20 Lecture 1b-ch.2a

20 Lecture 1b-ch.2a - 730 d. dr Supplies (+A) 372 cr Cash (...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Solutions to exercise in lecture 1b: ch. 2a M2-3 (1) D (2) C (3) A (4) I (5) F (6) B M2-4 (1) CL (2) CL (3) CA (4) NCA (5) CA (6) SE (7) NCA (8) CL (9) NCA (10) CL (11) SE (12) CA (13) CL M2-6 Req.1 Req.2 Category Normal Balance 1) CL Credit 2) CA Debit 3) CA Debit 4) SE Credit 5) NCL Credit 6) NCA Debit 7) SE Credit 8) CL Credit M2-8 1. Yes 2. Yes 3. No – This event involves only a written promise to rent the store space. No exchange of cash, goods, or services has occurred. 4. Yes 5. No M2-9 Assets = Liabilities + Stockholders’ Equity A . C ASH +3,940 N OTES P AYABLE +3,940 b. C ASH +4,630 C ONTRIBUTED C APITAL +4,630 c. C ASH E QUIPMENT –190 +920 N OTES P AYABLE +730 d. C ASH S UPPLIES –372 +372 e. S UPPLIES +700 A CCOUNTS P AYABLE +700
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
M2-10 a. dr Cash (+A) 3,940 cr Notes Payable (+L) 3,940 b. dr Cash (+A) 4,630 cr Contributed Capital (+SE) 4,630 c. dr Equipment (+A) 920 cr Cash ( - A) 190 cr Notes Payable (+L)
Background image of page 2
Background image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 730 d. dr Supplies (+A) 372 cr Cash ( A) 372 e. dr Supplies (+A) 700 cr Accounts Payable (+L) 700 M2-11 Cash (A) Supplies (A) Equipment (A) (a) 3,940 190 (c) (d) 372 (c) 920 (b) 4,630 372 (d) (e) 700 8,008 1,072 920 Accounts Payable (L) Notes Payable (L) Contributed Capital (SE) 700 (e) 3,940 (a) 4,630 (b) 730 (c) 700 4,670 4,630 M2-12 SPOTLIGHTER INC. Balance Sheet--at January 31, 2010 Assets Liabilities Current Assets: Current Liabilities: Cash $8,008 Accounts Payable $ 700 Supplies 1,072 Notes Payable 4,670 Total Current Assets 9,080 Total Current Liabilities 5,370 Stockholders Equity Equipment 920 Contributed Capital 4,630 Total Assets $ 10,000 Total Liabilities & Stockholders Equity $10,000...
View Full Document

Page1 / 3

20 Lecture 1b-ch.2a - 730 d. dr Supplies (+A) 372 cr Cash (...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online