{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Week 2 Class Exercise

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

This preview shows pages 1–3. Sign up to view the full content.

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.

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
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. Equipment costing \$22,500 was purchased, of which one-third was paid in cash. 4. Rent of \$5,400 was paid for August, September, and October 20X5.
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

### Page1 / 3

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

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document
Ask a homework question - tutors are online