UCB+UGBA102A+Topic02+Slides+Appendix

UCB+UGBA102A+Topic02+Slides+Appendix - Accounting System:...

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Accounting System: Transaction Analysis UGBA102A Introduction to Financial Accounting Appendix
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UGBA102A Dennis Geyer 2 Review Problem 2 Denzil Puckett launched his own medical marketing firm, MedWatch. The first transactions for his company in June are as follows: 6/1 Invested $4,000 in 4,000 shares of $1 par value common stock. 6/3 Paid $600 for June office rent. 6/12 Purchased $400 of computer equipment on credit; made a 50% downpayment. 6/15 Created a brochure for a client for $300 on account. 6/18 Made a payment of $50 on the equipment purchased on June 12. 6/27 Paid a utility bill for $35. Required: Record each transaction in a T account, create a trial balance and answer the following questions. 1. What are the total assets at the end of June? 2. What are the total liabilities at the end of June? 3. What total expenses did MedWatch incur in June?
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Dennis Geyer 3 Review Problem 2 Total Assets = $3,815 [Cash = $4,000 - $600 - $200 -$50 - $35] [Cash $3,115 + A/R $300 + Computer $400]
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UCB+UGBA102A+Topic02+Slides+Appendix - Accounting System:...

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