Chapter 3 - Student Version

Chapter 3 - Student Version - #$*0%$ 1...

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email protected]@VJ ! !:L7 FMFN R% '(4 !:L7 ,*0 [email protected]@V -%*-4<'&,; "1,34>%1+/ 0)""41 )* '413/ %" '(4 %AW4-')64 %" =)*,*-),; 14<%1')*.J OP<;,)*9 ;&'( A"&)B+,+ A2'C,#B C%',; X),A);)')4/ "%1 Y)-1%/%"'N :%1 OV7N S/4 A,/)- /(,14/ ! FGGZN [K\5KKG ! FGHGN [KZ5ZK\
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` /$/'43/9
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9/18/11 3 A22(3"'"- D%&"+&2'("+ ! C1,*/,-')%*/ ,14 4-%*%3)- 464*'/ '(,' 14?&)14 14-%10)*. )* '(4 =)*,*-),; /','434*'/9 ! a%' ,;; ,-')6)')4/ 14<14/4*' '1,*/,-')%*/ ! @//4'/5 ;),A);)')4/5 %1 /'%-+(%;041/2 4?&)'$ )'43/ -(,*.4 ,/ , 14/&;' %" /%34 4-%*%3)- 464*'9 ! R&,; 4""4-' %* '(4 ,--%&*')*. 4?&,')%*9 A"&)BO,"- D%&"+&2'("+ ! O,-( '1,*/,-')%* 3&/' A4 ,*,;$^40 )* '413/ %" )'/ 4""4-'/ %*N ! @//4'/ ! X),A);)')4/ ! 7'%-+(%;041/2 O?&)'$ ! C(4 '>% /)04/ %" '(4 A,/)- ,--%&*')*. 4?&,')%* 3&/' ,;>,$/ A4 4?&,;9 ! C(4 -,&/4 %" 4,-( -(,*.4 )* /'%-+(%;041/2 4?&)'$ 3&/' A4 )*0)-,'409 1. On October 1, cash of $10,000 is invested in Sierra Corporation by investors in exchange for $10,000 of common stock. 1. +10,000 +10,000 A22(3"'"- D%&"+&2'("+
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9/18/11 4 2. On October 1, Sierra borrowed $5,000 from Castle Bank by signing a 3-month, 12%, $5,000 note payable. 1. +10,000 +10,000 2. +5,000 +5,000 A22(3"'"- D%&"+&2'("+ 3. On October 2, Sierra purchased equipment by paying $5,000 cash to Superior Equipment Sales Co. 3. -5,000 +5,000 1. +10,000 +10,000 2. +5,000 +5,000 A22(3"'"- D%&"+&2'("+ 4. On October 2, Sierra received a $1,200 cash advance from R. Knox, a client. 4. +1,200 +1,200 3. -5,000 +5,000 1. +10,000 +10,000 2. +5,000 +5,000 A22(3"'"- D%&"+&2'("+
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9/18/11 5 5. On October 3, Sierra received $10,000 in cash from Copa Company for guide services performed. 4. +1,200 +1,200 5. +10,000 +10,000 3. -5,000 +5,000 1. +10,000 +10,000 2. +5,000 +5,000 A22(3"'"- D%&"+&2'("+ 6. On October 3, Sierra Corporation paid its office rent for the month of October in cash, $900. 4. +1,200 +1,200 5. +10,000 +10,000 6. -900 -900 3. -5,000 +5,000 1. +10,000 +10,000 2. +5,000 +5,000 A22(3"'"- D%&"+&2'("+ 7. On October 4, Sierra paid $600 for a one-year insurance policy that will expire next year on September 30. 4. +1,200 +1,200 5. +10,000 +10,000 6. -900 -900 7. -600 +600 3. -5,000 +5,000 1. +10,000 +10,000 2. +5,000 +5,000 A22(3"'"- D%&"+&2'("+
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9/18/11 6 8. On October 5, Sierra purchased supplies on account from Aero Supply for $2,500.
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