Practice_Mid_Term1

C on february 1st 2008 medford corporation borrowed

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Unformatted text preview: c) On February 1st, 2008, Medford Corporation borrowed $10,000 from a local bank by signing a one-year, interest-bearing note. (d) On February 28th, 2008, Medford Corporation earned revenues for services performed this month: cash collected $40,000; on credit, $12,000. Expenses incurred: paid cash, $28,000; on credit, $7,000. (e) On March 1st, 2008, Medford Corporation paid the rest of the amount of the service truck it purchased as of transaction (b) in cash. (f) On June 1st, 2008, Medford Corporation collected $1,000 in advance for service to be provided next year. (g) On Sept.1st, 2008, Medford Corporation declared and paid a cash dividend, $2,000. Based on the above information, please answer the following questions from the Medford s point of view: (i) Can you say something about the beginning balance for Medford Corporation for year 2008? Exp...
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This note was uploaded on 11/01/2013 for the course BUS 70-122 taught by Professor Sunez during the Fall '11 term at Carnegie Mellon.

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