The following balance sheet data are given for Harvard Catering Service, a corporation, at May 31: Assume

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The following balance sheet data are given for Harvard Catering Service, a corporation, at May 31:

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Assume that on June 1 , the following transactions occurred:

June 1 Purchased additional equipment costing $\$ 26,000$, giving $\$ 2,000$ cash and a $\$ 24,000$ note payable. 2 Paid a cash dividend of $\$ 7,000$.

Required

a. Prepare a balance sheet as of May 31 .

b. Prepare a balance sheet as of June 2 .

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Financial Accounting For Undergraduates

ISBN: 9781618533081

4th Edition

Authors: Wallace

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Question Posted: May 16, 2024 05:02 AM

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The following balance sheet data are given for Harvard Catering Service, a corporation, at May 31: Assume

Question:

Accounts receivable. Notes payable... Equipment Supplies.. $30,300 Accounts payable. $ 5,200 20,000 Cash.. 12,200 60,000 Common stock. 62,500 16,400 Retained earnings ?

Step by Step Answer:

a Prepare a balance sheet as of May 31 Well start by calculating the total assets and total liabilit...View the full answer

Financial Accounting For Undergraduates

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