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Feb 7th Q - NAME PUID Please write your name in BLOCK...

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NAME: ___________________________ PUID _________________ Please write your name in BLOCK letters and in the format: Last name, First name. SI Session Solutions Feb 7 th 2011 JustInTime Corporation was organized on November 3, 2006 by a group of crafty entrepreneurs to provide clients with a wide array of timekeeping devices. Below is an interim balance sheet at November 31, 2006: JustInTime Corporation Balance Sheet as at November 31, 2006 Cash 2,100 Accounts payable 24,900 Accounts receivable 11,400 Rent Payable 3,700 Inventory 23,480 Capital Stock 7,380 Equipment 8,300 Retained Earnings 9,300 TOTAL: $45,280 TOTAL: $45,280 a. Prepare journal entries to record the following transactions for December 2006. December 2: Received contributions of $10,000 from each of the three owners of the business in exchange for shares of stock. December 3: Received $11,400 billed to clients for services performed during the second half of November. December 5: Purchased equipment for $12,000. The arrangement with the vendor requires a down payment of $2,500 with a balance due in 60 days.
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