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Exercise One Accounting

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Exercise 1

Exercise 1
E3-4

Assets = Liabilities + Stockholders’ Equity . Retained Earnings Cash + A/R + Sup. + Equip. = Account Payables + Common Stock + Rev. – Exp. – Div.
1. +$20,000 +$20,000 Com. stock
2. -1,000 +$5,000 +$4,000
3. -750 +$750
4. +4,100 +$5,400 +$9,500 Serv. Rev.
5. -1,500 -1,500
6. -2,000 -$2,000
7. -800 -$800 Rent Exp.
8. +450 -450
9. -3,000 -3,000 Sal. Exp.
10. +300 -300 util. Exp. $15,500 + $4,950 + $750 + $5,000 = $2,800 + $20,000 + $9,500 - $4,100 - $2,000
$26,200 26,200

E3-9 Date Account Debit Credit May 4 Accounts Payable $700 Cash $700 7 Advisory services $6,800 $6,800 8 Supplies $850 Account Payables $850 9 Equipment $1,000 Cash $1,000
17 Wage Expense $530 Cash $530
22 Equipment Expense $900 Repairs payable $900
29 Prepaid Insurance $1,200 Cash $1,200

P3-5A
Date Account Titles and Explanation Debit Credit
2012
Apr. 1 Cash Common Stock $18,000 (Issued stock for cash) $18,000 2 Rent Expense Cash $900 (Paid cash for April office rent) $900 3 Supplies $1,300 Accounts Payable $1,300 (Purchased

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