
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN: 9781305654174
Author: Gary A. Porter, Curtis L. Norton
Publisher: Cengage Learning
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Textbook Question
Chapter 3, Problem 3.9MCP
Atkins Advertising Agency began business on January 2. The transactions entered into by Atkins during its first month of operations are as follows:
- Acquired its articles of incorporation from the state and issued 100,000 shares of capital stock in exchange for $200,000 in cash.
- Purchased an office building for $150,000 in cash. The building is valued at $110,000, and the remainder of the value is assigned to the land.
- Signed a three-year promissory note at the bank for $125,000.
- Purchased office equipment at a cost of $50,000, paying $10,000 down and agreeing to pay the remainder in ten days.
- Paid wages and salaries of $13,000 for the first half of the month. Office employees are paid twice a month.
- Paid the balance due on the office equipment.
- Sold $24,000 of advertising during the first month. Customers have until the 15th of the following month to pay their bills.
- Paid wages and salaries of $15,000 for the second half of the month.
- Recorded $3,500 in commissions earned by the salespeople during the month. They will be paid on the fifth of the following month.
Required
Prepare in journal form the entry to record each transaction.
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Chapter 3 Solutions
Financial Accounting: The Impact on Decision Makers
Ch. 3 - Read each definition below and write the number of...Ch. 3 - Types of Events For each of the following events,...Ch. 3 - Prob. 3.2ECh. 3 - The Effect of Transactions on the Accounting...Ch. 3 - Types of Transactions There are three elements to...Ch. 3 - Balance Sheet Accounts and Their Use Choose from...Ch. 3 - Normal Account Balances Each account has a normal...Ch. 3 - Prob. 3.7ECh. 3 - Prob. 3.8ECh. 3 - Trial Balance The following list of accounts was...
Ch. 3 - Journal Entries Recorded Directly in T Accounts...Ch. 3 - Prob. 3.11MCECh. 3 - Determining an Ending Account Balance Jessies...Ch. 3 - Reconstructing a Beginning Account Balance During...Ch. 3 - Journal Entries Prepare the journal entry to...Ch. 3 - Journal Entries Following is a list of...Ch. 3 - Journal Entries for Vail Resorts Refer to the...Ch. 3 - Prob. 3.17MCECh. 3 - Prob. 3.1PCh. 3 - Transaction Analysis and Financial Statements Just...Ch. 3 - Transaction Analysis and Financial Statements...Ch. 3 - Transactions Reconstructed from Financial...Ch. 3 - Prob. 3.5MCPCh. 3 - Prob. 3.6MCPCh. 3 - Transaction Analysis and Journal Entries Recorded...Ch. 3 - Prob. 3.8MCPCh. 3 - Journal Entries Atkins Advertising Agency began...Ch. 3 - Prob. 3.10MCPCh. 3 - The Detection of Errors in a Trial Balance and...Ch. 3 - Journal Entries, Trial Balance, and Financial...Ch. 3 - Journal Entries, Trial Balance, and Financial...Ch. 3 - Prob. 3.1APCh. 3 - Prob. 3.2APCh. 3 - Prob. 3.3APCh. 3 - Transactions Reconstructed from Financial...Ch. 3 - Prob. 3.5AMCPCh. 3 - Accounts Used to Record Transactions A list of...Ch. 3 - Prob. 3.7AMCPCh. 3 - Trial Balance and Financial Statements Refer to...Ch. 3 - Journal Entries Castle Consulting Agency began...Ch. 3 - Prob. 3.10AMCPCh. 3 - Entries Prepared from a Trial Balance and Proof of...Ch. 3 - Journal Entries Overnight Delivery Inc. is...Ch. 3 - Journal Entries and a Balance Sheet Krittersbegone...Ch. 3 - Prob. 3.1DCCh. 3 - Prob. 3.2DCCh. 3 - Prob. 3.3DCCh. 3 - Prob. 3.4DCCh. 3 - Prob. 3.5DCCh. 3 - Prob. 3.6DCCh. 3 - Prob. 3.7DC
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