Ch3 Wyndom handout solution

Ch3 Wyndom handout solution - Part 1 - Journalizing Cash...

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Part 1 - Journalizing Cash 50,000 Common Stock 50,000
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Part 1 Equipment 20,000 Cash 20,000
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Part 1 Prepaid Rent 6,000 Cash 6,000
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Part 1 Inventory 38,000 Accounts Payable 38,000
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Part 1 Cash 30,000 Notes Payable 30,000
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Part 1 Accounts Receivable 60,000 Sales Revenue 60,000
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Part 1 Cost of Goods Sold 33,000 Inventory 33,000
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Part 1 Cash 15,000 Accounts Receivable 15,000
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Part 1 Accounts Payable 20,000 Cash 20,000
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Part 1 Salaries Expense 7,000 Cash 7,000
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Part 1 Utilities Expense 2,000 Accounts Payable 2,000
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Part 1 Notes Receivable 20,000 Cash 20,000
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Part 1 Dividends 1,000 Cash 1,000
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Part 2 – Unadjusted Trial Balance Account Title Debit Credit Cash 21,000 Accounts Receivable 45,000 Prepaid Rent 6,000 Inventory 5,000 Note Receivable 20,000 Equipment 20,000
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Part 2 Account Title Debit Credit Accounts Payable 20,000 Note Payable 30,000 Common Stock 50,000 Dividends 1,000
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Part 2 Account Title Debit Credit Sales Revenue 60,000 Cost of Goods Sold 33,000 Salaries Expense 7,000 Utilities Expense 2,000 Total 160,000 160,000
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Part 3 - Adjustments Bad Debt Expense 2,500 Allowance for uncollectible accts 2,500
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Part 3 Interest Expense 250 Interest Payable 250 ($30,000 x 10% x 1/12 = $250)
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Part 3 Depreciation Expense 500 Accumulated Depreciation- equip. 500
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Part 3 Interest Receivable 100 Interest Revenue 100 ($20,000 x 12% x 1/24 = $100)
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Part 3 Rent Expense 3,000 Prepaid Rent 3,000 6000 X 1/2
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Ch3 Wyndom handout solution - Part 1 - Journalizing Cash...

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