Unformatted text preview: the purchase price. g. Borrowed $50,000 from the bank during December. The note matures in November of 2011. h. Completed negotiations to purchase additional equipment in 2011. The purchase price is expected to be $22,500. INSTRUCTIONS: A. Prepare journal entries for each transaction (list letter, then the accounts and amounts debited and credited- in good form) For example: Acquired Equipment for cash of $10,000. (do not enter this) Example: Equipment +A 10,000 Cash -A 10,000 a. ??????? ?????? etc. B. Create T accounts for each account, put in the beginning balances given above on the correct debit or credit side of the account. C. Post the effects of the transactions for 2010 to the T accounts affected. (Like example on Exhibit 2-7, P. 65 in textbook) D. Prepared a classified balance sheet. (see page 70 in textbook)...
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- Spring '10
- Balance Sheet, Generally Accepted Accounting Principles, purchase price, Prepare journal entries, outstanding accounts