In: Accounting
Ellis Corporation prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparation of the master budget for the third quarter of 2019:
Debits Credits
Cash $25,000 Accounts Receivable 75,000
Inventory 60,000
Plant and Equip (net) 190,000
Accounts Payable $60,000
Short-term Notes Payable 25,000
Capital Stock 190,000
Retained earnings _______ 75,000
$350,000 $350,000
June 2019 $160,000
July 2019 220,000
August 2019 320,000
September 2019 140,000
October 2020 80,000