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Take home quiz 1

by: yusef55

Take home quiz 1 acct 211

Penn State
GPA 3.0

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Take home quiz 1 question and solutions
ACCTG 211 - Fin Mgl Acc Dec Mk
Class Notes
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This 4 page Class Notes was uploaded by yusef55 on Tuesday September 13, 2016. The Class Notes belongs to acct 211 at Pennsylvania State University taught by roosenberg in Fall 2016. Since its upload, it has received 6 views. For similar materials see ACCTG 211 - Fin Mgl Acc Dec Mk in Accounting at Pennsylvania State University.

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Date Created: 09/13/16
            Transactions Of firm in General Journal Form Date Description  Debit Credit March  Investment 50,000 1 Cash 50,000 Office equipment 15,000 Capital stock 15,000 Contribution of furniture in exchange of Capital Stock March  Office furniture 3,000 2  Cash 3,000 Paid credit expense  March  Liability Insurance 2,400 3 Liability Expense  2,400 Paid liability insurance  Rent expanse  4,500 Cash 4,500 Paid rent for March March  Office Supplies  2,000 5  Account Payable 2,000 Bought office supplies for cash March  Cash  10,000 8 Service Revenue  10,000 Paid for performed service March  Account Receivable  6,000 12  Service revenue  6,000 Performed service March  Salaries expense  1,000 15   Cash  1,000  Paid secretary his semi­monthly salary  March  Office Supplies  1,000 16  Account Payable  1,000 Purchased office on Account  March  Computer equipment  12,000 19 Promissory note 5,000  Cash 17,000 Bought promissory note, and notebook computers March  Phone bill  100 20 Utility expense  1,000 Utilities payable  1,100 Accrued utility liability March  Accounts Payable  1,500 21 Cash  1,500 Purchased Office copier March  Utility expense  100 28 Utility Payable  100 Paid phone bill which was on Jan 20 Cash  200 March  29 Accounts Payable  200 Paid for cleaning service March  Salary expense  1,000 31 Cash  1,000 Paid secretary’s semi­ monthly salary Cash  3,500  Account receivable  3,500 Received cash on account                                 Income statement  Assets Cash 41,700 Account Receivable 9,500 Supplies 33,000 Insurance 2,400 Investment 50,000 Notes receivable 5,000 Total Asset: 141,600 Liabilities Account Payable 9,000 Wages 2,000 Utility expense 2,400 Rent Expanse 4,500 Total Liability 17,900 Owners Equity Capitol Stock 15,000 Total liabilities and owner’s equity 32,900


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