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Calumet College Of St. Joseph Operations And Supply Chain Management Assignment Help - Accounting 3


Question - Selected amounts at December 31, 2003, from the Hay and Barnabas Company s information
system appear as follows:
Cash paid employees for salaries and wages $300,000
Cash collected from sales customers $1,850,000
Bonds payable $500,000
Cash $150,000
Common stock $60,000
Equipment $840,000
Prepaid insurance $30,000
Inventory $250,000
Prepaid rent $140,000
Retained earnings $130,000
Salaries and wages expense $328,000
Sales $2,000,000
You are to complete each of the following tasks.
Part A
There are five adjustments that need to be made before the financial statements can be prepared at
year end. Show the effect of each of the following (a e) on the accounting equation.
1. The equipment (purchased on January 1, 2003) has a us ...Read More

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