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Unformatted text preview: 5/24: Billed the local park district $1,200 for in-line skating lessons provided to neighborhood kids. The park district is to pay one-half of the bill within five working days and the rest within 30 days. 5/28: Received 50% of the amount billed to the park district. 5/29 Paid wages of $160 to employees. 5/30: Customers rented in-line skates and bicycles for cash of $3,000. 5/31 Paid the balance due from the bicycle purchase on 5/2. Required: Prepare a table to summarize the preceding transactions as they affect the accounting equation. Use the format on the back of this page. Just Humming Along Corporation Transactions for the Month of May 2004: Assets = Liabilities + Stockholders' Equity Accounts Accounts Capital Retained Date Cash Receivable Equipment Payable Stock Earnings 5/1 Balance 5/2 Balance 5/9 Balance 5/15 Balance 5/17 Balance 5/24 Balance 5/28 Balance 5/29 Balance 5/30 Balance 5/31 Balance...
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This note was uploaded on 06/15/2011 for the course ACCT 23020 taught by Professor Dorff,p during the Spring '08 term at Kent State.
- Spring '08
- Financial Accounting