Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can any help wtih this? Record the business activity as journal entries, post to Ledgers, prepare the unadjusted trial balance, prepare any adjusting entries for

can any help wtih this?
image text in transcribed
Record the business activity as journal entries, post to Ledgers, prepare the unadjusted trial balance, prepare any adjusting entries for the month, and create the adjusted trial balance. 11/01/2020: Chelsea contributes $25,000 cash and Clint contributes $6,000 in cash and also contributes industrial shelving and other equipment worth $19.000 (fair value). The shelving and equipment have a useful life of 10 years and no residual value. 1.000 shares of $1 par Common Stock are issued to the Partners for this transaction (equally). 11/01/2020: Pedal Pushers signs a lease with Rightway Realty for retail space and pays 56,600 for the first 6 month's rent. 11/01/2020: Pedal Pushers purchases a 6 month insurance policy to insure the business, paying $1,500. 11/02/2020: Pedal Pushers buys a Point-of-Sale (POS) system for the cashier station. \$4,500, on account with terms Net 45 FOB Shipping Point. It has an estimated 10 year life and no residual value. 11/04/2020: The POS system arrives and the trucking company presents a freight invoice of $92, which Pedal Pushers pays. 11/04/2020: Pedal Pushers borrows $15.000 from their bank. The amount must be paid back in 90 days with 5% interest. 11/04/2020: Pedal Pushers buys office supplies for $590. 11/04/2020: Pedal Pushers purchases 100$85 Pro-Cycle bikes (regular size) and 60$95 ProCycle bikes (XL size) on account from Discount Distribution L.LC, terms 2%/15, Net 30, FOB Destination. Pedal Pushers is selling the regular size bike for $165 and the XL size bike for $185. The inventory should be delivered 11/9/2020. 11/05/2020: Pedal Pushers purchases 55 regular size $12 bike helmets and 25 XL size \$15 bike helmets from Outfitters Wholesale Corp., terms 1%/10. Net 30 , FOB Destination. The helmets should arrive 11/9/2020. The company will charge customers $24 for the regular size and $30 for the larger size. 11/09/2020: Both purchases from the 4th and the 5th arrive at the shop. 11/12/2020: Customer buys a regular size bike, paying cash. 11/14/2020: Customer buys 3 XL bikes, paying cash. 11/21/2020: Pedal Pushers pays for the purchase made on the 4t.. 11/22/2020: Customer buys a regular size bike and a regular size helmet, paying cash. 11/30/2020: A count of office supplies shows that $320 are remaining

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

Information Systems Audit In Banking Sector A Study Of SBI And ICICI Banks

Authors: C. Mallesha, M. Sulochana

1st Edition

6200254397, 978-6200254399

More Books

Students also viewed these Accounting questions

Question

Evaluate the importance of diversity in the workforce.

Answered: 1 week ago

Question

Identify the legal standards of the recruitment process.

Answered: 1 week ago