Financial Accounting > PROJECT FINAL > University of Illinois, Chicago ACTG MISC Project-2-2. (All)

University of Illinois, Chicago ACTG MISC Project-2-2.

Document Content and Description Below

Instructions for Project 2.2 Journal Entries for Leases Project Instructions  There are three exercises in this Project 2.2; Journal Entries for Leases Part 1, Journal Entries for Leases Part 2... and Journal Entries for Leases Part 3.  Please read the following instructions and review the table carefully. Then, enter answers for journal items ([A] to [U] for Part 1, [A] to [M] for Part 2 and [A] and [W] for Part 3) in the next three items in this Lesson, called Project 2.2 Journal Entries for Leases Part 1, Project 2.2 Journal Entries for Leases Part 2 and Project 2.2 Journal Entries for Leases Part 3.  You may keep these instructions open in a separate browser or download the instructions, and open it as you work through the exercise.  For specific layout of the ledgers, please refer to the file below. The Balance Sheet of the Illini as of 12/31/20X0: Illini Company, Inc. Balance Sheet as of 12/31/20X0 Assets Current Assets: Cash $1,500,000 Accounts receivable, net 18,000 Inventory 50,000 Total current assets 1,568,000 Equipment 90,000 Goodwill 20,000 Total assets $1,678,000 Liabilities and shareholders' equity Shareholders' equity: Common stock, 20,000 shares outstanding, $1 par $20,000 1 [Show More]

Last updated: 2 years ago

Preview 1 out of 5 pages

Buy Now

Instant download

We Accept: