Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

a. Paid 500 for lease of computer equipment in advance for November b. Cash Sales of 4,847. (for stuffed animal) c. Cash sales of 4,486

a. Paid 500 for lease of computer equipment in advance for November

b. Cash Sales of 4,847. (for stuffed animal)

c. Cash sales of 4,486 (for Educational Toys)

d. Cash sales of 4,702 (for Video Games)

e. Cash Sales of 1,827 (for Pretend-play toys)

f. Purchase of office supplies on account from Bing's Office Supply, 416.

g. Withdrawal by owner (Jack Uzi) of 1,600.

h. Payment on account (Bing's), 390.

i. Payment of wages with cash, 2,500.

j. Payment for cleaning services with cash, 74

k. Payment to purchase stuffed animal, 4,044

l. Payment to purchase Educational Toys, 3,547

m. Payment to purchase Video Games, 4,169

n. Payment to purchase Pretend-play toys, 1,382

Further, he has account balances for the beginning of October as follows:

Cash 2,000 Accounts Payable, Bing's 75
Office Supplies 75 Jack Uzi, Capital 2,000

Jack checked his bank balance and he noticed that his actual cash balance was 20 less due to overdraft fees, make the necessary adjustments. Question:

Do the general ledger

Do a trial balance for October 31, 2016

Do a cash Flow Statement for October 31, 2016

Do an Income Statement for the period ending October 31, 2016

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

College Accounting A Practical Approach

Authors: Jeffrey Slater, Mike Deschamps

14th Edition

0134729315, 978-0134729312

More Books

Students also viewed these Accounting questions

Question

5. How quickly can we manage to collect the information?

Answered: 1 week ago

Question

3. Tactical/strategic information.

Answered: 1 week ago

Question

3. To retrieve information from memory.

Answered: 1 week ago