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During Year 2 , the business experienced the following events: Signed a note with the bank in exchange for $ 8 0 0 , 0

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During Year 2, the business experienced the following events:
Signed a note with the bank in exchange for $800,000 cash.
Purchased Land, a Building & remodeled the building for the following amounts: Land =$281,250; Building + Remodel =$438,750
Purchased and installed freezer $4,289
In the prior year, CIC sold a parcel of land and received in return cash and a note receivable of $10,000, due January 31, Year 2. The note carries interest at the rate of 8%$733 of interest was recorded as of Dec 31, year 1. Record the remaining interest due and receipt of interest from the note receivable.
Recorded purchase of 6,000 units of ice cream at $4,50 each, on account.
Recorded sale of 5,500 units of ice cream at $8.00 each, on account.
Sold 6,000 shares of the $1 par common stock for $10 per share.
Sold 4,000 shares of the 6 percent preferred stock for $150 per share.
Recorded purchase of 5,000 units of ice cream at $5,00 each, on account.
Recorded sale of 4,750 units of ice cream at $8.00 each, on account.
Recorded cash payment of the storage and delivery bill for July - Dec, $7,800.
Recorded cash payment to W.T. for wages for July - Dec of $3,000.
Recorded receipt of $45,000 from customers on account.
Recorded payment to the manufacturer of $28,000 of the amount owed.
Completed a consulting job with My Assistant's new owners to help with year end financials in exchange for $25,000 & a consulting job with a company similar to My Assistant as a startup vienture in exchange for $25,000.
Declared a $0.50 per share dividend on the common stock. There were 15,000 shares in beginning common stock.
Declared cash dividend on the outstanding shares of preferred stock for the year.
Paid dividends owed to stockholders of record on December 10.
Record depreciation on building.
Record depreciation on truck with a salvage value of $8,750 and a useful life of 5 years.
Record depreciation on freezer.
PART 1: For each of the above events perform the following:
PART 1: For each of the above events perform the following:
Record the transaction for each event.
Choose the appropriate balance sheet general ledger accounts to record the below transactions as they would appear in the accounting equation Enter any decreases as negative numbers with the negative sign (-)(e.g.,-10,000). Negative numbers will automatically convert to be within parentheses in the first part of the question. For the Effect on Retained Earnings and Net Income, enter decreases as negative numbers with the negative sign; however they will not show within parentheses. If the Effect on Retained Earnings or Net Income is zero enter 0. Do not leave cells blank.
Identify whether the company should report the event as Cash Flow from Operating, Investing, Financing, or a Non-cash and the dollar amount. the type of cash flow is Non-cash event then enter 0. Do not leave cells blank.
To record the event, select the appropriate account from the dropdown on the lefthand side column. In the righthand column enter the amount. For increases in the account input a positive number. For decreases in the account, input a negative number (e.g.-2,000. Round your answer to the nearest whole number.
Event 1: Signed a note with the bank in exchange for $800,000 cash.
Account
Amount ($)
Event 1:
Type of Cash Flow:
\table[[Financing],[Investing],[Non-cash Event],[Operating]]
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