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PLEASE USE THE FOLLOWING ACCOUNT BALANCE : January 15 Issued 5,000 shares of $1 par common stock for $50,000 cash. January 31 Collected $3,000 from
PLEASE USE THE FOLLOWING ACCOUNT BALANCE :
January 15 | Issued 5,000 shares of $1 par common stock for $50,000 cash. |
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January 31 | Collected $3,000 from customers on account. |
February 15 | Reacquired 3,000 shares of $1 par common stock into treasury for $33,000 cash. |
March 15 | Reissued 2,000 shares of treasury stock for $24,000 cash. |
August 15 | Reissued 600 shares of treasury stock for $4,600 cash. |
September 15 | Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock. |
October 1 | Issued 100, 10-year, $1,000 bonds, at a quoted bond price of 101. |
October 3 | Wrote off a $1,500 balance due from a customer who went bankrupt. |
December 29 | Recorded $230,000 of service revenue, all of which was collected in cash. |
December 30 | Paid $200,000 cash for this years wages through December 31. Ignore payroll taxes and payroll deductions. |
December 31 | Calculated $10,000 of depreciation for the year to be recorded. (Ignore accrual adjustments for interest and income |
using these terms !!!!!
CHART OF ACCOUNTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equinox Products Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Ledger | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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to fill in the following balance sheet :
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