accum. Amort.–Delivery Vehicles (XA) Accounts payable (L) 45,000 Bal.(4) 218,000 6,000 Bal. 220,000 (1) 45,000 8,000 Dividends payable (L) 10,000 7(a) 7(b) 10,000 0 Wages payable (L) Common Shares (SE) 4,000 Bal. 108,000 Bal. (3) 4,000 0 108,000
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Retained earnings (SE) Dividends declared (SE) 42,500 Bal. Bal. 0 (B) 10,000 182,000 (A) 7(a) 10,000 10,000 (B) 214,500 0 Sales (SE) Cost of goods sold (SE) 0 Bal. Bal. 0 520,000 (2) (6) 222,000 520,000 222,000 (A) (A) 520,000 0 0 Wages expense (SE) Other expenses (SE) Bal. 0 Bal. 0 (3) 74,000 (3) 42,000 74,000 (A) 42,000 (A) 0 0 (c) Perfect Pizza Trial Balance December 31, 2008 Debit Credit Cash $216,000 Accounts receivable 4,000
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