Accounting 1 OAES QUESTIONS

Accounting 1 OAES QUESTIONS - ACCT 1001 WEEK 1 OAES...

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ACCT 1001 WEEK 1 OAES QUESTIONS Problem 1 Shelton Engineering completed the following transactions in the month of June. a. Shania Shelton, the owner, invested $105,000 cash, office equipment with a value of $6,000 and $45,000 of drafting equipment to launch the business in exchange for its common stock. b. Purchased land worth $54,000 for an office by paying $5,400 cash and signing a long-term note payable for $48,600. c. Purchased a portable building with $75,000 cash and moved it onto the land acquired in b. d. Paid $6,000 cash for the premium on an 18-month insurance policy. e. Completed and delivered a set of plans for a client and collected $5,700 cash. f. Purchased $22,500 of additional drafting equipment by paying $10,500 cash and signing a long-term note payable for $12,000. g. Completed $12,000 of engineering services for a client. This amount is to be received in 30 days. h. Purchased $2,250 of additional office equipment on credit. i. Completed engineering services for $18,000 on credit. j.
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This note was uploaded on 04/21/2011 for the course BUSINESS L 2003-1 taught by Professor Cutchen during the Spring '11 term at Walden University.

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Accounting 1 OAES QUESTIONS - ACCT 1001 WEEK 1 OAES...

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