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Unformatted text preview: Demo Problem for Chapter 2 On April 1, 2003, three ambitious college students started Terrific Lawn Maintenance Corporation. A summary of transactions completed through April 30, 2003, for Terrific Lawn Maintenance Corporation follows: (a ) Issued 500 shares of stock (1,500 shares in total) to each of the three investors in exchange for $9,000 cash. (b ) Acquired rakes and other hand tools (equipment) with a list price of $690 for $600; paid the hardware store $200 cash and signed a note for the balance. (c) Ordered three lawn mowers and two edgers from XYZ Lawn Supply, Inc., for $4,000. (d ) Purchased 4 acres of land for the future site of a storage garage. Paid cash, $5,000. (e ) Received the mowers and edgers that had been ordered, signing a note to pay XYZ Lawn Supply in full in 30 days....
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This note was uploaded on 11/03/2011 for the course AEM 2210 at Cornell University (Engineering School).