Question

In: Accounting

1. On January 3 you opens an account with a deposit of $ 15,000 from the owner

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

Solutions

Expert Solution

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

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