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    BSA3Tagum Marilet
    The document records transactions for a company involving authorized and subscribed capital stock, sales, purchases, expenses, and fixed asset acquisitions. It shows debits and credits to various cash, receivable, payable, capital stock, expense and asset accounts. Overall it tracks the company's cash flows and ensures debits and credits are equal.

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    Key Answer

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    BSA3Tagum Marilet
    79 views2 pages
    The document records transactions for a company involving authorized and subscribed capital stock, sales, purchases, expenses, and fixed asset acquisitions. It shows debits and credits to various cash, receivable, payable, capital stock, expense and asset accounts. Overall it tracks the company's cash flows and ensures debits and credits are equal.

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    © © All Rights Reserved

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    The document records transactions for a company involving authorized and subscribed capital stock, sales, purchases, expenses, and fixed asset acquisitions. It shows debits and credits to various cash, receivable, payable, capital stock, expense and asset accounts. Overall it tracks the company's cash flows and ensures debits and credits are equal.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    79 views2 pages

    Key Answer

    Uploaded by

    BSA3Tagum Marilet
    The document records transactions for a company involving authorized and subscribed capital stock, sales, purchases, expenses, and fixed asset acquisitions. It shows debits and credits to various cash, receivable, payable, capital stock, expense and asset accounts. Overall it tracks the company's cash flows and ensures debits and credits are equal.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    Cash in bank

    Dr Cr
    Unissued capital stock 5,000,000
    Authorized capital stock 5,000,000
    To record authorized capital stock

    Subscription receivable 1,040,000


    Subscribed capital stock 1,000,000
    Premium on capital stock 40,000

    Cash in bank 700,000 700,000


    Subscription receivable 700,000

    Subscibed capital stock 600,000


    Unissued capital stock 600,000

    Cash in bank 2,080,000 2,080,000


    Unissued capital stock 2,000,000
    Premium on capitaal stock 80,000
    (120000-40000)

    Petty cash fund 1,000


    Cash in bank 1,000 1,000

    Accounts receivable 1,252,000


    Sales 1,252,000

    Sales 1,800
    Cash 1,800 1,800

    Sales returns and allowances 3,000


    Accounts receivable 3,000

    Cash in bank 870,000 870,000


    Accounts receivable 870,000

    Cash in bank 643,000 643,000


    Sales 643,000
    (1,895,000-1,252,000)

    Purchases 1,257,000
    Freight-in 18,300
    Accounts payable 834,000
    Cash in bank 441,300 441,300
    (1,257,000 +18,300 -834,000)

    Cash in bank 2,400 2,400


    Purchase returns and allowances 2,400
    Acconts payable 618,000
    Purchase discounts 4,500
    Cash in bank 613,500 613,500

    Marketing expense 296,000


    General and administrative expense 304,000
    Cash in bank 600,000 600,000

    Cash in bank 12,700 12,700


    Commision income 12,700

    Prepaid insurance 2,400


    Cash in bank 2,400 2,400

    Land 200,000
    Building 1,800,000
    Furniture and fixture 120,000
    Office equipment 80,000
    Store equipment 100,000
    Cash in bank 2,300,000 2,300,000

    4,308,100 3,960,000
    - -

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