Question
Bineshii Birch has the following account balances on October 31, 20--. Her business, Bineshii's Batting Cages and Softball Services, has the following assets and liabilities:Assets:Cash-
Bineshii Birch has the following account balances on October 31, 20--. Her business, Bineshii's Batting Cages and Softball Services, has the following assets and liabilities:Assets:Cash- $45000A/R- Infield Flyers- $12000A/R-Remdal Red Sox- $1600Supplies- $3700Equipment- $30000Liabilities:A/P-Cannon Sport- $11000A/P-Ewert Equipment- $25000A/P-Sandhu Sporting Goods- $1800Bank Loan- $25000A. Set up Bineshii's financial position in the T-accounts provided below. Include the equity account.B. For the transactions listed below, record the accounting entries in T-accounts.C. Create a trial balance for Bineshii's Batting Cages and Softball Services 1. Bineshii Birch, the owner, invested $50 000 in the business.2. Borrowed $13 000 from the bank, which was deposited in the business' bank account.3. Purchased $41 000 worth of bats, helmets, and other sports equipment from Cannon Sports on account. The amount is due in 30 days.4. Paid $1 800 to Romeyn Properties Ltd. for the monthly rent.5. Cash sales for the month amounted to $30 000.6. Sold a one-month team membership to the Infield Flyers for $1 800 on account. The amount is to be received in 15.7. Paid $3 000 cash for monthly wages.8. Owner withdrew $1 500 for personal use. Complete the template below using the data above
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started