JOURNAL ENTRY
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Accounting
Do a

Transcribed Image Text:Assets
Current Assets
Cash
Accounts Receivable
Less: Allow. Dbtful Accts
Merchandise Inventory
Office Supplies
Prepaid Insurance
$112,500.00
$83,983.00
$(1,152.00)
$54,629.00
$1,337.00
$1,782.00
S253,079.00
Total Current Assets
Property and Equipment
Land
Buildings
Less: Accum. Depr.
Office Equipment
Less: Accum. Depr.
Vehicles
S70,000.00
$140,000.00
$(28,000.00)
$15,570.00
$(11,720.00)
$42,100.00
$(16,300.00)
S211,650.00
$464,729.00
Less: Accum. Depr.
Total Property and Equipment
Total Assets
Liabilities & Owner's Equity
Current Liabilities
Accounts Payable
Note Payable
Mortgage Note Payable (current
portion)
Total Current Liabilities
$30,300.00
$74,500.00
$9,950.00
$114,750.00
Long-Term Liabilities
Mortgage Note Payable
$90,450.00
$205,200.00
Total Liabilities
Stockholder's Equity
Common Stock
$259,529.00
$464,729.00
Total Liabilities and Owner's Equity
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