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class problem

by: Zijie Zhao

class problem MGMT350

Marketplace > Purdue University > MGMT350 > class problem
Zijie Zhao
MGMT 350

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About this Document

MGMT 350
Class Notes
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This 2 page Class Notes was uploaded by Zijie Zhao on Sunday March 8, 2015. The Class Notes belongs to MGMT350 at Purdue University taught by Ted in Spring2015. Since its upload, it has received 55 views.


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Date Created: 03/08/15
PRACTICE 2 17 ADJUSTING ENTRIES Unearned Service Revenue Service Revenue 480012 400 per month amount earned 400 x 11 months 4400 2 32 My solution Change in Assets 85 18 5 1458 Change in Liabilities 44 2 40 2 Implied Change in Equity 85 44 41 4400 Change in Equity can come from Contributed Capital and Retained Earnings Change in contributed capital 47 32 15 Change in Retained Earnings Net Income Dividends Declared NI 20 This implies 41 So N14 Alternatively here is the textbook solution Changes in Account Balances Debit Cash 18000 Accounts receivable Inventory 14000 Equipment 58000 Accounts payable Loans payable Interest payable Contributed capital 32000 15000 Retained earnings or Dividends 20000 1 10000 Increase in net assets or net income 1 10000 1 10000 4400 Credit 5000 2000 40000 2000 47000 96000 14000 2014 Cengage Learning All Rights Reserved May not be scanned copied or duplicated or posted to a publicly accessible website in Whole or in part


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