ACC 290 Week 2 Individual Problems and Exercises ( A + Material )

ACC 290 Week 2 Individual Problems and Exercises ( A + Material )
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1. Stockholders invested $20,000 cash in the business.?(a)
2. Purchased equipment for $5,000, paying $1,000 in cash and the balance of $4,000 on account.
3. Paid $750 cash for supplies.
4. Earned $9,500 in revenue, receiving $4,100 cash and $5,400 on
account.
5. Paid $1,500 cash on accounts payable.
6. Paid $2,000 cash dividends to stockholders.
7. Paid $800 cash for rent.
8. Collected $450 cash from customers on account.
9. Paid salaries of $3,000.
10. Incurred $300 of utilities expense on account.

(b) Issued common stock $20,000
9,500??Service revenue
(2,000)?Dividends
Rent expense (800)
(3,000)?Salaries and wages expense
Utilities expense (300)
Increase in stockholders’ equity $23,400

9,500?(c) Service revenue $
Rent expense (800)
(3,000)?Salaries and wages expense
Utilities expense (300)
Net income 5,400?$

E3-9

General Journal
Date Account Titles Debit Credit
4?May Accounts Payable
Cash 700
700

7 Accounts Receivable
Service Revenue 6,800
6,800

8 Supplies
Accounts Payable 850?
850

9 Equipment
Cash 1,000
1,000…

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