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trial balance please! thanks! 1 Acquired 100,000 from the issuance of a Note Payable 2 Purchased...
trial balance please! thanks!
| 1 | Acquired 100,000 from the issuance of a Note Payable |
| 2 | Purchased 80,000 inventory of N95 masks on account |
| 3 | Received goods purchased in event 2 FOB shipping point, freight cost 1000 paid in cash |
| 4 | Sold inventory on account that cost 70,000 for 140,000 |
| 5 | Freight Cost on the goods sold in event 4 was 700. The goods were shipped FOB destination. Cash was paid |
| 6 | Customer in Event 4 returned 5000 worth of goods that had a cost of 2500 |
| 7 | Collected 100,000 cash from accounts receivable |
| 8 | Paid 60,000 cash on accounts payable |
| 9 | Paid 3,000 cash for selling expenses |
| 10 | Paid 4000 cash for Insurance expense |
Solutions
Expert Solution
Answer
| Trial Balance | ||
| Accounts title | Debit | Credit |
| Cash | $ 131,300 | |
| Accounts receivable | $ 35,000 | |
| Inventory | $ 13,500 | |
| Accounts payable | $ 20,000 | |
| Notes payable | $ 100,000 | |
| Sales revenue | $ 140,000 | |
| Sales return and allowances | $ 5,000 | |
| Cost of goods sold | $ 67,500 | |
| Insurance expense | $ 4,000 | |
| Selling expenses | $ 3,000 | |
| Delivery expense | $ 700 | |
| Total | $ 260,000 | $ 260,000 |
Calculation
| Event | Account title and explanation | Debit | Credit |
| 1 | Cash | $ 100,000 | |
| Note Payable | $ 100,000 | ||
| Acquired 100,000 from the issuance of a Note Payable | |||
| 2 | Inventory | $ 80,000 | |
| Accounts Payable | $ 80,000 | ||
| Purchased 80,000 inventory of N95 masks on account | |||
| 3 | Inventory | $ 1,000 | |
| Cash | $ 1,000 | ||
| Freight cost 1000 paid in cash | |||
| 4 | Accounts receivable | $ 140,000 | |
| Sales revenue | $ 140,000 | ||
| To record sales revenue | |||
| Cost of goods sold | $ 70,000 | ||
| Inventory | $ 70,000 | ||
| To record cost of goods sold | |||
| 5 | Delivery expense | $ 700 | |
| Cash | $ 700 | ||
| To record delivery expense | |||
| 6 | Sales return and allowances | $ 5,000 | |
| Accounts receivable | $ 5,000 | ||
| To record goods returned by customer | |||
| Inventory | $ 2,500 | ||
| Cost of goods sold | $ 2,500 | ||
| To record cost of goods returned by customer | |||
| 7 | Cash | $ 100,000 | |
| Accounts receivable | $ 100,000 | ||
| To record cash received from customer | |||
| 8 | Accounts payable | $ 60,000 | |
| Cash | $ 60,000 | ||
| Paid 60,000 cash on accounts payable | |||
| 9 | Selling expenses | $ 3,000 | |
| Cash | $ 3,000 | ||
| Paid 3,000 cash for selling expenses | |||
| 10 | Insurance expense | $ 4,000 | |
| Cash | $ 4,000 | ||
| Paid 4000 cash for Insurance expense |
| Event | Cash | Accounts Receivable | Inventory | Accounts payable | Notes payable | Sales Revenue | Sales Return | Cost of goods sold | Other expenses | |
| 1 | $ 100,000 | $ 100,000 | ||||||||
| 2 | $ 80,000 | $ 80,000 | ||||||||
| 3 | $ (1,000) | $ 1,000 | ||||||||
| 4 | $ 140,000 | $ (70,000) | $ 140,000 |
$ &
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