Marketing Essay

1099 WordsMar 5, 20135 Pages
mLab 3 question 1 => Marking: (a) Dividends of $230,000 are declared. The dividends will be paid in 30 days. The dividends payable amount should be $230,000, but you have left this blank. This will cost you 1 mark. The retained earnings amount should be ($230,000), but you have left this blank. This will cost you 1 mark. (b) Equipment is purchased on credit for $205,000. The equipment amount should be $205,000, but you have left this blank. This will cost you 1 mark. The accounts payable amount should be $205,000, but you have left this blank. This will cost you 1 mark. (c) Equipment is purchased for $21,000 cash and the remaining $27,000 is borrowed from a bank. The cash amount should be ($21,000), but you have left this blank. This will cost you 1 mark. The equipment amount should be $48,000, but you have left this blank. This will cost you 1 mark. The bank loan payable amount should be $27,000, but you have left this blank. This will cost you 1 mark. (d) Goods are sold to a customer for $1,100 cash. The cash amount should be $1,100, but you have left this blank. This will cost you 1 mark. The sales amount should be $1,100, but you have left this blank. This will cost you 1 mark. (e) The goods sold in the previous event cost $900. The inventory amount should be ($900), but you have left this blank. This will cost you 1 mark. The cost of sales amount should be ($900), but you have left this blank. This will cost you 1 mark. (f) Rent of $25,000 is paid. The cash amount should be ($25,000), but you have left this blank. This will cost you 1 mark. The rent expense amount should be ($25,000), but you have left this blank. This will cost you 1 mark. (g) Shares are sold to investors for $285,000. The cash amount should be $285,000, but you have left this blank. This will cost you 1 mark. The common shares amount should be $285,000,

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