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Required: Record the following transaction on the spreadsheet, total each columna. Issued 100 shares of common stock for $12 per share, par=$1, on Jan 15, 2011.b. On Feb. 5 purchased $5000 of Inventory on credit.c. Sold Inventory which cost $4000 for $7000 on Feb. 18.d. On March 1 paid rent for 1 year totaling $6000.e. On March 20 paid for the Inventory purchased in transaction (b).f. On April 7 received $7000 for services not yet performed.g. Paid salaries in the amount of $800 on April 26.h. On May 18 paid the utility bill of $500.i. On June 30, paid note plus 2% interest, this was a 6 month note.j. On July 8 received $5000 cash from customers who had purchased goods on credit.k. On August 24 purchased 50 shares of treasury stock for $500.l. Declared and paid a .20 per share dividend for common stock on September 30 at which time 21000 were issued and 250 shares were treasury.m. On Oct. 31 wrote off $75 of Accounts Receivable.The following information is needed for transactions that are made at year end, December 31, 2011:n. The building which cost $35,000, had a salvage value of $5000 and a life of 15 years, the company uses straight line depreciation.o. By year end all but $1000 in Unearned Revenue had been earned.p. Prepaid Rent must be adjusted.q. Management determined that the Allowance for Bad Debt account should have a $125 balance.
Q. Completing the accounting cycle? Subsequent to studying this chapter you should be able to - Recapitulate the steps in the accounting cycle. - Organize a work sheet fo
Q. What do you eman by Expenditure? Expenditure -- an expenditure takes place when something is attained for a business -- an asset isbought, salaries are paid and so on. An ex
Schedule of Accounts Payable Lists the balances of accounts payable ledger, and Accounts Payable controlling account demonstrates the total amount owed to ALL creditors. Th
Process Solutions provides a computer-based document processing service. The accountant has produced the following analysis. Standard Modifi
Dividing Partnership Income Desmond Drury and Ty Wilkins have decided to form a partnership. They have agreed that Drury is to invest $44,700 and that Wilkins is to invest $1
Q. Explain about Gross margin method? The steps in computing ending inventory under the gross margin method are - Estimate gross margin based on net sales using the similar
Glaser Services obtained 30% of the outstanding common stock of Nickels Company on January 1, 2008, by paying $864,180 for the 48,010 shares. Nickels stated and paid $0.50 per shar
This is due to every organization wants profit to operate, and as results the fmcg gods turn to have a moving market than that of the hardware goods, because the products does not
Billable expenses are those expenses incurred by you on behalf of your client in performing duties / supply and service. These expenses are recoverable from your customer by way of
After the closing entries are posted to the ledger, each revenue account will have a zero balance: a. a zero balance, b. a debit balance, c. a credit balance, or d. either a debi
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