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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
During Year the business experienced the following events:
Signed a note with the bank in exchange for $ cash.
Purchased Land, a Building & remodeled the building for the following amounts: Land $; Building Remodel $
Purchased and installed freezer $
In the prior year, CIC sold a parcel of land and received in return cash and a note receivable of $ due January Year The note carries interest at the rate of $ of interest was recorded as of Dec year Record the remaining interest due and receipt of interest from the note receivable.
Recorded purchase of units of ice cream at $ each, on account.
Recorded sale of units of ice cream at $ each, on account.
Sold shares of the $ par common stock for $ per share.
Sold shares of the percent preferred stock for $ per share.
Recorded purchase of units of ice cream at $ each, on account.
Recorded sale of units of ice cream at $ each, on account.
Recorded cash payment of the storage and delivery bill for July Dec, $
Recorded cash payment to WT for wages for July Dec of $
Recorded receipt of $ from customers on account.
Recorded payment to the manufacturer of $ of the amount owed.
Completed a consulting job with My Assistant's new owners to help with year end financials in exchange for $ & a consulting job with a company similar to My Assistant as a startup vienture in exchange for $
Declared a $ per share dividend on the common stock. There were 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
Record depreciation on building.
Record depreciation on truck with a salvage value of $ and a useful life of years.
Record depreciation on freezer.
PART : For each of the above events perform the following:
PART : 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 eg 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 Do not leave cells blank.
Identify whether the company should report the event as Cash Flow from Operating, Investing, Financing, or a Noncash and the dollar amount. the type of cash flow is Noncash event then enter 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 eg Round your answer to the nearest whole number.
Event : Signed a note with the bank in exchange for $ cash.
Account
Amount $
Event :
Type of Cash Flow:
tableFinancingInvestingNoncash EventOperating
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