Mgmt 200 Assignment Soln 1-29-10

Mgmt 200 Assignment Soln 1-29-10 - April 8 Land 20,000...

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Management 200 – Introductory Financial Accounting– Spring 2010 Krannert School of Management - Purdue University Solutions to class assignment for January 29, 2010 Exercise 3-8 Trial Balance SPENCER CORPORATION TRIAL BALANCE DECEMBER 31, 2008 Dr. Cr. Cash $ 10,500 Accounts Receivable 5,325 Office Supplies 500 Land 50,000 Automobiles 9,200 Buildings 150,000 Equipment 85,000 Accounts Payable $ 7,650 Income Taxes Payable 2,500 Notes Payable 90,000 Capital Stock 100,000 Retained Earnings 110,025 Commissions Revenue 12,750 Interest Revenue 1,300 Commissions Expense 2,600 Heat, Light and Water Expense 1,400 Income Tax Expense 1,700 Office Salaries Expense 6,000 Dividends 2,000 ______ Totals $ 324,225 $ 324,225
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Exerc ise 3-14 Journal Entries April 1 Cash 100,000 Capital Stock 100,000 Issued 100,000 shares of capital stock. April 4 Cash 50,000 Notes Payable 50,000 Issued 6 month, 9% promissory note for cash.
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Unformatted text preview: April 8 Land 20,000 Buildings 60,000 Cash 80,000 Purchased land and a storage shed. April 10 Mowing Equipment 25,000 Cash 10,000 Accounts Payable 15,000 Purchased mowing equipment with down payment and remainder due by end of month. April 18 Accounts Receivable 5,500 Service Revenue 5,500 Billed customers for services provided on account; amounts due within 10 days. April 27 Accounts Payable 15,000 Cash 15,000 Paid remaining balance due on open account for purchase of mowing equipment. April 28 Cash 5,500 Accounts Receivable 5,500 Collected cash on open accounts. April 30 Accounts Receivable 9,850 Service Revenue 9,850 Billed customers for services provided on account. April 30 Salary and Wage Expense 4,650 Cash 4,650 Paid April payroll....
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This note was uploaded on 04/04/2012 for the course MGMT 200 taught by Professor Greigg during the Spring '08 term at Purdue University-West Lafayette.

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Mgmt 200 Assignment Soln 1-29-10 - April 8 Land 20,000...

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