ACC 300 Lecture Notes - Lecture 3: Financial Statement, Accounts Receivable, Retained Earnings
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Chandler corp. began operations on january 1, 2015. Show the effect on assets, liabilities, or stockholders" equity. Performed ,000 of consulting services for rachel co. rachel co. Paid a utility bill to geller electric. Purchased land from monica co. on a ,000 note payable. Performed ,000 of services for phoebe corp. phoebe paid of the. Wolowitz company made errors in recording the following transactions during 2015. Consider each transaction independently, and assume that all other transactions were recorded properly. Write overstated , understated , or no effect in each box below. Hint: first record the journal entry wolowitz company should have made for each transaction: wolowitz neglected to record purchase of, wolowitz neglected to record ,000 of wages earned by staff this month. Received in advance for ,000 of magazines that wolowitz shipped to subscribers this month: the beginning balance of office supplies.
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