Week 2 Class Exercise

Week 2 Class Exercise - Week 2 Class Exercises 1. Below are...

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Week 2 Class Exercises 1. Below are the transactions for Newman Company: 1. The owners invested $10,000 cash in Newman Company. 2. Newman Company acquired equipment that cost $8,000. 25% of the balance was paid in cash with the balance as a note. 3. Newman Company acquired inventory that cost $2,800 which was paid in cash. 4. Newman Company acquired $600 in supplies on open account. 5. Newman Company sold merchandise (carried the inventory at a cost of $1,000) for $1,800 on open account. 6. Newman Company received $400 from transaction 5. 7. Newman Company paid $300 on accounts payable. L Prepare an analysis of Newman Company 's transactions using the equation approach.
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2. Dale Company began business operations on August 1, 20X5. The following transactions occurred during August 20X5: 1. The owner invested $75,000 in the company. 2. Dale Company purchased inventory costing $27,000, of which two-thirds was paid in cash. 3.
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This note was uploaded on 10/05/2010 for the course ACC ACC561 taught by Professor David during the Spring '10 term at University of Phoenix.

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Week 2 Class Exercise - Week 2 Class Exercises 1. Below are...

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