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Fa Additional Exerc.

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Submitted By houzzie
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Exercise 1
Tesla Motors, head quarter in Palo Alto (California), manufactures electric vehicles. The following transactions occurred in September 2014: a. Declared $1,900,000 in dividends, to be paid next month b. Ordered $800,000 of equipment c. Paid $690,000 in dividends declared in prior months d. Borrowed $260,000 in cash from banks e. Sold equipment at its costs of $30,000 for cash f. Received the equipment ordered in event (b), paying $690,000 cash and signing a note for the balance g. Purchased investments for $300,000 cash
Prepare journal entries for the transactions as mentioned above. Nr. | Account | Debit | Credit | Exercise 1 | 1a | Retained earnings | 1,900,000 | | 1a | Dividends payable | | 1,900,000 | | | | | 2b | Equipment | 800,000 | | 2b | Cash | | 800,000 | | | | | 3c | Dividends payable | 690,000 | | 3c | Retained earnings | | 690,000 | | | | | 4d | Cash | 260,000 | | 4d | Notes payable | | 260,000 | | | | | 5e | Cash | 30,000 | | 5e | Equipment | | 30,000 | | | | | 6f | Equipment | 800,000 | | 6f | Cash | | 690,000 | 6f | Notes payable | | 110,000 | | | | | 7g | Investments (Short Term or LT?) | 300,000 | | 7g | Cash | | 300,000 |
Exercise 2
Vail Resorts, Inc., owns and operates four premier year-round ski resort properties (Vail Mountain, Beaver Creek Resort, Breckenridge Mountain and Keystone Resort. All the resorts are located in the Colorado Rocky Mountains. The company also owns a collection of luxury hotels, resorts, and lodging properties. The company sells lift tickets, ski lessons and ski equipment. The following transactions occurred in December 2013: a. Borrowed $2,500,000 from the bank on December 1st, signing a note payable due in 6

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