W7_lecture_exercise

W7_lecture_exercise - David Patton Tax Law Consultancy uses...

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David Patton Tax Law Consultancy uses accrual accounting to prepare financial statements on a monthly basis, and maintains the following chart of accounts: Cash, A/cs Receivable, Office Supplies, Prepayments, Office Equipment, A/cs Payable, Bank Loan, Share Capital, Profit & Loss a/c, Fees Revenue, Drawings, Rent Expense, Utilities Expense, Supplies Expense, Travel Expenses, Bad Debts Expense, Interest Expense, Tax Expense. On 1 August 2009 , David Patton showed the following opening balances: Cash $7,700; A/cs Receivable $2,700; Office Supplies $700; Prepayments $650; Office Equipment $9,700; A/cs Payable 8,100; Bank Loan $5,000. A list of transactions occurred during August 2009 are provided below. Analyse the transactions using a worksheet and prepare financial statements for August 2009: Aug 1 A trade debtor pays $2,500 owed. Aug 3 Cash received $5,700 for services provided worth of $12,500; the remaining was provided on credit. Aug 5
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This note was uploaded on 09/06/2011 for the course ECON 1001 at University of Sydney.

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W7_lecture_exercise - David Patton Tax Law Consultancy uses...

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