First Section Practice Problems 4 with solutions

First Section Practice Problems 4 with solutions - Practice...

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Practice Problems During the first month of operations, Car Pool Inc completed the following transactions: Jan 2 Car Pool Inc received $33,000 cash and issued common stock to the stockholders Jan 3 Purchased supplies of $400 and equipment of $2,900 on account – Equipment is expected to last 5 years and have no residual value Jan 4 Performed service for a client and received cash of $1,700 Jan 7 Paid cash to acquire lane for $22,000 Jan 11 Performed service for a customer and billed the customer $1,100 Jan 16 Paid for the equipment purchased on Jan 3 Jan 17 Paid the telephone bill for $130 Jan 18 Received partial payment from customer on account of $550 Jan 22 Paid the water and electricity bill of $150 Jan 29 Received $1,100 cash for servicing the heating unit of a customer Jan 31 Paid employee salary of $2,300 Jan 31 Declared and paid dividend of $2,900 Record each transaction in the journal.
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2-Jan Cash $33,000 Common Stock $33,000 3-Jan Supplies Inv $400 Supplies Payable $400 Equipment
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This note was uploaded on 12/17/2010 for the course ACC 311 taught by Professor Charrier during the Fall '08 term at University of Texas at Austin.

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First Section Practice Problems 4 with solutions - Practice...

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