M3Quiz

.xlsx
School
University of North Carolina, Chapel Hill **We aren't endorsed by this school
Course
BUSI 403
Subject
Accounting
Date
Oct 29, 2023
Pages
2
Uploaded by mtian1000 on coursehero.com
Quiz 1 Problem 4 (1) Journal Entries a) Date 1-Mar Dr. cash $ 20,000.00 Cr. common stock $ 10,000.00 APIC $ 10,000.00 b) Date 1-Mar Dr. cash $ 10,000.00 Cr. ST notes payable $ 10,000.00 Dr. interest expense $ 100.00 Cr. interest payable $ 100.00 c) Date Dr. inventory $ 15,000.00 Cr. accounts payable $ 15,000.00 d) Date Dr. accounts recieveable $ 12,000.00 COGS $ 10,000.00 Cr. revenue $ 12,000.00 inventory $ 10,000.00 e) Date Dr. cash $ 12,000.00 Cr. accounts recieveable $ 12,000.00 f) Dr. accounts payable $ 7,500.00 Cr. cash $ 7,500.00 g) Dr. repair expense $ 300.00 Cr. cash $ 300.00 h) Dr. magazine recievable $ 250.00 Cr. cash $ 250.00 i) Dr. PPE $ 12,175.00 Cr. cash $ 12,175.00
Monmath Corp.Balance sheet march 31, year 3 49 $ 39,200.00 6 55 cash 21775 37 accounts recievable 0 inventory 5000 magazine recievable 250 Total current assets 27025 PPE 12175 Total assets 39200 accounts payable 7500 interest payable 100 ST notes payable 10000 Total current liabilities 17600 Total liabilities 17600 common stock 10000 APIC 10000 retained earning 1600 39200 Total liabilities and Shareholders' equity
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