Chapter 03 - In-Class Exercises

Chapter 03 - In-Class Exercises - Chapter # 3 In-Class...

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Chapter # 3 In-Class Exercises Page 1 of 18 Chapter 03 - In-Class Exercises.doc - 08/30/07) Exercise #1 Ajax Company Simplified Balance Sheet As of December 31, 2006 Assets 19,945 Liabilities 6,985 Stockholders’ Equity 12,960 Total Assets $19,945 Liabilities & Stockholder’s Equity $19,945 The following transactions occur in January 2007: Jan 1 Paid 6-month insurance premium for January-June 2007 of $240 2 Received payment of $1,230 on accounts receivable 3 Purchased merchandise on account from Neil Winters Co. for $1,965 4 Received an invoice from Fenmore, a trade magazine, for advertising, $75 4 Sold merchandise on account to Carlton Co. for $1,034 (cost of goods: $567) 5 Made cash sale to Nina Inc., for $1,789 (cost of goods $981) 6 Sent letter to Neil Winters Co., regarding a slight defect in one item of merchandise received. 9 Purchased merchandise on account from April Lynch’s Novelty Company, $651 11 Paid freight on merchandise received from Neil Winters Co., $76 11 Received a credit memo from Neil Winters Co. granting an allowance of $34 on defective merchandise (see Jan 6 transaction) 15 Received $600 in account from Carlton Co. 19 Sold merchandise on account to Cole Howard, $812 (cost of goods $445) 21 Paid display clerk’s salary of $552 25 Sold merchandise for cash, $2,350 (cost of goods $1,288) 27 Purchased office equipment on account, $879 (begin depreciating in Feb) 29 Paid Neil Winters Co. in full of account. 30
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This note was uploaded on 01/20/2011 for the course ACC 301 taught by Professor Staff during the Fall '08 term at Kentucky.

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Chapter 03 - In-Class Exercises - Chapter # 3 In-Class...

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