Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Need help with this from Accounting class Right click and opening a new window might give a bigger picture Requirements: For each transactions explained in
Need help with this from Accounting class
Right click and opening a new window might give a bigger picture
Requirements: For each transactions explained in column "K": #1 1 Record the journal entry (utilize the "Chart of Accounts" below) #2 1 Post each Journal Entry to their respective T-accounts. #3 Create the trial balance as of 12/31/20. Create the balance sheet as of 12/31/20. Chart of Accounts Cas h Accounts Receivable Supplies Furniture Vehicles Buildin Accounts Payable Notes Payable- Bank Notes Payable- Vehicles Common Stock Retained Earnin Journal Entries (Requirement #1) Transactions: a) b) c) d) e) f) On November 3, 2020 ABC, Corp issued Common Stock to it's new shareholders for a total of $50,000. On November 30th, ABC, Corp purchased a Building for $1,500,000. ABC took out a loan from Wells Fargo to finance the urchase by si nin a note ayable reement. Payment of the loan is dueto the bank in two years. On December 2nd, ABC, Corp purchased Sl 5,000 worth of furniture for their new building, paying cash for the purchase. n December 3rd, ABC agreed to purchase 510,000 worth of computers in January 2021. The computers will be delivered In January. On December 12th, ABC, Corp purchased supplies on account from XYZ, LLP for $12,000. On December 20th, ABC, Cor aid off $7,000 of the balance due to XYZ, LLP (from transaction On December 28th, ABC, Corp purchased a company car for $22,000. ABC made a cash downpayment of $10,000 on the car at the timeof urchase, and took outa vehicle loan for the remainin balance. Payment of the loan is due in six months. Ledger Accounts/T-Accounts (Requirement #2) Trial Balance (Requirement #3) As of December 31 2020 Balance Sheet (Requirement #4) As of December 31, 2020 ASSETS b) Date 11/3/20 11/30/20 12/2/20 12/3/20 12/12/20 12/20/20 12/28/20 Debit Credit LIABILITIES STOCKHOLDERS EQUITY Debit Credit Debit Credit Debit Credit Debit Cas h Accounts Receivable Supplies Furniture Vehicles Building Accounts Payable Notes Payable- Bank Notes Payable- Vehicles Common Stock Retained Earnings Totals (should equal) Credit Cash Accounts Receivable Supplies Accounts Payable Notes Payable - Bank Note Payable - Vehicles Common Stock Retained Earnings Assets Current Assets: Total Current Assets Non-Current Assets: Total Non-Current Assets Total Assets Liabilities Stockholders Current Liabilities: Total Current Liabilities Non-Current Liabilities Total Non-Current Liabilities Total Liabilities uit
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started