I-02.07 Problem

I-02.07 Problem - but no action is required on those pages....

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I-02.07 There are numerous commercial accounting software packages, and they greatly simplify the drudgery of basic accounting tasks. Each software package has its unique features and strengths. Even a very basic spreadsheet can be developed to handle much of the day-to- day bookkeeping. This problem illustrates the benefits of an electronic system. You only need to select the transaction number and the account numbers you wish to debit or credit (in the shaded portions of the journal worksheet ) . Then, enter the dollar value for the debit. The rest will be automatic. Your assignment is to enter the following seven transactions in Lei Han Corporation's electronic journal worksheet , and print the resulting financial statements from the financials worksheet . You can view the T-accounts worksheet and trial balance worksheet if you wish,
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Unformatted text preview: but no action is required on those pages. Transaction Date Description Amount 701001 Jan. 3, 20X7 Issued capital stock for cash $25,000 701002 Jan. 5, 20X7 Purchased land for note payable 30,000 701003 Jan. 6, 20X7 Provided services on account 10,000 701004 Jan. 9, 20X7 Provided services for cash 5,000 701005 Jan. 10, 20X7 Collected cash on account 4,000 701006 Jan. 15, 20X7 Paid salaries with cash 7,000 701007 Jan. 16, 20X7 Recorded utilities expense incurred on account 2,000 Lei Han Corporation uses the following chart of accounts. 10001 Cash 10002 Accounts Receivable 10003 Land 20001 Accounts Payable 20002 Loan Payable 30001 Capital Stock 30002 Retained Earnings 40001 Revenues 40002 Interest Income 50001 Salaries Expense 50002 Utilities Expense 50003 Rent Expense 50004 Miscellaneous Expense 60001 Dividends...
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This note was uploaded on 02/29/2012 for the course ACCOUNTING 101 taught by Professor Hudack during the Spring '11 term at FIU.

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