Chapter_2_-_Class_Discussion_Solutions_Libby_4th_edition

Chapter_2_-_Class_Discussion_Solutions_Libby_4th_edition -...

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E2–3 Account Statement of Financial Position Classification Debit or Credit Balance 1. NCA Debit 2. SE Credit 3. NCL Credit 4. CA Debit 5. NCA Debit 6. SE Credit 7. NCA Debit 8. CL Credit 9. CA Debit 10. CL Credit 11. CA Debit 12. NCA Debit 13. CA Debit 14. CA Debit 15. NCA Debit 16. CL Credit
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E2–5 Event Assets = Liabilities + Shareholders’ Equity a. Cash +20,000 Share capital +20,000 b. Cash +6,000 Note payable +6,000 c. Land Cash +12,000 –1,000 Mortgage note payable +11,000 d. Note receivable Cash +300 –300 e. Cash –6,000 Note payable –6,000 f. Equipment Cash +8,000 –1,000 Notes payable +7,000 E2–13 a. Dividends declared (or Retained earnings) (-SE). ......................... 37,034 Dividend payable (+L). ............................................................ 37,034 b. No journal entry is required because there has been no transfer of cash or goods c. Dividends payable ( - L). ................................................................. 37,034
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This note was uploaded on 12/29/2011 for the course MANAGEMENT MGTB05 taught by Professor Georgequanfun during the Fall '11 term at University of Toronto.

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Chapter_2_-_Class_Discussion_Solutions_Libby_4th_edition -...

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