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MBA541 final project

MBA541 final project - 2010 Ending Balances DEBITS CREDITS...

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2010 Ending Balances DEBITS CREDITS Cash 17,000 Marketable Securities 2,000 Accounts Rec. 14,000 Allowance for Bad Debt 2,000 Inventory 15,000 Prepaid Insurance 5,000 Land 30,000 Building 150,000 Accumulated Dep. - Building 45,000 Equipment 100,000 Accumulated Dep. - Equipment 20,000 Accounts Payable 9,000 Salaries Payable Unearned Revenue 2,000 Interest Payable Income Taxes Payable 3,000 Note Payable Bonds 100,000 Common Stock 50,000 Additional Pd-in-Capital 80,000 Retained Earnings 22,000 333,000 333000
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None of the below journal entries have been posted: Debits Credits 1. Accounts Rec. 310000 Sales 310000 2. Cost of Goods Sold 186000 Inventory 186000 3. i. Cash 190000 Accounts Rec. 190000 3.ii. Allowance for Bad Debts 4000 Accounts Rec. 4000 3.iii. Bad Debt Expense 9300 AR Allowance for Bad Debts 9300 14000 310000 190000 4.i. Inventory 180000 4000 Accounts Payable 180000 130000 Accounts Payable 9000 180000 4.ii. Accounts Payable 12000 168000 Cash 12000 12000 5. Equipment 20000 Cash 20000 Depreciation Expense 23000 Accum. Deprec. 23000 6. Depreciation Exp. - Build. 5000 Accum. Deprec. 5000 7. Cash 1200 Mkt. Securities 1000 Gain 200 8. Salaries Expense 26400 Cash 25300 Salaries Payable 1100 9. Cash 55000 Note Payable 55000 Interest Expense 1100 Interest Pay. 1100 10. Bond Interest Expense 10000 Cash 10000 11. Cash 30000 Common Stock 10000 Paid in Capital 20000 12. Prepaid Insurance 18000 Cash 18000 Insurance Expense 18000 Prepaid Insurance 18000 13. Treasury Stock 29000 Cash 29000 14. Income Taxes Payable 3000 Cash 3000 Income Tax Expense 11110 Income Taxes Payable 11110 15. Dividends 3000 Cash 3000 16. Unearned Revenue 2000 Revenue 2000 § Sales for 2011 are $310,000. All sales are on credit. § Gross Margin ratio is 40 percent. § $190,000 of the accounts receivable is paid by the end of the year (the remaining balance remains on the balance sheet). § $4,000 of A/R is written off during the year.
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