exercise 1 - 1 ACCOUNTING Exercise 1 FedEx 2 ECONOMIC...

Info iconThis preview shows pages 1–30. Sign up to view the full content.

View Full Document Right Arrow Icon

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

View Full DocumentRight Arrow Icon

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

View Full DocumentRight Arrow Icon

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

View Full DocumentRight Arrow Icon

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

View Full DocumentRight Arrow Icon

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

View Full DocumentRight Arrow Icon

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

View Full DocumentRight Arrow Icon

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

View Full DocumentRight Arrow Icon

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

View Full DocumentRight Arrow Icon

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

View Full DocumentRight Arrow Icon

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

View Full DocumentRight Arrow Icon

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

View Full DocumentRight Arrow Icon

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

View Full DocumentRight Arrow Icon

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

View Full DocumentRight Arrow Icon

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

View Full DocumentRight Arrow Icon

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

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 1 ACCOUNTING Exercise 1 FedEx 2 ECONOMIC EVENTS 1. Issue 1,000,000 shares of $50 par value common stock. Stock sells for $100 per share. 2. Acquire five aircraft at $150,000,000 each. The bank pays the aircraft manufacturer. We sign a note with the bank. 3. Pay $3,000,000 for a three year flight insurance policy. 4. Pay $2,000,000 to the FAA for the right to fly certain routes for several years (route authorities). 5. Receive a $1,000,000 invoice for advertising from the advertising agency. 6. Invoice customers $150,000,000 for express freight deliveries made. 7. Pay $20,000,000 for salaries for the year. 8. Pay $30,000,000 interest to the bank for the Note Payable. 9. Pay $2,000,000 rent for airport gates used during the year. 10. Pay $30,000,000 for jet fuel used during the year. 11. Receive $2,000,000 from customers as advance payment for future deliveries. 12. End of year. Record the use of one year of insurance. 13. Transfer 66,000,000 Net Income to Retained Earnings. 3 JOURNAL ENTRIES 1. 2. 3. 4. 5. 4 JOURNAL ENTRIES 6. 7. 8. 9. 10. 5 JOURNAL ENTRIES 11. 12. 13. 14. 15. 6 ___________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 7 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 8 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 9 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 10 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 11 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 12 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 13 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 14 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 15 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 16 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 17 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 18 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 19 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 20 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 21 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 22 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 23 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 24 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 25 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 26 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 27 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 28 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 29 TRIAL BALANCE Account Debit Credit 30...
View Full Document

This note was uploaded on 11/02/2010 for the course ACCT 325 taught by Professor Anderson,p during the Winter '09 term at Azusa Pacific.

Page1 / 78

exercise 1 - 1 ACCOUNTING Exercise 1 FedEx 2 ECONOMIC...

This preview shows document pages 1 - 30. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online