PowerPoint - Ch.3

Work out the journal entry in class and write on

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Unformatted text preview: rance expense Buildings and equipment Depreciation expense 3-37 A Question of Ethics – Role of CPA’s 3-38 Analyzing Some of Papa John’s Transactions (a) Papa John’s restaurants sold pizza to customers for $36,000 cash and sold $30,000 in supplies to franchised restaurants, receiving $21,000 cash with the rest due on account. Work out the Journal Entry in class and write on chalk board. 3-39 Analyzing Some of Papa John’s Transactions (a) Papa John’s restaurants sold pizza to customers for $36,000 cash and sold $30,000 in supplies to franchised restaurants, receiving $21,000 cash with the rest due on account. (a) Cash (+A) [$36,000 + $21,000] Accounts Receivable (+A) Restaurant S ales Revenue (+R, +S E) Assets = Liabilities + Cash Accounts Receivable +57,000 + 9,000 Debit 57,000 9,000 66,000 S tockholders' Equity Restaurant S ales Revenue (+R) Equality checks: 1.Debits $66,000 equal Credits $66,000, 2.The accounting equation is in balance. 3-40 Credit +66,000 Analyzing Some of Papa...
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