During 2017, Danielle had the following transactions A. Took out a $300,000 cash loan from Baker...
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During 2017, Danielle had the following transactions A. Took out a $300,000 cash loan from Baker Bank and Trust B. Made a $60,000 investment in Ashley's Coffee Co. C. Declared dividends of $9,000. $4,000 of the dividend was paid in cash and the other $5,000 on account/credit. D. Purchased inventory of $120,000. This purchase was made with 50% cash and 50% on account/credit. E. Sold inventory for $90,000 (cost to company was $20,000). This sale was made for $30,000 cash and $60,000 on account/credit F. Collected $18,000 from a customer for the balances previously sold on account (in transaction e). G. Purchased equipment for $12,000. This purchase was made 75% in cash and 25% on account/credit. H. Prepaid $2,000 for insurance for the period January 1, 2019 - December 31, 2019. I. Paid employee salaries of $13,500. J. Paid $15,000 to suppliers for the inventory purchased on account/credit in transaction d. Heading 2 THie Subte BALANCE SHEET INCOME STATEMENT ASSETS LIABILITIES EQUITY REVENUE EXPENSE ACCT Cash Accounts Dividend Retained Dividend Payable Payable Earnings Expense A 300,000 300,000 $4,000 $5,000 (9,000) $4,000 D 70,000 TOTA LS BS EQUA TION B. BALANCE SHEET INCOME STATEMENT ASSETS LIABILITIES EQUITY REVENUE EXPENSE ACCT Salary Expense 13,500 G J. TOTA LS BS EQUA TION O Focus English (United States) During 2017, Danielle had the following transactions A. Took out a $300,000 cash loan from Baker Bank and Trust B. Made a $60,000 investment in Ashley's Coffee Co. C. Declared dividends of $9,000. $4,000 of the dividend was paid in cash and the other $5,000 on account/credit. D. Purchased inventory of $120,000. This purchase was made with 50% cash and 50% on account/credit. E. Sold inventory for $90,000 (cost to company was $20,000). This sale was made for $30,000 cash and $60,000 on account/credit F. Collected $18,000 from a customer for the balances previously sold on account (in transaction e). G. Purchased equipment for $12,000. This purchase was made 75% in cash and 25% on account/credit. H. Prepaid $2,000 for insurance for the period January 1, 2019 - December 31, 2019. I. Paid employee salaries of $13,500. J. Paid $15,000 to suppliers for the inventory purchased on account/credit in transaction d. Heading 2 THie Subte BALANCE SHEET INCOME STATEMENT ASSETS LIABILITIES EQUITY REVENUE EXPENSE ACCT Cash Accounts Dividend Retained Dividend Payable Payable Earnings Expense A 300,000 300,000 $4,000 $5,000 (9,000) $4,000 D 70,000 TOTA LS BS EQUA TION B. BALANCE SHEET INCOME STATEMENT ASSETS LIABILITIES EQUITY REVENUE EXPENSE ACCT Salary Expense 13,500 G J. TOTA LS BS EQUA TION O Focus English (United States)
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Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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