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MGA 603 Sample Quiz #2 Professor GU Student Name

Sanford Supplies Inc. had the following transactions in the first three months of 2012: 1) Issued 10,000 shares of common stock for $100,000 on January 1. 2) Obtained a $50,000 loan on January 15. 3) Purchased a delivery truck for $30,000 paid in cash on January 21. 4) Purchased $50,000 of inventory on credit on February 10 and paid $40,000 in cash.

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29 views

MGA 603 Sample Quiz #2 Professor GU Student Name

Sanford Supplies Inc. had the following transactions in the first three months of 2012: 1) Issued 10,000 shares of common stock for $100,000 on January 1. 2) Obtained a $50,000 loan on January 15. 3) Purchased a delivery truck for $30,000 paid in cash on January 21. 4) Purchased $50,000 of inventory on credit on February 10 and paid $40,000 in cash.

Uploaded by

Sagar Bansal
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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MGA 603 Sample Quiz #2 Professor GU Student Name ________________________ Sanford Supplies Inc.

began its operations on January 1, 2012. The company had the following transactions during the first three months of 20012: 1. 2. #. '. (. ,. *. /. %. n January 1, the company issued 10,000 shares of common stoc! at a price of "#0 per share, with par $alue of "1.00 per share. n January %, it obtained a 2&year loan of "#0,000. n January 1', a deli$ery truc! was purchased for "((,000, all paid in cash. n )ebruary 1(, the company purchased merchandise in$entory of "*0,000, of which only "#0,000 was paid with cash. n )ebruary 2%, the company recei$ed payment of "1(,000 from its customers. The payment was the deposit for a deli$ery in +pril. n -arch 12, the company paid "20,000 to purchase 1,000 shares of the common stoc! of I.- as a short&term in$estment. n -arch 2', the company paid "20,000 to its in$entory supplier. n -arch 2,, the company paid "2',000 for a two&year ad$ertising program to be carried out starting in June. n -arch 2/, the company too! out a mortgage to ac0uire a warehouse $alued at "*0,000. The down payment for the property was "#0,000.

10. n -arch #0, the company signed an agreement with a new customer for selling in$entory of "1(,000 in July. Required: 11 2se a spreadsheet to prepare 3ournal entries for all transactions. 21 )ollow the proper format to prepare the classified balance sheet of the company as of -arch #1, 2012.

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