ACCT 3101-Handout 1-Spring 2011-solution

ACCT 3101-Handout 1-Spring 2011-solution - Sheet1 Debit...

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Sheet1 Page 1 Debit Credit Debit Credit Cash 500000 300000 137745 137745 200000 325000 350000 260000 50000 36000 20000 50000 1255 10000 Accounts Receivable 400000 350000 50000 50000 Prepaid Insurance 36000 36000 36000 Due from Shareholder 10000 10000 10000 Inventory 350000 100000 50000 12500 37500 200000 Equipment 300000 300000 300000 Land 20000 10000 10000 10000 Building 180000 180000 180000 Accounts Payable 325000 350000 25000 25000 Unearned Revenue 50000 50000 25000 25000 Mortgage Payable 255 150000 149745 149745 Common Stock 500000 500000 500000 Sales 200000 600000 25000 625000 400000 Cost of Goods Sold 100000 300000 12500 312500 200000 Operating Expenses 260000 260000 10000 304750 Interest Expense 1000 1000 998 1998 Gain on Land 10000 10000 10000 Accrued Expenses Payable 10000 10000 Depreciation Expense-Equipment 30000 Accumulated Depreciation-Equipment 30000 30000 Depreciation Expense-Building 750 Accumulated Depreciation-Equipment 750 750 Bad Debt Expense 4000 Allowance for Doubtful Accounts 4000 4000 Interest Payable 998 998
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Sheet1 Page 2 3302255 3302255 1334745 1334745 83248.3 83248.3 1380493.3 1380493.3
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This note was uploaded on 04/29/2011 for the course ACCT 3001 taught by Professor Erickson during the Spring '10 term at University of Minnesota Duluth.

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ACCT 3101-Handout 1-Spring 2011-solution - Sheet1 Debit...

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