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ACCT 1201 (75)
Chapter 2

Chapter 2 Exercises 1 Solutions.docx

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Department
Accounting
Course
ACCT 1201
Professor
Ronen Gal-or
Semester
Spring

Description
Chapter 2 Exercises Listed below are cyclical transactions for Pacioli Company (a new company) for the month of January, 2011. Record each as necessary in general journal format. January 2 Received $200,000 cash for the issuance of 20,000 common shares of stock. Each share of stock has a $1 par value. Dr. Cash 200,000 Cr. Common Stock  20,000 Cr. APIC – Common Stock 180,000 * Common Stock and Additional Paid­in Capital (APIC) are both Contributed Capital Accounts 4 Purchased land and building for a cash cost of $25,000 and $50,000, respectively Dr. Land 25,000 Dr. Building 50,000 Cr. Cash 75,000 5 Purchased equipment at a cost of $10,000 with a down payment of $2,000 and a signed note payable for the balance. Dr. Equipment 10,000 Cr. Cash 2
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