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Recording Transactions
Asked Aug 11, 2008, 09:12 AM
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4 Answers Please help I am over my head due to extreme family situations. Thanks  Cash 174500 Accounts receivable 97500 Inventories 263200 Other current assets 312100 Property,plant, and equipt 1265800 Other long term assets 179500 Accounts payable 462600 Short term bank loans 74900 Long term debt 5100 Other long term liabilities 23500 Contributed capital 930300 Retained earnings 796200 This is the balance for the 4th quarter which ended 12/31/07 1. Paid $10400 cash for additional other long term assets 2. Issued additional shares of stock for $5300 in cash. 3. Purchased property, plant, and equipt; paid $11800 in cash for this 4. Signed additional long term loans for $8900 5. Sold, at cost, other long term assets for $3000 cash. I need to prepare journal entries to record transactions 1-5. Create T-accounts for each of the accounts on the balance sheet and enter the balance for Oct 1 - Dec 31, 2007 4th quarter balance. Enter the effects of th transactions in T-accounts (including referencing) and determine the Dec 31, 2007 balances. EPrepare a classified balance sheet at Dec. 3 as of Dec 31 and determine if the financing for the investment in assets made by this company primarily come from liabilities or stockholders' equity. |
4 Answers
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Is this homework or a personal situation? | ||||
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| [quote=Comments on this post Eight8 agrees: No real help] I would suggest that you read the rules for disagreeing or agreeing. I couldn't decide whether you had a personal situation and this was part of it OR (despite the fact that it's posted in homework, people cross post all the time) it was a homework assignment. I understand you need to pass this course to go ahead in school - well, maybe you should simply repeat the course. | ||||
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