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  • Malou Wang Activity

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    Lea Chariz Sistona
    7 views2 pages
    This document records adjustments to Malou's books including a $4,000 allowance for doubtful accounts, a $10,000 decrease in merchandise inventory, and $25,000 recorded for accumulated depreciation of furniture and equipment. It also records Wang's $400,000 capital investment in the partnership. The statement of financial position shows total assets of $785,000 equal to total liabilities and owner's equity.

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    Malou-Wang-Activity (1)

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    This document records adjustments to Malou's books including a $4,000 allowance for doubtful accounts, a $10,000 decrease in merchandise inventory, and $25,000 recorded for accumulated depreciation of furniture and equipment. It also records Wang's $400,000 capital investment in the partnership. The statement of financial position shows total assets of $785,000 equal to total liabilities and owner's equity.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    7 views2 pages

    Malou Wang Activity

    Uploaded by

    Lea Chariz Sistona
    This document records adjustments to Malou's books including a $4,000 allowance for doubtful accounts, a $10,000 decrease in merchandise inventory, and $25,000 recorded for accumulated depreciation of furniture and equipment. It also records Wang's $400,000 capital investment in the partnership. The statement of financial position shows total assets of $785,000 equal to total liabilities and owner's equity.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 2

    Adjustment of Malou's Books

    1 Allowance for doubtful accounts 4,000.00


    Accounts Receivable 4,000.00
    10% Allowance for doubtful accounts

    2 Merchandize, Capital 10,000.00


    Merchandize, Inventory 10,000.00
    Decreased in Merchandize

    3 Accumulated Depreciation 25,000.00


    Furniture and Equipment 25,000.00
    To record the FMV of F&E

    Wang Investment
    Cash 400,000.00
    Wang, Capital 400,000.00
    To record the investment of Wang
    Malou & Wang Partnership
    Statement of Financial Position
    As of July 1, 2013

    Assets Liabilities and Owner's Equity


    Cash 480,000.00 Accounts Payable 20,000.00
    Accounts Receivable 36,000.00 Malou, Capital 365,000.00
    Accumulater Depreciation 4,000.00 Wang, Capital 400,000.00
    Merchandise Inventory 90,000.00 Total LOE 785,000.00
    Furniture and Equipment 175,000.00
    Total Assets 785,000.00

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