University:
Michigan State University
Course:
ACC 300 | Intermediate Financial Accounting I
Academic year:

2021
Views:

478

Pages:

2
Author:

rehinhea0c

SOLUTIONS TO PROBLEMS SET A PROBLEM 3.1A HEARTLAND CONSTRUCTION 30 Minutes, Medium a. General Journal 20_ Feb. 1 Cash 500,000 Ca p ital Stock Issued 25,000 shares of Capital Stock. 500,000 10 Land Office Building Cash Notes Pa yable Purchased land and office building. 16 18 22 100,000 200,000 60,000 240,000 Computer Systems Cash Purchased computer system. 12,000 Office Furnishings Cash Accounts Pa yable Purchased office furnishings. 9,000 12,000 1,000 8,000 Office Supplies Cash Purchased office supplies. 300 23 Accounts Receivable Com p uter S ystems Refund due from PC World. 36 300 36 27 Accounts Payable Cash Made payment on an account payable. 4,000 4,000 28 Cash 36 Accounts Receivable Collected cash refunded by PC World. 36 P3.1A PROBLEM 3.1 A HEARTLAND CONSTRUCTION (concluded ) b. Transaction Assets Feb. 1 + $500,000 (Cash) Feb. 10 + $100,000 (Land) + $200,000 (Office Building) – $60,000 (Cash) Feb. 16 = Liabilities $0 + Owners’ Equity + $500,000 (Capital + $240,000 (Notes Payable) $0 + $12,000 (Computer Systems) – $12,000 (Cash) $0 $0 Feb. 18 + $9,000 (Office Furnishings) – $1,000 (Cash) + $8,000 (Accounts Payable) $0 Feb. 22 + $300 (Office Supplies) – $300 (Cash) $0 $0 Feb. 23 + $36 (Accounts Receivable) – $36 (Computer Systems) $0 $0 Feb. 27 – $4,000 (Cash) - $4,000 (Accounts Payable) $0 Feb. 28 + $36 (Cash) – $36 (Accounts Receivable) $0 $0 P3.1A(p.2)