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  • Don Griffin Worked As An Accountant at A Local Accounting

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    hassan taimour
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    Don Griffin recently opened his own accounting practice called Griffin and Associates, Inc. During the first month of operations, he received $90,000 from selling shares in the business. He also paid various startup expenses such as $600 for office supplies and $1,200 for office rent. The business billed a client $3,900 and expects to receive payment within two weeks.

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    Accounts

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    Don Griffin Worked as an Accountant at a Local Accounting

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    Don Griffin recently opened his own accounting practice called Griffin and Associates, Inc. During the first month of operations, he received $90,000 from selling shares in the business. He also paid various startup expenses such as $600 for office supplies and $1,200 for office rent. The business billed a client $3,900 and expects to receive payment within two weeks.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    21 views1 page

    Don Griffin Worked As An Accountant at A Local Accounting

    Uploaded by

    hassan taimour
    Don Griffin recently opened his own accounting practice called Griffin and Associates, Inc. During the first month of operations, he received $90,000 from selling shares in the business. He also paid various startup expenses such as $600 for office supplies and $1,200 for office rent. The business billed a client $3,900 and expects to receive payment within two weeks.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    Don Griffin worked as an accountant at a local accounting

    #532
    Don Griffin worked as an accountant at a local accounting firm for five years after graduating
    from university. Recently, he opened his own accounting practice, which he operates as a
    corporation. The name of the new entity is Griffin and Associates, Inc. Don experienced the
    following events during the first month of operations. Some of the events were personal and did
    not affect the accounting practice. Others were business transactions and should be accounted
    for by the business.Apr 3 Received $20,000 cash proceeds from refinancing his house.5
    $90,000 of shares in the business were sold to Don Griffin. The cash proceed? Were deposited
    in a new business bank account titled Griffin and Associates, Inc. 7 Paid $600 cash for office
    supplies for the new accounting practice.9 Purchased $4,000 of office furniture for the
    accounting practice and agreed to pay the vendor within three months.10 Don sold 1,200
    Mercedes shares, which he had owned for several years, received $22,000 cash. The cash
    from the sale of shares was deposited in his personal bank account.14 A representative of a
    large company telephoned Don and told him of the company intention to hire Griffin and
    Associates, Inc. as its accountants.20 Finished accounting work for a client and sent the client a
    bill for $3,900. The client is expected to pay within two weeks.27 Paid office rent, $1,200.30
    Paid $500 of dividends to Griffin and Associates, Inc. shareholders.Requirements1. Enter each
    transaction in the expanded accounting equation of Griffin and Associates, Inc. as needed,
    calculating new balances after each transaction.2. Determine the following items:a. Total
    assetsb. Total liabilitiesc. Total shareholders’ equityd. Net income or net loss for AprilView
    Solution:
    Don Griffin worked as an accountant at a local accounting

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