Section 2 Inclass Quiz

Section 2 Inclass Quiz - Sept 25 Paid $30 for gas costs...

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Acc 200P Name: ________________________ Lab Section #_________________ Section 2 – Cash Basis of Accounting Tony S., a student at NCSU, decided to start his own computer repair business. Tony set up his business as a C-Corporation. Tony services his customers by going directly to their houses. Using the cash basis of accounting, enter the following transactions in the transaction analysis worksheet below: Sept 1 Pack Computer Repairs was started when Tony invested $400 cash into his business. Sept 2 Paid $50 for a business license. Sept 5 The company paid $75 for supplies. Sept 10 Paid advertising of $50. Sept 18 Received cash from customers for work performed totaling $500.
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Unformatted text preview: Sept 25 Paid $30 for gas costs incurred during travel to customers. Sept 28 Took out a $300 short-term loan from the bank. Sept 30 Paid dividends of $100. ASSETS LIABILITIES OWNERS EQUITY Details of Changes in RE Sept 1 Sept 2 Sept 5 Sept 10 Sept 18 Sept 25 Sept 28 Sept 30 Balances REQUIRED : After entering the above transactions, calculate the following: net income, total assets, total liabilities, and total owners equity. Net Income: $__________ Total Assets: $__________ Total Liabilities: $________ Total Owners Equity: $_________...
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This note was uploaded on 01/11/2011 for the course ACC 200 taught by Professor Buckless during the Winter '08 term at N.C. State.

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