Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Im not sure if I can post this all in one question but you need the first page to answer the other questions as well

Im not sure if I can post this all in one question but you need the first page to answer the other questions as well so that's why I posted it as one. image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
#1 Part A: Enter the March transactions and adjustments in the accounting equation below. Create Journal Entries and T-Accounts on the next Page. I. March 1 Collected $6,000 of its accounts receivable from February sales. 2. March 1 Tim's Tams paid $1,000 for two months" rent beginning March 1. 3 March 1 Borrowed $16,000 on a 4-month, 6% note payable. 4. March 1 Paid $18,000 cash for a truck that has an estimated useful life of 6 years with no salvage value. 5. March 6 Paid $4,300 of its accounts payable from the caps purchased in February 6. March 20 Tim's Tams sold 300 baseball caps@ $10.00 cach on account. The caps cost $6 each. 7. March 31 Tim's Tams declared and paid a $500 cash dividend to its shareholder 8. March 31 Adjusted for insurance used during the month. Recall that on February 1, Tim's Tams paid $600 for 3 months of insurance coverage that began February 1 9. March 31 Adjusted for rent used during the month. Recall that Tim's Tams paid $1,000 for two months' rent. 10. March 31 Recorded one month's depreciation on the $18,000 truck that has a 6-year useful life. 11. March 31 Recorded interest on the S 16.000, 4-month, 6% note payable for the month. Assets Cash Other assets Liabilities Shareholders' equity CashCoher Retained earnings Beg. bal. capital 6,000 conmont-3355-retained- stock AP-f 2,400 inventory 400 prepaid earnings 3. 4, 6. 8. 9

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

CISA Certified Information Systems Auditor Bundle

Authors: Peter H. Gregory

1st Edition

1260459861, 978-1260459869

More Books

Students also viewed these Accounting questions