Question
BradBrad CarterCarter started a mobile DJ business named Party WheelsParty Wheels?, ?Inc., on AprilApril ?1, 20162016. In the month of AprilApril?, prior to providing services
BradBrad
CarterCarter
started a mobile DJ business named
Party WheelsParty Wheels?,
?Inc., on
AprilApril
?1,
20162016.
In the month of
AprilApril?,
prior to providing services to? customers, the business incurred six transactions which have been posted to the accounts as?follows:
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?(Click the icon to view the? accounts.)Read the requirements
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Requirement 1. Based on the? accounts, create the journal entries that resulted from the six transactions. Include explanations with each journal entry. ?(Record debits? first, then credits. Select the explanation on the last line of the journal entry? table.)
Journal Entry | ||||
Date | Accounts and Explanations | Debit | Credit | |
(1) |
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Journal Entry | ||||
Date | Accounts and Explanations | Debit | Credit | |
(2) |
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Journal Entry | ||||
Date | Accounts and Explanations | Debit | Credit | |
(3) |
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Journal Entry | ||||
Date | Accounts and Explanations | Debit | Credit | |
(4) |
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Journal Entry | ||||
Date | Accounts and Explanations | Debit | Credit | |
(5) |
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Journal Entry | ||||
Date | Accounts and Explanations | Debit | Credit | |
(6) |
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Requirement 2. Calculate the ending balance in each account. Enter the? amount, along with a? "Bal" reference on the appropriate side of each? T-account.
Cash | Supplies | Equipment | Building | |||||||||||||||
(1) | 30,000 | (4) | 2,000 | (2) | 1,200 | (4) | 2,000 | (3) | 120,000 | |||||||||
| (5) | 2,000 |
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| (6) | 400 |
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Accounts payable | Notes payable | Common stock | ||||||||||||||||
(6) | 400 | (2) | 1,200 | (5) | 2,000 | (3) | 120,000 |
| (1) | 30,000 | ||||||||
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Requirement 3. Prepare the trial balance for
Party WheelsParty Wheels?,
?Inc., at
AprilApril
?30,
20162016.
Party Wheels, Inc. | ||||
Trial Balance | ||||
April 30, 2016 | ||||
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Requirement 4. Prepare a balance sheet for
Party WheelsParty Wheels?,
?Inc., as of
AprilApril
?30,
20162016.
First complete the asset portion of the? statement, and then complete the liabilities and? stockholders' equity sections of the statement. ?(If a box is not used in the? statement, leave the box? empty; do not select a label or enter a? zero.)
| Party Wheels, Inc. |
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| Balance Sheet |
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| April 30, 2016 |
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| Total assets |
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| Liabilities |
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Total liabilities |
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Stockholders' Equity |
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| Total liabilities and stockholders' equity |
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