Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

edit and complete please Problem 2-2 Accounting cycle through unadjusted trial balance [LO2-2, 2-3] [The following information applies to the questions displayed below.j The following

edit and complete please

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

Problem 2-2 Accounting cycle through unadjusted trial balance [LO2-2, 2-3] [The following information applies to the questions displayed below.j The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2017. Account Title Debits Credits Cash 5,000 2,000 5,000 11,000 Accounts receivable Inventory Equipment Accumulated depreciation-equipment Accounts payable Common stock 3,500 3,000 10,000 6,500 Retained earnings Sales revenue Cost of goods sold Salaries and wages expense Rent expense Advertising expense Totals 23,000 23,000 The following transactions occurred during January 2018 The following transactions occurred during January 2018 Jan. 1 Sold merchandise for cash, $3,500. The cost of the merchandise was $2,000. The company uses the perpetual inventory system 2 Purchased equipment on account for $5,500 from the Strong Company. 4 Received a $150 invoice from the local newspaper requesting payment for an advertisement that Whitlow placed in the paper on January 2 8 Sold merchandise on account for $5,000. The cost of the merchandise was $2,800 10 Purchased merchandise on account for $9,500 13 Purchased equipment for cash, $800 16 Paid the entire amount due to the Strong Company 18 Received $4,000 from customers on account. 20 Paid $800 to the owner of the building for January's rent. 30 Paid employees $3,000 for salaries and wages for the month of January 31 Paid a cash dividend of $1,000 to shareholders Problem 2-2 Part 3 3. Post the transactions into the appropriate T-accounts. (Enter the date of the transaction in the column next to the amount. Be sure to include beginning balances.) Answer is not complete Cash Accounts Receivable Beg bal Beg bal 2,000 5,000 800 3,500 5,000 1/18 1/13 4,000 1/8 1/184,000, 1/16 8001/20 3,0001/30 1,000 1/31 End bal End bal 1,400 3,000 Inventory Equipment Beg bal Beg bal 5,000 11,000 1/109,50 2,000 1/1 5,500 1/2 800 2.800 1/8 1/13 Equipment Inventory Beg bal 11,000 Beg bal 5,000 5,500 1/2 2,000 1/1 9,500 1/10 800 1/13 2,800 1/8 End bal 17,300 End bal 9,700 Accounts Payable Accumulated Depreciation-Equipment Beg bal 3,000 Beg bal 3,500 5,500 1/16 5,500 1/2 150 1/4 9,500 1/10 End bal 12,650 End bal 3,500 Retained Earnings Common Stock Beg bal 6,500 Beg bal 10,000 End bal 6,500 End 10,000 bal Cost of Goods Sold Sales Revenue Beg bal Beg bal 1/1 2,000 1/8 2,800 3,500 5,000 1/8 End bal 4,800 End bal 8,500 Salaries and Wages Expense Rent Expense Beg bal Beg bal 1/303,000 800 1/20 End bal 3,000 End 800 bal Advertising Expense Beg bal 150 1/4

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

Students also viewed these Accounting questions