# problem set 2_ - Assets Liabilities Cash 17,900 Notes...

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Xiangying Wu Problem Set #2 Problem One 1. 1.1 Inventories(A) \$1,500 Cash(A) \$1,500 1.2 Inventories(A) \$1,650 Accounts Payable(L) \$1,650 1.3equipment(A) \$1,200 Cash(A) \$300 Note Payable(L) \$900 1.4Account receivable(A)\$2,700 Equipment(A) \$2,700 1.5no Journal Entries 1.6Account payable(A) \$400 Unsatisfactory Shoes(A) \$400 1.7Account Payable(L) \$1,700 Cash(A) \$1,700 1.8cash(A) \$1,800 Account Receivable(A) \$1,800 1.9 Cash(A) \$5,800 Note Payable(A) \$5,800 1.10Cash(A) \$10,000 Common Stock(SE) \$10,000 1.11 No Journal Entries Cash(A) Inventories(A) Equipment(A) A/R(A) Beg Bal \$3,800 Beg Bal \$7,887 Beg Bal \$182,009 Beg Bal \$23,000 (8)\$1,800 (1)\$1,500 (1)\$1,500 (6)\$400 (3)\$1,200 (4)\$2,700 (4)\$2,700 (8) \$1,800 (9)\$5,800 (3)\$300 (2)\$1,650 Banlance \$180,509 Banlance \$23,900 (10)\$10,000 (7)\$1,700 Banlance \$10,637 Banlance \$17,900 Account Payable(L) Note Payable(L) Beg Bal \$11,575 Beg Bal \$4,718 (6)\$400 (2)\$1,650 (3)\$900 (7)\$1,700 (9)\$5,800 Banlance \$11,125 Banlance \$11,418 Common Stock(SE) Beg Bal \$196,805 (10)\$10,000 Banlance \$206,805 2. Nike,Inc.’S Balance Sheet On June 31, 1999(In Thousands)

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Unformatted text preview: Assets Liabilities Cash 17,900 Notes Payable 11,418 Accounts Receivable 23,900 Accounts Payable 11,125 Inventories 10,637 Other liabilities 3,598 Equipment and 180,509 other assets Owners’ Equity Owners’ equity 206,805 Total \$232,946 Total Liabilities and Equity \$232,946 Problem two 1. facilities rents fees \$1,200 Account payable \$1,200 2. Unearned revenue \$3,000 Diagnostic services fees \$3,000 3. Wages expense \$880 Wages payable \$880 4. Insurance expense \$2,250 Prepaid insurance \$2,250 5. Supplies expense \$22,900 Supplies \$22,900 Problem three A. Interest receivable \$225 Interest revenue \$225 B. Insurance expense \$90 Prepaid insurance \$90 C. Salaries expense \$1,500 Salaries payable \$1,500 Problem four 1. Account payable \$98,000 Cash \$98,000 (a) O/S (b) NE (c) NE 2. Cash \$380,000 Interests earned \$380,000 (a) U/S (b)U/S (c)U/S 3. Salary expense \$46,000 Wage payable \$46,000 (a) NE (b) O/S (c) O/S...
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problem set 2_ - Assets Liabilities Cash 17,900 Notes...

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