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Ch3 Case Study Assignment - Part 2 Journal Entry Problem: (2pts - Completed Journal Entries) a. Issued common stock to investors for $450,000 in cash and $75,000 in inventory. Ch3 Case Study Assignment - Part 2 (Total 10pts) b. Purchased a computer for $5,000 on account. How Do I Write my Posting? (150 words - 5pts; Completed Ratio Problem - 2pts; Total 7pts): c. Paid $24,000 for a 12-month insurance policy. d. Billed customers $45,000 for services performed on account. * Students will be graded on their effort to fully complete their posting, reply, and problem. e. Used $2,000 in Insurance from 12-month insurance paid for in transaction (c). a. Explain the Debit/Credit Rules for increasing and decreasing Liability accounts. (60 words - 2pts) 1. Prepare journal entries In proper format. a. Account Name b. Explain how to prepare the Prepaid Insurance jounal entries (See journal entries c. and e. from your problem): Debit Credit 1- Purchase of Insurance policy (45 words - 1.5pts) 2- Insurance used (expired) (45 words - 1.5pts) 3- Upload and attach your completed Journal Entry Problem spreadsheet file to your posting. (Total 2pts) Issued common stock to investors for $450,000 in cash and $75,000 in inventory. b. Account Name Debit Credit Scanned with CamScanner Purchased a computer for $5,000 on account. C. Account Name Debit Credit Paid $24,000 for a 12-month insurance policy. Scanned with CamScam How Do I write my Reply to Another Student? (100 words - 3pts): a. Choose a student to reply to that completed a different part than you did for your posting. d. Account Name Debit Credit * Please remember: A limit of two students allowed to reply to another student's posting. b. Review the other student's journal entry problem and posting to explain: 1- If you would prepare the same or different journal entries for the other student's transactions. (50 words - 1.5pts) Billed customers $45,000 for services performed on account. 2- What you learned from reviewing the other student's posting. (50 words - 1.5pts) e. Account Name Debit Credit Used $2,000 In insurance from 12-month Insurance paid for in transaction (c).Ch3 Case Study Assignment . Part 2 Journal Entry Problem: (2pts . Completed Journal Entries) a. Issued common stock to investors for $450,000 in cash and $75,000 in inventory. Ch3 Case Study Assignment - Part 2 (Total 10pts) . Purchased a computer for $5,000 on account. How Do I Write my Posting? (150 words - 5pts; Completed Ratio Problem - 2pts; Total 7pts): C. Paid $24,000 for a 12-month insurance policy. d. Billed customers $45,000 for services performed on account. * Students will be graded on their effort to fully complete their posting, reply, and problem. c. Used $2,000 in Insurance from 12-month insurance paid for in transaction (c). a. Explain the Debit/Credit Rules for increasing and decreasing Liability accounts. (60 words - 2pts) 1. Prepare journal entries in proper format. b. Explain how to prepare the Prepaid Insurance jounal entries (See journal entries c. and e. from your problem): a. Account Name Debit Credit 1- Purchase of Insurance policy (45 words - 1.5pts) 2- Insurance used (expired) (45 words - 1.5pts) 3- Upload and attach your completed Journal Entry Problem spreadsheet file to your posting. (Total 2pts) Issued common stock to investors for $450,000 in cash and $75,000 in inventory. Scanned with CamScanner . Account Name Debit Credit Purchased a computer for $5,000 on account. Account Name Debit Credit Paid $24,000 for a 12-month insurance policy. Scanned with CamScanne How Do I write my Reply to Another Student? (100 words - 3pts): a. Choose a student to reply to that completed a different part than you did for your posting. d. Account Name Debit Credit * Please remember: A limit of two students allowed to reply to another student's posting. b. Review the other student's journal entry problem and posting to explain: 1- If you would prepare the same or different journal entries for the other student's transactions. (50 words - 1.5pts) Billed customers $45,000 for services performed on account. 2- What you learned from reviewing the other student's posting. (50 words - 1.5pts) Account Name Debl Credit Used $2,000 In insurance from 12-month Insurance paid for in transaction (c)