ch02_icp - ICP 2-1 a. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11....

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ICP 2-1 a. 1. Cash $30,000 Common Shares $30,000 2. Cash 100,000 Bank Loan 100,000 3. Cash 40,000 Short-term loan 40,000 4. Equipment 90,000 Cash 90,000 5. Prepaid insurance 1,200 Cash 1,200 6. Inventory 60,000 Cash 10,000 Accounts Payable 50,000 7. Prepaid rent 5,000 Cash 5,000 8. Furniture 15,000 Accounts Payable 15,000 9. Cash 10,000 Unearned revenues 10,000 10. Prepaid advertising 1,500 Cash 1,500 11. Short-term investments 50,000 Cash 50,000
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b. Assets SFP Liabilities & Equity Cash Short-term Investments Accounts Payable 1 30,000 90,000 4 11 50,000 50,000 6 2 100,000 1,200 5 15,000 8 3 40,000 10,000 6 65,000 B 9 10,000 5,000 7 1,500 10 50,000 11 Inventory Short-term loan B 22,300 6 60,000 40,000 3 Prepaid Insurance Bank Loan 5 1,200 100,000 2 Prepaid Advertising Prepaid Rent Common Stock 10 1,500 7 5,000 30,000 1 Equipment Furniture Unearned Revenues 4 90,000 8 15,000 10,000 9 c. Morrissey Company Trial Balance as at April 30, 20x5 Debit Credit Cash $ 22,300 Short-term Investments
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This note was uploaded on 01/26/2012 for the course BUSI 1004 taught by Professor Ouafasakka during the Spring '11 term at Carleton CA.

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ch02_icp - ICP 2-1 a. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11....

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