Chapter 2 Presentation- Problems

Chapter 2 Presentation- Problems - 3/2/2010 ANALYZING...

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3/2/2010 1 ANALYZING TRANSACTIONS: PROBLEMS Chapter 2 Rules of Debit and Credit, Normal Balances of Accounts (continued)
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3/2/2010 2 Transaction On November 1, Chris Clark deposited $25,000 in a bank account in the name of NetSolutions in exchange for capital stock. Transaction A Journal Entry Transaction B On November 5, NetSolutions bought land for $20,000, paying cash.
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3/2/2010 3 Journal Entry Transaction C On November 10, NetSolutions bought supplies on account for $1,350. Journal Entry Transaction D On November 18, NetSolutions received fees of $7,500 from customers for services rendered.
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3/2/2010 4 Journal Entry Transaction E Throughout the month, NetSolutions incurred the following expenses: wages, $2,125; rent, $800; utilities, $450; and miscellaneous, $275. Journal Entry Transaction On November 30, NetSolutions paid creditors on account, $950. Transaction F
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3/2/2010 5 Journal Entry Transaction G Chris Clark determined that the cost of supplies on hand on November 30 was $550.
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Chapter 2 Presentation- Problems - 3/2/2010 ANALYZING...

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