Group Assignment and Articulation - Accy201Discussion...

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Click to edit Master subtitle style Group Assignment and Articulation Accy 201 Discussion 11.5.2010
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Announcements Quick Business Survey Extra Credit Columns The Informant Movie EC Extra Credit Lectures after Thanksgiving Break AP Question #16 on page 204 Thanksgiving Break
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Agenda Group Assignment Due Today Journal Entry Assignment Friday’s Quiz Grading Articulation Slides for Selected AP problems
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Transaction A Issued 150,000 shares of $1-par value common  stock for $600,000 in cash.  cash 600,000 $ common stock 150,000 $ additional paid-in capital 450,000 $ Assets Liabilities Equities + 600,000 NE + 600,000
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Transaction B Signed a promissory note with the Bank.  Received  $1,000,000 from the Bank on a 10-year 6 percent  unsecured loan.  cash 1,000,000 $ notes payable 1,000,000 $ Assets Liabilities Equities + 1,000,000 + 1,000,000 NE
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Transaction C Acquired merchandise with the list price of $90,000  on account from suppliers.  inventory-merchandise 90,000 $ accounts payable 90,000 $ Assets Liabilities Equities + 90,000 + 90,000 NE
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Transaction D Acquired display fixtures with a list price of  $49,000.  It deducts an $1,000 discount and pays  the net amount in cash.  The firm treats cash  discounts as a reduction in the acquisition cost of  equipment.  equipment 48,000 $ cash 48,000 $ Assets Liabilities Equities NE NE NE
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Transaction E Paid freight charges of $500 for delivery and set up  of the fixtures in (5).  equipment 500 $ cash 500 $ Assets Liabilities Equities NE NE NE
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Transaction F Discovered that merchandise with a list price of $1,200  are defective and returns them to the supplier for full  credit.  The merchandise had been purchased on  account [see (3)], and no payment had been made as of  the time that the goods were returned.  accounts payable 1,200 $ inventory-merchandise 1,200 $ Assets Liabilities Equities - 1,200 - 1,200 NE
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Transaction G Obtained a building and liability insurance coverage  from Northwest Insurance Company.  The two-year  policy, beginning July 1, carries a $7,200 premium  that has not yet been paid.  no entry Assets Liabilities Equities NE NE NE
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Transaction H Paid invoices for merchandise purchased in (c) with an  original list price of $50,000.  The company deducted a  discount of 2 percent for prompt payment.  The company  treats cash discounts as a reduction in the acquisition cost  of merchandise inventory. accounts payable $ 50,000 cash $ 49,000 inventory-raw mat'ls $ 1,000 Assets Liabilities Equities - 50,000 - 50,000 NE
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Signed a contract with a customer for $30,000 of  merchandise that Clothier expects to receive  from a supplier next month.  The customer  advances $5.000 toward the contract price. cash
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This note was uploaded on 09/19/2011 for the course ACCY 30118 taught by Professor Curtis during the Spring '10 term at University of Illinois at Urbana–Champaign.

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Group Assignment and Articulation - Accy201Discussion...

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