Chapter 3 - Student Version

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

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` /\$/'43/9
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'("+
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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