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I need help with filling out the following T Accounts using the information above. In addition to the Cash and Acounts Receivable T Charts, I
I need help with filling out the following T Accounts using the information above. In addition to the Cash and Acounts Receivable T Charts, I need assistance with prepaid rent, inventory, vehicles, accumulated depreciation, accounts payable, common shares, and dividends declared T accounts as well.
Sweet Dreams Chocolatiers Ltd. began operations on January 1, 2020. During its first year, the following transactions occurred: 1. Issued common shares for $200,000 cash. 2. Purchased $487,000 of inventory on account. 3. Sold inventory on account for $644,000. The original cost of the inventory that was sold was $386,000. 4. Collected $531,000 from customers on account. 5. Paid $399,000 to suppliers for the inventory previously purchased on account. 6. Bought a delivery vehicle for $36,000 cash. 7. Paid $23,400 for rent, including $1,800 related to the next year. 8. Incurred $34,000 of operating expenses, of which $32,000 was paid. 9. Recorded $2,500 of depreciation on the vehicle. 10. Declared and paid dividends of $6,500. Post the journal entries to the following T accounts. (Post entries in the order of journal entries presented in the previous question. If beginning balance is zero, enter O in the column for the normal balance for that account.) Cash Bal. 0 Bal.Step by Step Solution
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