Mgmt 200 Assignment Soln 2-1-10

Mgmt 200 Assignment Soln 2-1-10 - Management 200...

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Management 200 – Introductory Financial Accounting– Spring 2010 Krannert School of Management - Purdue University Solutions to class assignment for February 1, 2010 Problem 3-12 Journal Entries, Trial Balance, And Financial Statements 1. Journal entries: Jan. 2 Cash 100,000 Capital Stock 100,000 Issued 100,000 shares of capital stock for cash. Jan. 3 Warehouse 60,000 Land 20,000 Cash 80,000 Purchased warehouse and land for cash. Jan. 4 Cash 50,000 Notes Payable 50,000 Signed three-year promissory note at Third State Bank. Jan. 6 Delivery Trucks 45,000 Cash 45,000 Purchased five new delivery trucks for cash. Jan. 31 Accounts Receivable 15,900 Service Revenue 15,900 Performed services during month on account. Jan. 31 Cash 7,490 Accounts Receivable 7,490 Received cash from customers on account. Jan. 31 Gas and Oil Expense 3,230 Accounts Payable 3,230 Purchased gas and oil on account.
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2. BLUE JAY DELIVERY SERVICE TRIAL BALANCE JANUARY 31, 2008 Dr. Cr. Cash
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Mgmt 200 Assignment Soln 2-1-10 - Management 200...

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