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  • The Mcmillan Corporation Incorporated On September 2 2011 The Company

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    Amit Pandey
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    The McMillan Corporation was incorporated on September 2, 2011. During its first month of operations, the company purchased land and a building, purchased office supplies, billed clients, received payment from clients, and paid salaries. A trial balance was prepared on September 30, 2011 that included accounts for cash, notes payable, accounts receivable, accounts payable, office supplies, capital stock, land, client revenue, and salary expense.

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    The McMillan Corporation was incorporated on September 2, 2011. During its first month of operations, the company purchased land and a building, purchased office supplies, billed clients, received payment from clients, and paid salaries. A trial balance was prepared on September 30, 2011 that included accounts for cash, notes payable, accounts receivable, accounts payable, office supplies, capital stock, land, client revenue, and salary expense.

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    © All Rights Reserved
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    58 views1 page

    The Mcmillan Corporation Incorporated On September 2 2011 The Company

    Uploaded by

    Amit Pandey
    The McMillan Corporation was incorporated on September 2, 2011. During its first month of operations, the company purchased land and a building, purchased office supplies, billed clients, received payment from clients, and paid salaries. A trial balance was prepared on September 30, 2011 that included accounts for cash, notes payable, accounts receivable, accounts payable, office supplies, capital stock, land, client revenue, and salary expense.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 1

    The McMillan Corporation incorporated on September 2

    2011 The company


    The McMillan Corporation incorporated on September 2, 2011. The company engaged in the
    following transactions during its first month of operations:Sept. 2 Issued capital stock in
    exchange for $900,000 cash. Sept. 4 Purchased land and a building for $350,000. The value of
    the land was $50,000, and the value of the building was $300,000. The company paid $200,000
    cash and issued a note payable for the balance. Sept. 12 Purchased office supplies for $600 on
    account. The supplies will last for several months. Sept. 19 Billed clients $75,000 on account.
    Sept. 29 Recorded and paid salary expense of $24,000. Sept. 30 Received $30,000 from clients
    billed on September 19. A partial list of the account titles used by the company includes:
    Cash.........................Notes Payable Accounts Receivable...................Accounts Payable Of?ce
    Supplies.....................Capital Stock Land.........................Client Revenue
    Building.........................Salary Expense Prepare journal entries, including explanations, for the
    above transactions. Post each entry to the appropriate ledger accounts Prepare a trial balance
    dated September 30, 2011. Assume accounts with zero balances are not included in the trial
    balance.View Solution:
    The McMillan Corporation incorporated on September 2 2011 The company
    SOLUTION-- http://solutiondone.online/downloads/the-mcmillan-corporation-incorporated-on-
    september-2-2011-the-company/

    Unlock answers here solutiondone.online


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