131S2008BP2 solution

131S2008BP2 solution - To Professor Kochanek From Michael...

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To: Professor Kochanek From: Michael Bartone   ID: 1494386   Signature: ____________________________ 1. Unadjusted Trial Balance: $89,200 Accounts receivable 9,175 Equipment 27,000 Merchandise Inventory (1/1/2007) 4,000 Cash 13,225 Land 7,200 Prepaid Rent 10,000 Accounts Payable 5,500 Long-term debt 22,500 Unearned Revenue 900 Sales Revenue 33,000 Salary Expense 8,000 Sales Discounts 500 Purchases 9,800 Transportation In 300 Purchase Returns 100 Common Stock 18,000 Retained Earnings (1/1/2007) 9,200 89,200 89,200 2. Depreciation Expense 2,500 Accumulated Depreciation 2,500 Unearned Revenue 300 Sales Revenue 300 Salaries Expense 400 Salaries Payable 400 Rent Expense 4,000 Prepaid Rent 4,000
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3. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2007 Gross Sales Revenue 33,300 Deduct: Sales Discounts 500 Net Sales Revenue 32,800 Cost of Goods Sold: Merchandise Inventory (1/1/07) 4,000 Purchases 9,800 Transportation In 300 Gross Delivered Cost of Purchases 10,100 Deduct: Purchases Returns
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This note was uploaded on 04/07/2008 for the course ACCT 131 taught by Professor Dickkochanek during the Spring '08 term at UConn.

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131S2008BP2 solution - To Professor Kochanek From Michael...

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