assignment ch 1-2

assignment ch 1-2 - Syed Abdullah Mannan Introduction to...

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Syed Abdullah Mannan Introduction to Financial Accounting Date: 09-08-2011 Chapter 1 1-28 Nov 2 nd - end up fixing something in the store so store fixtures went up and account payable went up. Nov 3 rd - the owner end up taking some cash out for personal use so cash went down so owner’s equity wet down. Nov 4 th - end up selling $5,000 worth of computer inventory so his accounts payable went down means he owe less money i.e. from $8,000 to $3,000. Nov 5 th - invested $7,000 more in computer inventory which directly increases owner’s equity. Nov 8 th - paid $500 in bills from cash money. Nov 9 th - spent $3,500 in fixtures then paid $1,000 of those fixtures with cash and put the rest towards accounts payable. Nov 10 th - return some store fixtures worth of $300 which helped accounts payable reducing some of the remaining balance. 1-42 a. Total Assets = Cash + inventories + property, plant and equipment + other assets 20,784 = ? + 4,634 + 10,046 + 5,589 so, Cash = 515 b. Total Liabilities = long-term debt + merchandise accounts payable + other liabilities
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This note was uploaded on 11/02/2011 for the course LAW 501 taught by Professor White during the Spring '11 term at Oklahoma Christian.

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assignment ch 1-2 - Syed Abdullah Mannan Introduction to...

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