Solution_Chpt02_partb - Chapter 2_b E23. Account (1) Land...

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Chapter 2_b E2–3. Account Balance Sheet Categorization Debit or Credit Balance (1) Land NCA Debit (2) Retained Earnings SE Credit (3) Taxes Payable CL Credit (4) Prepaid Expenses CA Debit (5) Contributed Capital SE Credit (6) Long-term Investments NCA Debit (7) Machinery and Equipment NCA Debit (8) Accounts Payable CL Credit (9) Short-term Investments CA Debit (10) Notes Payable (due in 3 yrs) NCL Credit E2–7. Req. 1 a. Buildings (+A). ...................................................................... 182.0 Equipment (+A) . ................................................................... 21.9 Cash ( - A). ........................................................................ 48.1 Note payable (+L) . .......................................................... 155.8 b. Cash (+A). ............................................................................. 253.6 Contributed capital (+SE). ............................................... 253.6 c. Retained earnings ( - SE). ...................................................... 179.2 Dividends payable (+L). .................................................. 179.2 d. Investments (+A). ................................................................. 400.8 Cash ( - A). ........................................................................ 400.8 e. No journal entry required. f. Cash (+A). ............................................................................. 1.4 Investments ( - A). ............................................................. 1.4 Req. 2 1
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The separate-entity assumption states that transactions of the business are separate from transactions of the owners. Since transaction (e) occurs between the owners and others in the stock market, there is no effect on the business. P2–5. Req. 1 a. Cash (+A). ............................................................................. 200 Contributed capital (+SE). ............................................... 200 b. Cash (+A). ............................................................................. 30 Long-term liabilities (+L). ................................................. 30 c. Long-term investments (+A). ................................................ 2,600
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This note was uploaded on 02/10/2012 for the course ACCT 2301 taught by Professor Li during the Fall '09 term at University of Central Florida.

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Solution_Chpt02_partb - Chapter 2_b E23. Account (1) Land...

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