ACC 100 Study Guide - Midterm Guide: Financial Statement, Accounts Payable, No Entry

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Select the only one correct answer for each of the following 12 questions. 50,000 0. 5 long term notes payable, due december 21, 2014. 0. 5 capital stock, 10,000 shares issues and outstanding. Retained earnings: opening retained earnings add: net income ending retained earnings. Walters inc. completed the following transactions during january 2012. Record the impact of each of the transactions on the accounting equation. Be sure to include the account names, the dollar amounts and indicate a +" or a - . If no entry is required not no entry required . On january 1, 2012, walters had an opening inventory balance of ,000. (1 mark) On january 3, purchase inventory on account from a supplier for ,000, terms 1/10, n/45, On january 7, sold merchandise for ,000, terms 2/10, net 30. The original cost of the merchandise was ,000. (4 marks) For sign, for account x4 = 4 marks.

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