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Accounts Strategies

Acme Wholesalers began business on 1/1/03. During the first quarter of 2003, the following events happened ($ in ‘000s). Where dates are not indicated, these are summary events for the quarter. [Note that we recorded the first nine transactions in ACME WHOLESALERS (A)]

1. On 1/1/03, Owner’s contributed $120 in cash.
2. On 1/5/03, received $5 in advance from customers for goods to be delivered later.
3. On 1/8/03 bought inventory for credit, $50
4. On 1/10/03, Suppliers announced a 10% price increase
5. On 1/15/03 took out a loan for $60. The loan is at an interest rate of 12%. Interest and principal are repayable on 1/15/04.
6. On 1/15/03, bought equipment for $100. The equipment is expected to have an economic life of 100 months and zero salvage value thereafter.
7. On 1/15/03, paid $23 rent in advance for a store covering the period 1/16/03 to 12/31/03 (i.e., for 11.5 months).
8. On 1/15/03, bought inventory for cash, $40
9. On 1/15/03, signed a contract to buy $50......


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Approximate Word Count: 286
Approximate Pages: 2 (250 words per double-spaced page)

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