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GL 1 2 0 1 ( Algo ) - Based on Exercise 1 2 - 1 1 LO P 2 , P 3 , A
GLAlgo Based on Exercise LO P P A
Use the following financial statements and additional information. Additional Information
a A $ note payable is retired at its $ carrying book value in exchange for cash.
b The only changes affecting retained earnings are net income and cash dividends paid.
c New equipment is acquired for $ cash.
d Received cash for the sale of equipment that had cost $ yielding a $ gain.
e Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement.
f All purchases and sales of inventory are on credit. Reconstruct the journal entry for cash receipts from customers, incorporating
the change in the related balance sheet accounts if any.
Note: Enter debits before credits. Journal entry worksheet
dots.
Reconstruct the journal entry for cash payments for inventory, incorporating the change in the related balance sheet accounts if any.
Note: Enter debits before credits.
tableDateAccount Title,Debit,CreditJune Journal entry worksheet
Reconstruct the journal entry for depreciation expense, incorporating the change in the related balance sheet accounts if any.
Note: Enter debits before credits.
tableDateAccount Title,Debit,CreditJune
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