T-accounts for JCB Industries, Inc., are shown below and on the following page. Required: 1. Analyze these
Question:
T-accounts for JCB Industries, Inc., are shown below and on the following page.
Required:
1. Analyze these accounts and detail the appropriate journal entries that must have been made by JCB Industries, Inc. (Omit explanations.)
2. Determine the amount of net income/loss from the accountinformation.
Transcribed Image Text:
Cash Accounts Receivable Inventory Building a) 140,000 b) 70,000 (C) 60,000 (d)8,000 e) 35,000(f) 18,000 i) 22,000g) 63,000 h) 35,000 (e) 35,000) 22,000 (d) 43,000 (e) 25,000 (b) 210,000 Accounts Payable Mortgage Payable Notes Payable Capital Stock h) 35,000 (d) 35,000 b) 140,000 g) 60,000 c) 60,000 (a) 140,000 Sales Revenue Cost of Goods Sold Interest Expense Wages Expense e) 70,000 (e) 25,000 (g) 3,000 () 18,000
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1 a Cash 140000 Capital Stock 140000 b Building 210000 Cash 70000 Mortgage Payable 140000 c Cash 600...View the full answer
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Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
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