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Assignment for Chapter 1

# Assignment for Chapter 1 - balance on account 5 Paid...

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ACCT 2111 Introductory Financial Accounting Assignment for Chapter 1 Apollo Bacchus opened a law office, Apollo Bacchus, Attorney at Law, on July1, 2008. On July 31, the balance sheet showed Cash \$12,000, Accounts Receivable \$4,500, Supplies \$1,500, Office Equipment \$15,000, Accounts Payable \$12,600, and Common Stock \$18,000, and Retained Earnings \$2,400. During August the following transactions occurred. 1. Collected \$4,200 of accounts receivable. 2. Paid \$8,100 cash on accounts payable. 3. Earned revenue of \$27,000 of which \$9,000 is collected in cash and the balance is due in September. 4. Purchased additional office equipment for \$3,000, paying \$1,200 in cash and the
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Unformatted text preview: balance on account. 5. Paid salaries \$9,000, rent for August \$2,700, and advertising expenses \$1,050. 6. Paid cash dividend of \$2,250. 7. Received \$6,000 from National Bank - money borrowed on a note payable. 8. Incurred utility expenses for month on account \$750. Instructions (a) Prepare a tabular analysis of the August transactions beginning with July 31 balances. The column headings should be as follows: Cash + Accounts Receivable + Supplies + Office Equipment = Notes Payable + Accounts Payable + Common Stock + Retained Earnings (b) Prepare an income statement for August, a retained earnings statement for August, and a balance sheet at August 31....
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