Question

In: Accounting

Complete T accounts for the transactions. Total the T accounts and add them to the trial...

Complete T accounts for the transactions. Total the T accounts and add them to the trial balance. Use the trial balance to make sure the accounts are balanced.

On 1/3/XX there is an interest payment received for $1.35.

On 5/3/XX fuel costing $18.00 is purchased.

On 6/3/XX there is a cash sale for $2,990.00.

On 7/3/XX stationery (toner) costing $247.00 is purchased.

On 11/3/XX there is a cash sale for $2,579.00.

On 12/3/XX fuel costing $36.50 is purchased.

On 13/3/XX there is a cash sale for $55.00.

On 19/3/XX fuel costing $36.75 is purchased.

On 20/3/XX a rent payment for $480.00 is made.

On 25/3/XX there is a cash sale for $3,528.00.

On 25/3/XX there is another cash sale, this time for $16.00.

On 26/3/XX fuel costing $28.75 is purchased.

CASH

DEBIT CREDIT
DATE REFERENCE AMOUNT DATE REFERENCE AMOUNT

STATIONERY

DEBIT CREDIT
DATE REFERENCE AMOUNT DATE REFERENCE AMOUNT

MOTOR VEHICLE EXPENSES

DEBIT CREDIT
DATE REFERENCE AMOUNT DATE REFERENCE AMOUNT

RENT

DEBIT CREDIT
DATE REFERENCE AMOUNT DATE REFERENCE AMOUNT

SALES

DEBIT CREDIT
DATE REFERENCE AMOUNT DATE REFERENCE AMOUNT

INTEREST RECEIVED

DEBIT CREDIT
DATE REFERENCE AMOUNT DATE REFERENCE AMOUNT

TRIAL BALANCE

ACCOUNT DR CR
CASH
STATIONERY
MOTOR VEHICLE EXPENSES
RENT
SALES
INTEREST RECEIVED
TOTAL

Solutions

Expert Solution

Solution.

Cash
DEBIT CREDIT
DATE REFERENCE AMOUNT DATE REFERENCE AMOUNT
3-Mar Interest                    1.35 5-Mar Fuel                 18.00
6-Mar sales           2,990.00 7-Mar Stationery              247.00
13-Mar Sales                 55.00 12-Mar Fuel                 36.50
14-Mar Sales           3,544.00 19-Mar Fuel                 36.75
20-Mar Rent              480.00
26-Mar Fuel                 28.75
Balance C/d                 5,743.35
                6,590.35                 6,590.35
STATIONERY
DEBIT CREDIT
DATE REFERENCE AMOUNT DATE REFERENCE AMOUNT
7-Mar Cash               247.00 Balance C/d              247.00
MOTOR VEHICLE EXPENSES
DEBIT CREDIT
DATE REFERENCE AMOUNT DATE REFERENCE AMOUNT
Cash                     120 Balance C/d                    120
RENT
DEBIT CREDIT
DATE REFERENCE AMOUNT DATE REFERENCE AMOUNT
20-Mar Cash               480.00 Balance C/d              480.00
SALES
DEBIT CREDIT
DATE REFERENCE AMOUNT DATE REFERENCE AMOUNT
6-Mar sales           2,990.00
13-Mar Sales                 55.00
Balance b/d           6,589.00 14-Mar Sales           3,544.00
INTEREST RECEIVED
DEBIT CREDIT
DATE REFERENCE AMOUNT DATE REFERENCE AMOUNT
Balance b/d                    1.35 1-Mar Cash                   1.35
TRIAL BALANCE
ACCOUNT DR CR
CASH 5743.35
STATIONERY 247.00
MOTOR VEHICLE EXPENSES 120.00
RENT 480.00
SALES 6589.00
INTEREST RECEIVED 1.35
TOTAL 6590.35 6590.35

Related Solutions

Transactions in the month of January Make the daily entries Trial balance, T accounts and prepare...
Transactions in the month of January Make the daily entries Trial balance, T accounts and prepare financial statements for the first quarter to March 31, 2020 01/01/2020 1. Portes Café Invested 39,000 to start new business. 2. First Month sales were 65,000 3. Purchase new equipment on account by 120,000 in 36 Monthly Payments. 4. Billed 5,000 in bread distributions. 5. Paid 3,000 in salaries 6. Borrowed 85,000 on a note in 65 monthly Payments. 7. Paid Utilities by 2,500...
Create journal entries for each transactions and post them to the correct ledger/t-accounts. Standard Transactions: 1....
Create journal entries for each transactions and post them to the correct ledger/t-accounts. Standard Transactions: 1. On November 1, Chris Clark deposited $25,000 in a bank account in the name of NetSolutions. 2. On November 5, NetSolutions paid $20,000 for the purchase of land as a future building site. 3. On November 10, NetSolutions purchased supplies on account for $1,350. 4. On November 18, NetSolutions received cash of $7,500 from customers for services provided. 5. On November 30, 2018, NetSolutions...
P2-3 Recording Transactions in T-Accounts, Preparing the Balance Sheet from a Trial Balance, and Evaluating the...
P2-3 Recording Transactions in T-Accounts, Preparing the Balance Sheet from a Trial Balance, and Evaluating the Current Ratio LO2-2, 2-4, 2-5 Cougar Plastics Company has been operating for three years. At December 31, 2014, the accounting records reflected the following:   Cash $ 22,000 Accounts payable $ 15,000   Investments (short-term) 3,000 Accrued liabilities payable 4,000   Accounts receivable 3,000 Notes payable (short-term) 7,000   Inventory 20,000 Long-term notes payable 47,000   Notes receivable (long-term) 1,000 Common stock 10,000   Equipment 50,000 Additional paid-in capital 80,000...
THE SMITH COMPANY Using the business transactions below, complete t-accounts for the Smith Company. I have...
THE SMITH COMPANY Using the business transactions below, complete t-accounts for the Smith Company. I have provided a blank sheet of t-accounts as an attachment to this assignment. The company started business on June 1, 2019. a. John Smith, owner, invested $120,000 cash in the company. b. The company purchased $10,000 of office equipment on credit. c. The company billed a customer $2,000 as fees for services provided. d. The company paid $1,000 cash for the monthly rent. e. The...
A: Open T-accounts for each of the accounts listed in the trial balance, and enter the...
A: Open T-accounts for each of the accounts listed in the trial balance, and enter the opening balances for 2017. B: Prepare journal entries to record each of the January transactions. Tom Zopf owns and manages a computer repair service, which had the following trial balance on December 31, 2016 (the end of its fiscal year). TABLETTE REPAIR SERVICE, INC. Trial Balance December 31, 2016 Debit Credit Cash $ 9,000 Accounts Receivable 15,100 Supplies 12,700 Prepaid Rent 2,800 Equipment 19,300...
A: Open T-accounts for each of the accounts listed in the trial balance, and enter the...
A: Open T-accounts for each of the accounts listed in the trial balance, and enter the opening balances for 2017. B: Prepare journal entries to record each of the January transactions. Tom Zopf owns and manages a computer repair service, which had the following trial balance on December 31, 2016 (the end of its fiscal year). TABLETTE REPAIR SERVICE, INC. Trial Balance December 31, 2016 Debit Credit Cash $ 9,000 Accounts Receivable 15,100 Supplies 12,700 Prepaid Rent 2,800 Equipment 19,300...
Journalize transactions from T accounts and prepare a trial balance. (LO 3, 5), AP E3-12B The...
Journalize transactions from T accounts and prepare a trial balance. (LO 3, 5), AP E3-12B The following T accounts summarize the ledger of Max’s Landscaping Company, Inc. at the end of the first month of operations. Cash Unearned Service Revenue Apr. 1 25,000 Apr. 15 800 Apr. 30 1,900         12 700         25 3,500         29 800         30 1,900 Accounts Receivable Common Stock         7 3,400 Apr. 29 800 Apr.   1 25,000 Supplies Service Revenue         4 5,200...
Journalize transactions from account data and prepare a trial balance. (LO 2, 4) The T-accounts below...
Journalize transactions from account data and prepare a trial balance. (LO 2, 4) The T-accounts below summarize the ledger of Daggett Landscaping Company at the end of the first month of operations. Cash No. 101 Unearned Service Revenue No. 209 4/1 12,000 4/15 1,300 4/30 1,000 4/12 900 4/25 1,500 4/29 400 4/30 1,000 Accounts Receivable No. 112 Owner's Capital No. 301 4/7 3,200 4/29 400 4/1 12,000 Supplies No. 126 Service Revenue No. 400 4/4 1,800 4/7 3,200 4/12...
2)    Complete T-Accounts. Proper entries and proper formatting will both be marked. a) Prepare T-Accounts...
2)    Complete T-Accounts. Proper entries and proper formatting will both be marked. a) Prepare T-Accounts only for the following entries.                                                                        Bad Debt Expense      500                         ADA                            500             COGS                         400                         Inventory                     400      b)    Prepare T-Accounts to reflect the entries used to close any of the above balances in the accounts in part a) as required, include the creation of the required interim account used to close out accounts, and the subsequent closing of that account....
Journalize these transactions, post the transactions to the ledger accounts, prepare a trial balance. Assets 111...
Journalize these transactions, post the transactions to the ledger accounts, prepare a trial balance. Assets 111 Cash 112 Accounts Receivable 114 Prepaid Insurance 121 Land 122 Building 123 Accumulated Depreciation, Building 124 Pool/Slide Facility 125 Accumulated Sepreciation, Pool/Slide Facility 126 Pool Furniture 127 Accumulated Depreciation, Pool Furniture Liabilities 221 Accounts Payable 222 Wages Payable 223 Mortgage Payable Owners Equity 311 L. Judar, Capital 312 L. Judar, Drawing 313 Income Summary Revenue 411 Income from services 412 Concessions Income Expenses 511...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT