COMPREHENSIVE PROBLEM 3

COMPREHENSIVE PROBLEM 3 - COMPREHENSIVE PROBLEM 3 1. Jan. 2...

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Unformatted text preview: COMPREHENSIVE PROBLEM 3 1. Jan. 2 Petty Cash........................................................................ 800 Cash............................................................................ 800 Mar. 1 Office Supplies................................................................. 265 Miscellaneous Selling Expense........................................ 304 Miscellaneous Administrative Expense........................... 158 Cash............................................................................ 727 Apr. 5 Merchandise Inventory.................................................... 10,000 Accounts Payable....................................................... 10,000 May 5 Accounts Payable............................................................. 10,000 Cash............................................................................ 10,000 10 Cash.................................................................................. 8,480 Cash Short and Over........................................................ 10 Sales........................................................................... 8,490 June 2 Notes Receivable............................................................. 50,000 Accounts Receivable.................................................. 50,000 Aug. 1 Cash.................................................................................. 50,600 Notes Receivable....................................................... 50,000 Interest Revenue......................................................... 600* *$50,000 7.2% 60/360 = $600 3 Cash.................................................................................. 1,400 Allowance for Doubtful Accounts................................... 600 Accounts Receivable.................................................. 2,000 28 Accounts Receivable........................................................ 600 Allowance for Doubtful Accounts............................. 600 28 Cash.................................................................................. 600 Accounts Receivable.................................................. 600 Sept. 2 Land................................................................................. 118,200 Interest Expense............................................................... 1,800 Notes Payable............................................................. 120,000 Oct. 2 Office Equipment............................................................. 130,000 Accumulated DepreciationOffice Equipment.............. 35,000 Office Equipment....................................................... 96,000 Notes Payable.............................................................Notes Payable....
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This note was uploaded on 01/15/2012 for the course ACC 305 taught by Professor Williams during the Spring '11 term at University of Phoenix.

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COMPREHENSIVE PROBLEM 3 - COMPREHENSIVE PROBLEM 3 1. Jan. 2...

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