MGAB02H3 Final: CH 3 ACCOUNTING QUESTIONS
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Create Trial Balace with T-Accounts. Then Create IncomeStatement, Statement of Retained Earnings, and finaly a BalanceSheet.
CASH A/C | ||||||
DEBIT | $ AMT | CREDIT | $ AMT | |||
TOCOMMON STOCK | 45000 | BY PREPAIDRENT | 9000 | |||
TONOTE PAYABLE | 18000 | BY PREPAIDINSURANCE(9MONTHS) | 3600 | |||
TOACCOUNTS RECEIVABLE | 4000 | BYREFREIGATOR | 13000 | |||
BYSALES TAX PAYABLE | 760 | BY DELIVERYVAN | 25000 | |||
BYSALES TAX PAYABLE | 240 | BY ADVERTISINGEXPENSE | 1200 | |||
BYSALES TAX PAYABLE | 360 | BY PREPAIDADVERTISING EXPENSE | 300 | |||
BY SALES | 9500 | BY LEGALEXPENSE | 2000 | |||
BY SALES | 3000 | BY ACCOUNTSPAYABLE | 850 | |||
BY SALES | 4500 | BY CREDIT CARDEXPENSE | 675 | |||
BY ACCOUNTPAYABLE | 2400 | |||||
BY ACCOUNTSPAYABLE | 21900 | |||||
BY DIVIDEND | 50 | |||||
INTERESTPAYABLE | 22.5 | |||||
BY NOTEPAYABBLE | 452.5 | |||||
BY CLOSINBALANCE | 4910 | |||||
85360 | 85360 | |||||
COMMON STOCK | ||||||
DEBIT | $ AMT | CREDIT | $ AMT | |||
BYCLOSING STOCK | 45000 | BY CASH | 45000 | |||
45000 | 45000 | |||||
PREPAID RENTA/C | ||||||
DEBIT | $ AMT | CREDIT | $ AMT | |||
TO CASH | 9000 | BY RENTEXPENSE | 1500 | |||
BY CLOSINGBALANCE | 7500 | |||||
9000 | 9000 | |||||
PREPAID INSURANCEA/C | ||||||
DEBIT | $ AMT | CREDIT | $ AMT | |||
TO CASH | 3600 | BY INSURANCEEXPENSE | 400 | |||
BY CLOSINGBALANCE | 3200 | |||||
3600 | 3600 | |||||
COMPUTER EQUIPMENTA/C | ||||||
DEBIT | $ AMT | CREDIT | $ AMT | |||
TONOTE PAYABLE | 2700 | BY PROVISION FORDEPRECIATION | 45 | |||
BY CLOSINGBALANCE | 2655 | |||||
2700 | 2655 | |||||
NOTE PAYABLEA/C | ||||||
DEBIT | $ AMT | CREDIT | $ AMT | |||
TO CASH | 475 | BY COMPUTEREQUIPMENT(OFFICE MART) | 2700 | |||
BY CASH(WELLSFARGO) | 18000 | |||||
TOCLOSING BALANCE | 20225 | |||||
20700 | 20700 | |||||
REFREIGARATORA/C | ||||||
DEBIT | $ AMT | CREDIT | $ AMT | |||
TO CASH | 13000 | BY PROVISION FORDEPRECIATION | 100 | |||
BY CLOSINGBALANCE | 12900 | |||||
13000 | 12900 | |||||
DELIVERY VANA/C | ||||||
DEBIT | $ AMT | CREDIT | $ AMT | |||
TO CASH | 25000 | BY PROVISION FORDEPRECIATION | 350 | |||
BY CLOSINGBALANCE | 24650 | |||||
25000 | 25000 | |||||
PREPAIDADVERTISING A/C | ||||||
DEBIT | $ AMT | CREDIT | $ AMT | |||
TO CASH | 300 | BY ADVERTISINGEXPENESE | 275 | |||
BY CLOSINGBALANCE | 25 | |||||
300 | 300 | |||||
CREDIT CARDEXPENSE A/C | ||||||
DEBIT | $ AMT | CREDIT | $ AMT | |||
TO CASH | 675 | BY PROFIT AND LOSSA/C | 675 | |||
675 | 675 | |||||
LEGAL EXPENSEA/C | ||||||
DEBIT | $ AMT | CREDIT | $ AMT | |||
TO CASH | 2000 | BY PROFIT AND LOSSA/C | 2000 | |||
2000 | 2000 | |||||
ADVERTISNG EXPENSEA/C | ||||||
TO CASH | 1200 | |||||
TOINVENTORY FRUIT | 600 | |||||
TOINVENTORY BASKET | 25 | |||||
TOPREPAID ADVERTISING | 275 | BY PROFIT AND LOSSA/C | 2100 | |||
2100 | 2100 | |||||
ACCOUNTS PAYABLEA/C | ||||||
DEBIT | $ AMT | CREDIT | $ AMT | |||
TO CASH | 850 | BY INVENTORY(FRUIT) | 16400 | |||
TO CASH | 2400 | BY INVENTORY(BASKETS) | 2400 | |||
TO CASH | 21900 | BY SUPPLIES | 850 | |||
TOCLOSIN BALANCE | 250 | BY INVENTORY | 5500 | |||
BY UTILITYEXPENSE | 250 | |||||
25400 | 25400 | |||||
INVENTORY A/C | ||||||
DEBIT | $ AMT | CREDIT | $ AMT | |||
ACCOUNT PAYABLE | 16400 | BY COGS | 2500 | |||
ACCOUNT PAYABLE | 2400 | BY COGS | 250 | |||
ACCOUNT PAYABLE | 5500 | BYADVERTISING | 625 | |||
BY COGS | 3850 | |||||
BY COGS | 3000 | |||||
BY COGS | 3095 | |||||
BY CLOSINGSTOCK | 10980 | |||||
24300 | 24300 | |||||
ACCOUNT RECEIVABLEA/C | ||||||
DEBIT | $ AMT | CREDIT | $ AMT | |||
TO SALES | 4000 | TO CASH | 4000 | |||
4000 | 4000 | |||||
COGS A/C | ||||||
DEBIT | $ AMT | CREDIT | $ AMT | |||
TOINVENTORY FRUIT | 2500 | |||||
TOINVENTORY BASKETS | 250 | |||||
TOINVENTORY FRUIT | 3500 | |||||
TOINVENTORY BASKETS | 350 | |||||
TOINVENTORY FRUIT | 2700 | |||||
TOINVENTORY BASKETS | 300 | BY PROFIT AND LOSSACCOUNT | 12695 | |||
TOINVENTORY FRUIT | 2815 | |||||
TOINVENTORY BASKETS | 280 | |||||
12695 | 12695 | |||||
SALES A/C | ||||||
DEBIT | $ AMT | CREDIT | $ AMT | |||
CASH | 9500 | |||||
TOPROFIT AND LOSS ACCOUNT | 21000 | CASH | 3000 | |||
CASH | 4500 | |||||
ACCOUNTRECEIVABLE | 4000 | |||||
21000 | 21000 | |||||
SALES TAX PAYABLEA/C | ||||||
DEBIT | $ AMT | CREDIT | $ AMT | |||
TO CASH | 1360 | CASH | 760 | |||
CASH | 240 | |||||
CASH | 360 | |||||
1360 | 1360 | |||||
UTILITY EXPENSEA/C | ||||||
DEBIT | $ AMT | CREDIT | $ AMT | |||
TOACCOUNT PAYABLE | 250 | |||||
BY PROFIT AND LOSSACCOUNT | 250 | |||||
250 | 250 | |||||
DIVIDEND A/C | ||||||
DEBIT | $ AMT | CREDIT | $ AMT | |||
TO CASH | 50 | |||||
BY PROFIT AND LOSSACCOUNT | 50 | |||||
50 | 50 | |||||
SUPPLIES EXPENSEA/C | ||||||
DEBIT | $ AMT | CREDIT | $ AMT | |||
TOACCOUNTS PAYABLE | 850 | |||||
TOSUPPLIES PAYABLE | 835 | BY PROFIT AND LOSSACCOUNT | 1685 | |||
1685 | 1685 | |||||
SUPPLIES PAYABLEA/C | ||||||
DEBIT | $ AMT | CREDIT | $ AMT | |||
BYCLOSING BALANCE | 835 | BY SUPPLIES | 835 | |||
835 | 835 | |||||
WAGES EXPENSEA/C | ||||||
DEBIT | $ AMT | CREDIT | $ AMT | |||
TOWAGES PAYABLE | 1500 | TO CLOSINGBALANCE | 1500 | |||
1500 | 1500 | |||||
WAGES PAYABLEA/C | ||||||
DEBIT | $ AMT | CREDIT | $ AMT | |||
BYCLOSING BALANCE | 1500 | BY WAGESEXPENSE | 1500 | |||
1500 | 1500 | |||||
DEPRECIATIONA/C | ||||||
DEBIT | $ AMT | CREDIT | $ AMT | |||
TOACCUMATED DEPRECIATION COMPUTER | 45 | |||||
REFRIGARATOR | 100 | |||||
DELIVERY VAN | 350 | BY PROFIT AND LOSSACCOUNT | 495 | |||
495 | 495 | |||||
PROVISION FORDEPRECIATION A/C | ||||||
DEBIT | $ AMT | CREDIT | $ AMT | |||
BY ACCUMATEDDEPRECIATION COMPUTER | 45 | |||||
TOCOMPUTER | 45 | REFRIGARATOR | 100 | |||
REFREIGARATOR | 100 | DELIVERY VAN | 350 | |||
DELIVERY VAN | 350 | |||||
495 | 495 | |||||
INSURANCE EXPENSEA/C | ||||||
DEBIT | $ AMT | CREDIT | $ AMT | |||
TOPREPAID INSURANCE | 400 | BY PROFIT AND LOSSA/C | 400 | |||
400 | 400 | |||||
INTEREST EXPENSEA/C | ||||||
DEBIT | $ AMT | CREDIT | $ AMT | |||
TOINTEREST PAYABLE | 120 | |||||
BY PROFIT AND LOSSA/C | 120 | |||||
120 | 120 | |||||
INTEREST PAYABLEA/C | ||||||
DEBIT | $ AMT | CREDIT | $ AMT | |||
TO CASH | 22.5 | BY INTERESTEXPENSE | 120 | |||
TOPROFIT AND LOSS A/C | 120 | BY NOTEPAYABLE | 22.5 | |||
142.5 | 142.5 | |||||
RENT EXPENSEA/C | ||||||
DEBIT | $ AMT | CREDIT | $ AMT | |||
TOPREPAID RENT | 1500 | BY PROFIT AND LOSSA/C | 1500 | |||
1500 | 1500 |