accounting problem - 1. Prepare the appropriate journal...

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1. Prepare the appropriate journal entries for these transactions: 2009 entries a. No entry should be made. A line of credit was negotiated, not until the line of credit is actually made should there be an entry. This should be included in the financial statements as a disclosure note. b. Cash. ................................................................... 12,000,000 Notes payable. ..................................................................... 12,000,000 c. Cash. ............................................................................. 2,600 Refundable deposits - liability. ......................................................... 2,600 d. Accounts receivable. ................................................. 4,346,000 Sales revenue. .......................................................................... 4,100,000 Sales tax payable. ....................................................................... 246,000 (the state and local sales tax is 3% each for a total of 6% which is multiplied by the sales on
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This note was uploaded on 03/05/2011 for the course ACC 401 taught by Professor Bylthewood during the Spring '11 term at Florida Southern College.

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accounting problem - 1. Prepare the appropriate journal...

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