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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