Mgmt 200 Assignment Soln 1-21-11

Mgmt 200 Assignment Soln 1-21-11 - ) March 31 Dividends 100...

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Management 200 – Introductory Financial Accounting– Spring 2011 Krannert School of Management - Purdue University Solutions to class assignment for January 21, 2011 Problem 2-8A Requirement 1: March 1 Debit Credit Cash 2,000 Common Stock 2,000 ( Issue common stock ) March 3 Equipment 1,700 Notes Payable 1,700 ( Purchase equipment with note payable ) March 5 Rent Expense 500 Cash 500 ( Pay rent for current month ) March 7 No entry March 12 Supplies 120 Accounts Payable 120 ( Purchase sewing supplies on account ) March 15 Cash 700 Service Revenue 700 ( Provide services for cash ) March 19 Cash 600 Unearned Revenue 600 ( Receive cash in advance from customer ) March 25 Unearned Revenue 600 Service Revenue 600 ( Provide services to customer ) March 30 Utilities Expense 85 Cash 85 ( Pay utilities for current month
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Unformatted text preview: ) March 31 Dividends 100 Cash 100 ( Pay dividends ) Requirements 2 and 3: Cash Supplies Equipment 2,000 500 120 1,700 700 85 120 1,700 600 100 2,615 Accounts Payable Unearned Revenue 120 600 600 120 Notes Payable Common Stock Dividends 1,700 2,000 100 1,700 2,000 100 Service Revenue Rent Expense Utilities Expense 700 600 500 85 1,300 500 85 Requirement 4: Ute Sewing Shop Trial Balance March 31 Account Title Debit Credit Cash $2,615 Supplies 120 Equipment 1,700 Accounts payable $ 120 Unearned revenue Notes payable 1,700 Common stock 2,000 Dividends 100 Service revenue 1,300 Rent expense 500 Utilities expense 85 Totals $5,120 $5,120...
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Mgmt 200 Assignment Soln 1-21-11 - ) March 31 Dividends 100...

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