Lecture 2 Notes - Emcm mocmfim N 5320 “woo _mo_L_Bm__._...

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Unformatted text preview: Emcm mocmfim N 5320 “woo _mo_L_Bm__._ ncm bficzcoo .o @5932 u6:23 .n bzcm 233mm .m mm_a_o::n_ ncm mcozaEzwm< .N bSUm {@2056on .o mmzzfimj .n 3mmm< .m wEmEmE 9 $95 mocmfim U5 >>m_>._m>O .oomw .8 .Emano m8 .8 .0558 58 26: m w.mc.o .8: 3m H5 5550-th .>__mm .3 23.5 m cm; .8 8.8 m5 cmmfi 8 8.2mm mcEmmB m 53> 8.8.58? cm 8.9m F50 @880 .0 mm: 8.8.3 .8 ooodmw .8 .8 m 9:5 .9: 1mm 80 5:26-th .>__mm .2 59:8. $.38 .8 00% .8 wcSUmccmE 26: v 2280 98w 9:820 mtmEoE < .m Aflcsooom E 38:08. 80: 9889.3 cozommcm: m ._.02 w_ mm_c.o.q .wfiocm .8 39.288 mm_Eo.n_ .N 38.38% E 888m. 83 mcozommcm... Ema e mCOw—mecmfi. mm®C_m3m mwmcmaxw nmsbo< .m mscm>mm UwEmmcD .N wmwcmaxm 239m 9 “53> @330: mam: 2 BE mgcwcam Bcsooom m .5333: Io<m hwtm mocmfin E EmEE 63E cozmzcm mczcsooom 9:. .N .wficsOOON O>>H wu—Owtm COH—Owwcmfi b®>m ._\ 355 @829 .emgoioem + 82.53 u $32 1%. mum. 5 Swan 3530094 :0 Bmtm :9: 9.5 mcozommcmfi b 6 .6 5 Lo 5 + - + - - + 355 mLmEoiuem + .83:st n $32 mEzooom-._. .N 00—. 55.5 cor :an bEm .2501 .r “cozomwcm: m 989 B 96% 9:. 29m u :85 :3 u =an $35 $532, 95 mEsooom-._. £690 vcm m:an In a sentence or two, please explain what happened: Dividends 1,000 Cash 1 ,000 Computer 1 ,000 Contributed Capital 1,000 Prepaid Rent 1,000 Cash 1,000 Cash 1,000 Accounts Receivable 1,000 Mr. Lendecky’s Accounting 311 class decided to start their own business. They opened a sporting goods store in November 2006. The company’s name is 311 Inc. 311 Inc, has already been in business for 2 months. Here is the Balance Sheet as of December 31, 2006: 311 Inc Balance Sheet As of December 31, 2006 Assets Cash 20,000 Accounts Receivable — Mack Brown 13,000 Inventory (includes glove, bats, etc) 15,000 Investments 0 Equipment (including cash registers) 10,000 Company Truck 0 Land 200,000 Total Assets 258,000 Liabilities and Owner’s Eguig Liabilities Accounts Payable — Nice Catch, Inc 0 Uneamed Revenue 0 Notes Payable — Ford 0 Notes Payable — Bank of America 0 Owner’s Equity Contributed Capital 258,000 Total Liabilities and owner’s equity 258,000 The fol1owing transactions happened in January 2007: 1. On January 2nd , 311 Inc. purchased $5,000 of baseball gloves on account from Nice Catch, Inc. 311 Inc promised to pay Nice Catch, Inc back in 20 days. 2. On January 5th, 311 Inc bought another cash register for $1,000 in cash. On January 6‘“, Mack Brown paid $10,000 of the amount he owed to 31 1 Inc. 4. On January 10th, 311 Inc bought a company truck from Ford for $15,000. 311 Inc paid $4,000 cash for the truck and took out a note for the remainder. 5. On January 16‘“, Austin Independent School District paid 311 Inc $2,000 cash in advance for basketballs. 311 Inc will deliver the basketballs in March. 6. On January 17‘“, 73 students in 311 Inc contributed an additional $1,000 each. 7. On January 22‘“, 311 Inc paid Nice Catch, Inc the $5,000 it owed them for the baseball gloves. 8. On January 23“, 311 Inc borrowed $100,000 from Bank of America. 9. On January 24th, 311 Inc paid $3,000 in cash for Starbucks stock. 10. On January 28th, 311 Inc bought land to build a second store for $150,000 in cash. 0) T-accounts Cash Accounts Receivable — Mack Brown Inventory I W T Investments \Eqflniw 3%; Land Accounts Payable — Nice Catch Unearned Revenue Notes Payable — Ford Notes Payable — Bank of America Contributed Capital TTT Journal Entries 10. 311 Inc Balance Sheet As ofJanuary 31, 2007 Assets Cash Accounts Receivable — Mack Brown Inventory (includes glove, bats, etc) Investments Equipment (including cash registers) Company Truck Land Total Assets Liabilities and Owner’s Eguity Liabilities Accounts Payable — Nice Catch, Inc Unearned Revenue Notes Payable - Ford Notes Payable — Bank of America Owner’s Equity Contributed Capital Total Liabilities and owner’s equity ...
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This note was uploaded on 04/07/2008 for the course ACC 311 taught by Professor Charrier during the Fall '08 term at University of Texas at Austin.

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Lecture 2 Notes - Emcm mocmfim N 5320 “woo _mo_L_Bm__._...

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