In: Accounting
Put in T-charts
Transactions
1. On January 3 you opens an account with a deposit of $ 15,000 from the owner
2. You buy $560.00 in materials on January 6
3. Buys on January 7 a wagon with a finance check for $3000 and you contribute $ 700 of your funds, the loan must be paid off within a year
4. Next year's insurance policy is paid $ 2,300
5. You make a loan payment on February 20, $ 300 of principal and $ 89 of interest
6. You buy a new tractor on January 20 at $ 35,000
7. You pay a lawyer $ 50.00 on February 2
8. On May 4 you sell a pig for $ 900
9. Making the sale cost you $ 25.00
10. Herbicide was purchased for $ 300 on May 6, a line of credit account was opened in the store
As per the requirement, transactions have been recorded in T-Accounts:
T- Accounts | ||||||||
Cash | Owners' Equity | |||||||
Jan. 1 | $15,000 | Jan. 7 | $700 | Jan. 1 | $15,000 | |||
May. 4 | $900 | 4) | $2,300 | |||||
Feb. 20 | $389 | |||||||
Feb. 2 | $50 | |||||||
Accounts Payable | ||||||||
Jan. 6 | $560 | |||||||
Cost of Goods Sold | Jan. 20 | $35,000 | ||||||
May. 4 | $25 | May. 6 | $300 | |||||
Inventory | Equipment (Wagon) | |||||||
Jan. 6 | $560 | May. 4 | $25 | Jan. 7 | $3,000 | |||
Short-term Loan Payable | Prepaid Insurance | |||||||
Feb. 20 | $300 | Jan. 7 ($3,000 - $700) | $2,300 | 4) | $2,300 | |||
Interest Expense | Tractor | |||||||
Feb. 20 | $89 | Jan. 20 | $35,000 | |||||
Miscellaneous Expenses | Sales Revenue | |||||||
Feb. 2 | $50 | May. 4 | $900 | |||||
May. 6 | $300 | |||||||