Question

1 Approved Answer

Posted on Sep 11, 2024

Create a chart of T-Accounts and post each journal entry to the appropriate accounts Debit Credit 70,000 70,000 140,000 140,000 130,000 130,000 23,676 23,676 535,500

Create a chart of T-Accounts and post each journal entry to the appropriate accounts

Debit Credit 70,000 70,000 140,000 140,000 130,000 130,000 23,676 23,676 535,500 240,975 294,525 112,000 112,000 230,000 230,000 21,500 21,500 160,000 160,000 365,000 365,000 650,000 425,000 225,000 2,531.25 2,531.25 Date Accounts 01/01 Cash Common stock 01/01 Equipment Cash 01/01 Cash Notes payable (long-term) 01/05 Cash Interest receivable 01/22 Inventory Cash Accounts payable 01/25 Accounts payable Cash 01/01 Equipment (*office Furniture) Cash 12/31 Depreciation Expense Accumulated Depreciation 02/01 Prepaid advertising Cash 02/13 Cash Accounts receivable 03/01 Land Cash Notes payable (short-term) 06/01 Interest Expense Cash 09/01 Interest Expense Cash 12/01 Interest Expense Cash 03/19 Office supplies Expense Cash 03/20 Cash Unearned Service Revenue 04/21 cash Accounts receivable Sales revenue Cost of goods sold Inventory 04/27 Inventory Cash Accounts payable 04/29 Accounts payable Cash 05/01 Dividends Payable Cash 06/01 prepaid rent Cash 06/30 salaries and wages expense salaries and wages payable Cash 06/19 Insurance Expense Prepaid Insurance 06/26 2,531.25 2,531.25 2,531.25 2,531.25 33,480 33,480 125,000 125,000 1,031,250 843,750 1,875,000 958,000 958,000 619,750 278,887.50 340862.5 550,000 550,000 155,000 155,000 92,000 92,000 530,000 35,000 565,000 95,000 95,000 07/01 Cash 1,550,000 1,250,000 300,000 522,000 522,000 1,044,000 08/06 Cash Land Gain 08/15 Cash Account Reciavable Sales Revenue Cost of Goods Sold Inventory 08/25 Cash Account Reciavable 08/01 Patent Cash 603,000 603,000 156,000 156,000 165,000 165,000 5,500 5,500 122,000 122,000 235,000 650,000 215,000 1,100,000 12/31 Amortization Expense Cash 09/03 Investment Cash 09/12 Accumulated Depreciation (Equipment) Cash loss Equipment 09/18 Fuel Expense Cash No Entry No Entry 10/01 Inventory Account Payable 10/10 Account Payable Cash 11/01 Common Stock 3,500 3,500 686,250 686,250 132,000 132,000 442,000 442,000 450,000 450,000 523,325 428175 951,500 527,650 527,650 11/01 Prepaid Insurance Cash 11/17 Cash Unearned Service Revenue 11/19 Cash Account Receivable Sales Revenue Cost of Goods Sold Inventory No Entry No Entry 12/31 Salaries and Wages Expense Cash Salaries and Wages Payable 12/31 Notes Payable (long-term) Interest Payable Cash 12/31 480,000 452,500 27,500 38,000 4,000 42,000 480,000 12/31 Depreciation Expense (Equipment) Accumulated Depreciation (Equipment) 12/31 480,000 66,000 66,000 12/31 Utillities Expense Cash 12/31 Notes Payable (long-term) Cash 12/31 1,250,000 1,250,000 38461.53846 12/31 Unearned Service Revenue Service Revenue 12/31 38461.53846 12/31 Debit Credit 70,000 70,000 140,000 140,000 130,000 130,000 23,676 23,676 535,500 240,975 294,525 112,000 112,000 230,000 230,000 21,500 21,500 160,000 160,000 365,000 365,000 650,000 425,000 225,000 2,531.25 2,531.25 Date Accounts 01/01 Cash Common stock 01/01 Equipment Cash 01/01 Cash Notes payable (long-term) 01/05 Cash Interest receivable 01/22 Inventory Cash Accounts payable 01/25 Accounts payable Cash 01/01 Equipment (*office Furniture) Cash 12/31 Depreciation Expense Accumulated Depreciation 02/01 Prepaid advertising Cash 02/13 Cash Accounts receivable 03/01 Land Cash Notes payable (short-term) 06/01 Interest Expense Cash 09/01 Interest Expense Cash 12/01 Interest Expense Cash 03/19 Office supplies Expense Cash 03/20 Cash Unearned Service Revenue 04/21 cash Accounts receivable Sales revenue Cost of goods sold Inventory 04/27 Inventory Cash Accounts payable 04/29 Accounts payable Cash 05/01 Dividends Payable Cash 06/01 prepaid rent Cash 06/30 salaries and wages expense salaries and wages payable Cash 06/19 Insurance Expense Prepaid Insurance 06/26 2,531.25 2,531.25 2,531.25 2,531.25 33,480 33,480 125,000 125,000 1,031,250 843,750 1,875,000 958,000 958,000 619,750 278,887.50 340862.5 550,000 550,000 155,000 155,000 92,000 92,000 530,000 35,000 565,000 95,000 95,000 07/01 Cash 1,550,000 1,250,000 300,000 522,000 522,000 1,044,000 08/06 Cash Land Gain 08/15 Cash Account Reciavable Sales Revenue Cost of Goods Sold Inventory 08/25 Cash Account Reciavable 08/01 Patent Cash 603,000 603,000 156,000 156,000 165,000 165,000 5,500 5,500 122,000 122,000 235,000 650,000 215,000 1,100,000 12/31 Amortization Expense Cash 09/03 Investment Cash 09/12 Accumulated Depreciation (Equipment) Cash loss Equipment 09/18 Fuel Expense Cash No Entry No Entry 10/01 Inventory Account Payable 10/10 Account Payable Cash 11/01 Common Stock 3,500 3,500 686,250 686,250 132,000 132,000 442,000 442,000 450,000 450,000 523,325 428175 951,500 527,650 527,650 11/01 Prepaid Insurance Cash 11/17 Cash Unearned Service Revenue 11/19 Cash Account Receivable Sales Revenue Cost of Goods Sold Inventory No Entry No Entry 12/31 Salaries and Wages Expense Cash Salaries and Wages Payable 12/31 Notes Payable (long-term) Interest Payable Cash 12/31 480,000 452,500 27,500 38,000 4,000 42,000 480,000 12/31 Depreciation Expense (Equipment) Accumulated Depreciation (Equipment) 12/31 480,000 66,000 66,000 12/31 Utillities Expense Cash 12/31 Notes Payable (long-term) Cash 12/31 1,250,000 1,250,000 38461.53846 12/31 Unearned Service Revenue Service Revenue 12/31 38461.53846 12/31