Excel-ch03 - Exercise 3 8 General Journal Entries July 2 Cash Capital Stock Issued 2,000 shares of capital stock 4 Equipment Cash Notes Payable

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Exercise 3 - 8 General Journal Entries: July 2 Cash 400,000 Capital Stock 400,000 Issued 2,000 shares of capital stock. 4 Equipment 80,000 Cash 60,000 Notes Payable 20,000 Purchased equipment with 75% cash and 25% on a note payable. 5 Utilities Expense 3,500 Cash 3,500 Paid utilities. 9 Cash 12,500 Equipment 12,500 Sold equipment at no gain or loss. 13 Inventory 300,000 Cash 120,000 Accounts Payable 180,000 Purchased inventory, 60% on account, 40% cash. 14 Insurance Expense 7,500 Cash 7,500 Paid insurance premium. 18 Accounts Receivable 62,000 Sales Revenue 62,000 Sold merchandise on account. Cost of Goods Sold 45,000 Inventory 45,000 Cost of merchandise sold. 20 Cash 4,000 Accounts Receivable 4,000 Collected accounts receivable. 24 Cash 55,000 Sales Revenue 55,000 Sold merchandise for cash. Cost of Goods Sold 36,000 Inventory 36,000 Cost of merchandise sold. 27 Property Tax Expense 1,400
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Cash 1,400 Paid property taxes. 30 Accounts Payable 180,000 Cash 180,000 Paid accounts payable.
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Exercise 3 - 9 Cash Accounts Receivable Equipment 7/2 400,000 7/4 60,000 7/18 62,000 7/20 4,000 7/4 80,000 7/9 12,500 7/9 12,500 7/5 3,500 7/20 4,000 7/13 120,000 7/24 55,000 7/14 7,500 7/27 1,400 7/30 180,000 Bal. 99,100 Bal. 58,000 Bal. 67,500 Inventory Accounts Payable Notes Payable 7/13 300,000 7/18 45,000 7/30 180,000 7/13 180,000 7/4 20,000 7/24 36,000 Bal. 219,000 Bal. - Capital Stock Sales Revenue Utilities Expense 7/2 400,000 7/18 62,000 7/5 3,500 7/24 55,000 Bal. 117,000 Property Tax Expense Cost of Goods Sold Insurance Expense 7/27 1,400 7/18 45,000 7/14 7,500 7/24 36,000 Bal. 81,000
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Problem 3 - 5 1. (a) Cash 20,000 Inventory 37,000 Land 25,500 Building 160,000 Equipment 12,500 Notes Payable 5,000 Capital Stock 250,000 (b) Cash 15,000 Accounts Receivable 30,000 Sales Revenue 45,000 Cost of Goods Sold 30,000 Inventory 30,000 (c) Notes Payable 5,000 Interest Expense 300 Cash
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This note was uploaded on 06/20/2011 for the course ECON 123 taught by Professor Mrews during the Spring '11 term at Korea Advanced Institute of Science and Technology.

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Excel-ch03 - Exercise 3 8 General Journal Entries July 2 Cash Capital Stock Issued 2,000 shares of capital stock 4 Equipment Cash Notes Payable

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