Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

How do you fill in T-Accounts, Trial balance, Income statement and Balance sheet using the information Jyn Erso owns a hockey Team called Rebel Alliance

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
How do you fill in T-Accounts, Trial balance, Income statement and Balance sheet using the information
image text in transcribed
Jyn Erso owns a hockey Team called Rebel Alliance Hockey Team on March 1, 2020 At the same time, she invested $60, 000 into her new business. The accounts required are provided for you below. Also, there is a ruled chart for you to write down the changes caused by the transactions. The initial investment is already done for you Rebel Alliance Hockey Team Chart of Accounts 101 Bank 102 Accounts Receivable 130 Bus 201 Accounts Payable 301 J. Erso, Capital 302 J. Erso, Drawings 401 Ticket Sales 501 Arena Rental Expense 502 Players' Salaries Expense 503 Bus Maintenance Expense 504 Advertising Expense 505 Utilities Expense Transactions: 1 Purchased a bus for $35, 000 on credit. 2 Paid Andor Motors $2,500 for repairs to the team bus. 3 Received $45,000 cash from hockey ticket sales. 4 Issued a bill for a season ticket holder, $2,750. 5 Paid salary for the players, $55,500. 6 Paid a $5, 850 rental fee for use of the K-250 arena for the last two weeks' practices. 7 Received cash from hockey ticket sales, $55,000. 8 Jyn withdrew cash for personal use, $3,000. 9 Received $550 partial payment for Transaction 4. 10 Received a bill for this month hydro, $870. Date Amount 60 000 35 000 2 500 45 000 Debits Account(s) Bank 1 Bus 2 Bus Maintance 3 Bank 4 Accounts Payable 5 Players' Salaries Expense 6 Arena Rental Expense 7 Bank 8 Drawings 9 Bank 10 Utilities Expense Credits Amount Account(s) 60 000 J. Erso, Capital 35 000 Accounts Payable 2 500 Bank 45 000 Ticket Sales 2 750 Ticket Sales 55 500 Bank 5 850 Bank 55 000 Ticket Sales 3 000 Bank 550 Accounts Receivable 870 Accounts Payable 2 750 55 500 5 850 55 000 3 000 550 870 Using the transactions from Part 1, record the changes in the T-Accounts for Rebel Alliance Hockey Team. After recording the changes, balance the ledger in a trial balance. (The fiscal period is for the month of March.) Bank Accounts Receivable Bus Account Payable J. Erso, Capital J. Erso, Drawings Ticket Sales Arena Rental Expense Players' Salaries Expense Bus Maintenance Expense Advertising Expense Using the trial balance from Part 2, create an income statement and balance sheet for Rebel Alliance Hockey Team. (The fiscal period is for the month of March.) Accounts Debit Credit

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

Financial Accounting For Decision Makers

Authors: DeFond, Mark

3rd Edition

1618534432, 9781618534439

More Books

Students also viewed these Accounting questions

Question

What impediments originate in society at large?

Answered: 1 week ago

Question

How have their tactics changed?

Answered: 1 week ago

Question

What impediments have financial or economic origins?

Answered: 1 week ago