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8 Project Vehicle Purchase Credits Debits 41,399 8,000 8,160 1,850 30,550 Balance Sheet 012250 Fido's Food Mart Unadjusted Trial Balance October 31, 20XX Account Title Cash Accounts receivable Inventory Supplies Equipment Vehicle Accumulated depreciation - Equipment and vehicle Accounts payable Bonds payable (mature 12/31/XX) Common stock (200 shares @ $210/share, par $210) Retained earnings Sales revenue Operating expenses Rent expense Wages expense Totals 7,286 12,000 42,000 55,625 Income Statement 18,452 2,300 6,200 116,911 116,911 The unadjusted trial balance at the end of Fido Food Mart's second month of operations is 1. A vehicle was purchased for $12,250 cash on the last day of the month, and it still needs to be recorded. a. Show the balancing effects on the accounting equation b. Record the journal entry in two-line format using a debit and a credit. c. Show T-accounts with beginning balance, transaction and end balance. 2. Prepare an updated unadjusted trial balance that reflects the vehicle purchase. 3. Using the updated trial balance prepared in step 2, prepare the following: a. Single-step income statement b. Statement of retained earnings c. Classified balance sheet REEF JUUUUUUUU Debits Credits 25,818 13,012 12.000 20,531 Balance Sheet Fido Food Mart General Ledge Accents in Albatical Order November 30, 20XX Account Title Accounts payable Accounts receivable Accumulated depreciation - Equipment and vehicle Bonds payable (mature 12/31/200 Cash Common stock (200 shares e 5210/hans, par 5210) Equipment Inventory Operating expenses Rent expense Retained earnings Sales revenue Supplies Unearned revenue (gift cards) Vehicle Wages expense Totals 30.550 44,160 27,340 3,450 82,625 1,850 Income Statement 12,250 9,300 162,443 162,443 The account balances at the end of the third month of operations at Fido's Food Mart are shown above in alphabetical order. Required: 1. On the last day of the month, the accountant took a look at ledger balances and noticed that a gift card sale was missed. Record the sale of fifteen (15) gift cards valued at $25 each. 2. Show the balancing effects on the accounting equation b. Record the journal entry in two-line format using a debit and a credit. c. Show T-accounts with beginning balances, transactions and end balances. 2. Prepare an updated unadjusted trial balance that reflects the gift card sale. Be sure to rearrange the accounts to reflect proper ledger order (i.c., assets, liabilities, etc.) 3. Using the updated trial balance prepared in step 2 prepare the following: a. Single-step income statement b. Statement of retained camnings c. Classified balance sheet DUDU
