Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Coca-Cola Co. : Transactions for March 2024: Issued shares worth $350,000. Purchased machinery for $90,000, paid $60,000 in cash, and the rest on credit. Made

Coca-Cola Co. :

  • Transactions for March 2024:
    • Issued shares worth $350,000.
    • Purchased machinery for $90,000, paid $60,000 in cash, and the rest on credit.
    • Made sales totaling $250,000 (60% on credit), cost of goods sold $150,000.
    • Collected $140,000 from customers.
    • Paid $60,000 in salaries.
    • Paid $35,000 for utilities and other expenses.
    • Paid $25,000 towards machinery purchased on credit.
    • Recorded depreciation of $8,000 for the month.

Requirements:

  1. Journalize the transactions for Coca-Cola Co.
  2. Post the transactions to the general ledger.
  3. Prepare an adjusted trial balance as of March 31, 2024.
  4. Prepare the income statement and balance sheet as of March 31, 2024.

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

Forensic Accounting and Fraud Examination

Authors: Mary Jo Kranacher, Richard Riley, Joseph T. Wells

1st edition

047043774X, 978-0470437742

More Books

Students also viewed these Accounting questions

Question

What do you think Phil learned? ? lop1

Answered: 1 week ago