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CHAPTER 3- FA.docx

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Department
Administration
Course
ADM1340
Professor
All Professors
Semester
Spring

Description
CHAPTER 3SOLUTIONS TO EXERCISESEXERCISE 32Shareholders EquityCommonSharesRetained EarningsTransactionAssetsLiabilitiesRevenues ExpensesDividends180008000NENENENE21600NENENE1600NE33800NENE3800NENE4500NENENE500NE520000NE20000NENENE680008000NENENENE7500NENENENENE83500NENENENENE9500NENENENE50010400NENENE400NENo overall effect In transaction 7 cash is decreased and prepaid insurance is increased In transaction 8 cash is increased and accounts receivable is decreasedEXERCISE 311aAug 1Issued shares in exchange for cashAug 7Provided services and was paid cashAug 11Purchased equipment with a down payment of 1000 and the balance on accountAug 14Performed services on accountAug 16Collected cash in advance of providing servicesAug 28Received a collection on accountAug 30Paid salariesAug 31Paid dividends
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