Exam 3: The Accounting Cycle: Capturing Economic Events

The following transactions occurred during June, the first month of operations for Accurate Manufacturing: • Issued 60,000 shares of capital stock to the owners of the corporation in exchange for $600,000 cash. • Purchased a piece of land for $250,000, making an $80,000 cash down payment and signing a note payable for the balance. • Made a $100,000 cash payment on the note payable from the purchase of land. • Purchased equipment on credit from National Supply for $40,000. -Refer to the above data. The balance in the Cash account at the end of June:

Capital Financial Advisors, Inc. had the following transactions during January, its first month of operations: a) Issued to Marvin Tycoon 9,000 shares of capital stock in exchange for his investment of $45,000 cash. b) Borrowed $30,000 from a bank and signed a note payable due in three months. c) Purchased office furniture costing $19,750; paid $6,000 cash and charged the balance on account. d) Paid $6,000 of the amount owed for office furniture. e) Issued an additional 2,000 shares of capital stock to an individual who invests $10,000 in the business. Instructions Record the above transactions directly in the T accounts below. Identify each entry in a T account with the letter shown for the transaction

The following transactions occurred during June, the first month of operations for Accurate Manufacturing: • Issued 60,000 shares of capital stock to the owners of the corporation in exchange for $600,000 cash. • Purchased a piece of land for $250,000, making an $80,000 cash down payment and signing a note payable for the balance. • Made a $100,000 cash payment on the note payable from the purchase of land. • Purchased equipment on credit from National Supply for $40,000. -Refer to the above data. What are total assets of Accurate Manufacturing at the end of June?

Indicate the best answer for each question in the space provided. The account balances for Creative Band, Inc. as of May 31, of the current year, are listed below in alphabetical order: On June 3, Creative Band, Inc. collected $4,000 of its accounts receivable and paid $7,000 of its accounts payable. In addition, 2,000 of additional shares of capital stock are issued for $5,600. -Refer to the above data. On June 6, the bookkeeper for Creative Band, Inc. makes this entry: This transaction:

Indicate the best answer for each question in the space provided. The account balances for Creative Band, Inc. as of May 31, of the current year, are listed below in alphabetical order: On June 3, Creative Band, Inc. collected $4,000 of its accounts receivable and paid $7,000 of its accounts payable. In addition, 2,000 of additional shares of capital stock are issued for $5,600. -Refer to the above data. In a trial balance prepared on June 4, the sum of the credit column is:

The following transactions occurred during June, the first month of operations for Accurate Manufacturing: • Issued 60,000 shares of capital stock to the owners of the corporation in exchange for $600,000 cash. • Purchased a piece of land for $250,000, making an $80,000 cash down payment and signing a note payable for the balance. • Made a $100,000 cash payment on the note payable from the purchase of land. • Purchased equipment on credit from National Supply for $40,000. -Refer to the above data. What is the total of Accurate's liabilities at the end of June?

Indicate the best answer for each question in the space provided. The account balances for Creative Band, Inc. as of May 31, of the current year, are listed below in alphabetical order: On June 3, Creative Band, Inc. collected $4,000 of its accounts receivable and paid $7,000 of its accounts payable. In addition, 2,000 of additional shares of capital stock are issued for $5,600. -Refer to the above data. In a trial balance prepared on May 31, of the current year, the sum of the debit column is:

Enter the following transactions in the two-column journal provided for Charlie's Cabinetry. You may omit explanations.

Indicate the best answer for each question in the space provided. The account balances for Creative Band, Inc. as of May 31, of the current year, are listed below in alphabetical order: On June 3, Creative Band, Inc. collected $4,000 of its accounts receivable and paid $7,000 of its accounts payable. In addition, 2,000 of additional shares of capital stock are issued for $5,600. -Refer to the above data. On June 4, the balance in the Cash account is:

The following transactions occurred during June, the first month of operations for Accurate Manufacturing: • Issued 60,000 shares of capital stock to the owners of the corporation in exchange for $600,000 cash. • Purchased a piece of land for $250,000, making an $80,000 cash down payment and signing a note payable for the balance. • Made a $100,000 cash payment on the note payable from the purchase of land. • Purchased equipment on credit from National Supply for $40,000. -Refer to the above data. What is the total owners' equity at the end of June?

Indicate the best answer for each question in the space provided. The account balances for Creative Band, Inc. as of May 31, of the current year, are listed below in alphabetical order: On June 3, Creative Band, Inc. collected $4,000 of its accounts receivable and paid $7,000 of its accounts payable. In addition, 2,000 of additional shares of capital stock are issued for $5,600. -Refer to the above data. On June 4, the balance in the Capital Stock account is: