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Introductory Accounting - Observation Exercise - Chapter 1
Question 1
Record the following transactions in the ledger of Edinburgh Calculators, and prepare a Trial Balance as at 31st May 2017.
Edinburgh commenced business by contributing the following assets and liabilities:
Cash at bank $40,000, Stock $70,000, Fixtures & Fittings $40,000
Buildings $500,000, Mortgage on buildings $300,000
Purchased stock on credit $4 400 from The Calculator Factory
Paid power and light, $410 cash
Cash purchases $870
Purchased new fixtures and fittings for $25,000, paying a cash deposit of $5,000 and the balance to be paid to Fitting Fixtures Ltd. in 60 days
Settled account with Calculator Factory less 10% discount
Cash Sales $3,200
Paid Fitting Fixtures Ltd. $5,000 off the amount owing Cash Sales $860
Credit purchases from Numbered Buttons Ltd $2,760
Prepare journal entries for the transactions listed above. Prepare a Stockholders' section of a classified balance sheet as of December 31, 2014.
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