SOLUTION Problem 1-1

SOLUTION Problem 1-1 - 200 I put in cash 350 Note Payable Jones End Bal 0 I put in cash 200 Dr Cr Pmt to G Jones 250 Beg Bal 0 Pmt to G Smith 300 G

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Problem 1-1 Solution -- The Coffee Can Accounting System Assets = Liabilities + Owners' Equity + + + Cash Note Payable - Smith My Equity Dr. Cr. Dr. Cr. Dr. Cr. Beg. Bal. 0 Beg. Bal. 0 Beg. Bal. 0 I put in cash 75 G. Smith cash in 300 I put in cash 75 I put in cash 125 Pmt to G. Smith 300 I put in cash 125 G. Smith cash in 300 End. Bal. 0 I take cash out 750 G. Jones cash in 250 I put in cash 350 I take cash out 750 + I put in cash
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 200 I put in cash 350 Note Payable - Jones End. Bal. 0 I put in cash 200 Dr. Cr. Pmt to G. Jones 250 Beg. Bal. 0 Pmt to G. Smith 300 G. Jones cash in 250 End. Bal. 0 Pmt to G. Jones 250 End. Bal. 0 Problem 1-1 Solution (continued) Trial Balance Account Name Debit Credit Cash 0 Note Payable - Smith 0 Note Payable - Jones 0 My Equity 0 Total 0 0...
View Full Document

This note was uploaded on 10/20/2011 for the course ACC 221 taught by Professor Wiegand during the Spring '08 term at Miami University.

Page1 / 2

SOLUTION Problem 1-1 - 200 I put in cash 350 Note Payable Jones End Bal 0 I put in cash 200 Dr Cr Pmt to G Jones 250 Beg Bal 0 Pmt to G Smith 300 G

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online