JJJ Transactions and requirements

Jane Berry is the owner of Janes Jellys and Jams (JJJ). She opens her business on September 1, 2022.

Required: 1 Using the accounts provided below, record the above transactions in T-accounts.

2 Prepare a Trial Balance

Cash (101) A/Rec - WM (110) Inventory (120) Office Furniture (161) Equipment (163) A/Pay - BEG (201) A/Pay - SF (202) JB, Capital (301) JB, Withdrawals (302) Sales (401) Cost of Goods Sold (501) Salaries Expense (502) Rent Office Expense (503)

Transactions related to September 2022

1) On September 1, Jane invests $200,000 cash and $100,000 of equipment into the business.

2) On September 2, JJJ buys office furniture for $50,000 on account from Bureau en Gros.

3) On September 3, JJJ buys $50,000 of flour, sugar and berries from Sugarton Farms on account. These products will be the inventory of ingredients that she will prepare her fresh final products from.

4) On September 4, JJJ sells $50,000 of jam to Wal-Mart on account. Jane estimates that the jam cost $20,000 to produce.

5) On September 5, JJJ pays $50,000 in cash to Sugarton Farms to settle transaction from September 3rd.

6) On September 14, JJJ receives a partial payment of $30,000 cash from Wal-Mart related to the transaction from September 4th.

7) On September 18, JJJ sells an additional $40,000 of jam to Wal-Mart on account. Jane estimates that the jam cost $16,000 to produce.

8) On September 20, Jane withdraws $20,000 from JJJ to buy herself a new car for personal use only. The car is a Mercedez worth $100,000 and requires a 20% down payment. The remainder will be paid in future installments.

9) On September 21, JJJ signs a contract with Loblaws to deliver jellies. JJJ will begin to deliver the jellies in October 2021. Jane expects JJJ will deliver $160,000 of jellies in October at a cost of $64,000.

10)On September 30, JJJ paid the following expenses in cash: employee salaries $10,000 and office rent $8,000 for month of September.

11)On September 30, JJJ purchases $80,000 of ingredients from Jeswick Farms in cash.

12) On September 30, JJJ receives payment from Wal-Mart for the remainder of the September 4th sale of jam.