Section 3 Inclass Quiz

Section 3 Inclass Quiz - 4,000 Accounts Receivable 2,000...

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Acc 200P Name: ________________________ Lab Section #_________________ Section 3 – Accrual Basis of Accounting Assuming a company uses the accrual basis of accounting, (1) Indicate the financial statement in which each of the following account balances would be found, and (2) Calculate Net income, Total Assets, Total Liabilities, and Total Owner’s Equity Accounts Payable
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Unformatted text preview: 4,000 Accounts Receivable 2,000 Cash 5,000 Contributed Capital 1,000 Dividends 4,000 Equipment 50,000 Interest Expense 400 Interest Payable 800 Insurance Expense 25,000 Prepaid Insurance 500 Retained Earnings – Beginning 900 Salaries Expense 18,000 Service Revenue 100,000 Supplies 1,000 Supplies Expense 2,000 Unearned Revenue 1,200...
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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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