No input required The value of inventory to be reported on the Balance Sheet is the combination of the following accounts. Review the detail of inventory and agree the total to the amount reported on the Balance Sheet. No input required The amount of Accounts Payable reported on the Balance Sheet must always agree with the total Accounts Payable due to each supplier. Verify that the total on the balance sheet agrees with the Schedule of Accounts Payable. General Ledger Problem 8-1 (based on PR 8.1A) Lens Queen Photo Shop is a retail store that sells cameras and photography supplies. The company began operations April 1, 2024. The firm purchases its merchandise for cash and on open account. During April, the company engaged in the following transactions: DATE TRANSACTIONS April 1, 2024 Purchased camera accessories on credit from Vision Supplies, Invoice 825, $1,025, terms n/30; freight of $25 prepaid by Vision Supplies and added to the invoice (total amount due, $1,05 ). April 3, 2024 Purchased lenses on credit for $960 from Lens Nation, Incorporated, Invoice 998 , terms n/3e. April 11, 2924 Purchased DVD camcorders on credit for $4,70 from Optical Products, Invoice 4101 , terms n/3e. April 15, 2024 Recorded various purchases of merchandise for cash from April 1 to April 15 , $2,300. April 26, 2024 Purchased lighting equipment on credit from Myers Brothers Camera Supplies, Invoice 9288, \$6,800, terms n/30; freight of $198 prepaid by Myers Brothers Camera Supplies and added to the invoice (total amount due, $6,998 ). April 27, 2924 Issued Check 102 for $560 to Lens Nation, Incorporated, in partial payment of Invoice 998 dated April 3. April 3e, 2924 Recorded various purchases of merchandise for cash from April 16 to April 39 , $2,579. April 30, 2024 Issued Check 103 to Vision Supplies in payment of the total amount due on Invoice 825 dated April 1. Cash \& Owner's Capital opening balance is $12,900. No input required An income statement reports the changes in equity attributable to the operation of the business during a specific time period. The income statement reports revenues and expenses in the calculation of net income or net loss. Net income or loss from the income statement is transferred to the statement of owner's equity. No input required. The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is reported separately on the balance sheet. Equity includes the ending capital account balance. (Investments Withdrawals + Revenues - Expenses) 100% of available points Prepare the journal entry below for each of the transactions, entering the debits before the credits. To save your work, click on "Record Transaction". List debits before credits. Journal entry worksheet 2345678 Purchased camera accessories on credit from Vision Supplies, Invoice 825 , $1,025, terms n/30; freight of $25 prepaid by Vision Supplies and added to the invoice (total amount due, $1,050 ). Note: Enter debits before credits. No input required There are four subsets of equity: Investments by owners, withdrawals by the owner, revenues and expenses. All four subsets are compiled in the Capital account at the end of the period. The ending capital balance is transferred to the equity section of the balance sheet. No input required. Each journal entry is posted automatically to the general ledger. Selecting the date below will determine which values populate the remaining tabs. General Ledger Account No input required. The trial balance is a listing of all accounts from the General Ledger as of a specific date. The trial balance is only as accurate as the underlying journal entries. If the total debits do not equal the total credits, you must have a journal entry that is out of balance. If you have an abnormal ending balance (indicated with brackets in the general ledger), you should review the journal entries that affected that account to ensure that the journal entries are correct. No input required The value of inventory to be reported on the Balance Sheet is the combination of the following accounts. Review the detail of inventory and agree the total to the amount reported on the Balance Sheet. No input required The amount of Accounts Payable reported on the Balance Sheet must always agree with the total Accounts Payable due to each supplier. Verify that the total on the balance sheet agrees with the Schedule of Accounts Payable. General Ledger Problem 8-1 (based on PR 8.1A) Lens Queen Photo Shop is a retail store that sells cameras and photography supplies. The company began operations April 1, 2024. The firm purchases its merchandise for cash and on open account. During April, the company engaged in the following transactions: DATE TRANSACTIONS April 1, 2024 Purchased camera accessories on credit from Vision Supplies, Invoice 825, $1,025, terms n/30; freight of $25 prepaid by Vision Supplies and added to the invoice (total amount due, $1,05 ). April 3, 2024 Purchased lenses on credit for $960 from Lens Nation, Incorporated, Invoice 998 , terms n/3e. April 11, 2924 Purchased DVD camcorders on credit for $4,70 from Optical Products, Invoice 4101 , terms n/3e. April 15, 2024 Recorded various purchases of merchandise for cash from April 1 to April 15 , $2,300. April 26, 2024 Purchased lighting equipment on credit from Myers Brothers Camera Supplies, Invoice 9288, \$6,800, terms n/30; freight of $198 prepaid by Myers Brothers Camera Supplies and added to the invoice (total amount due, $6,998 ). April 27, 2924 Issued Check 102 for $560 to Lens Nation, Incorporated, in partial payment of Invoice 998 dated April 3. April 3e, 2924 Recorded various purchases of merchandise for cash from April 16 to April 39 , $2,579. April 30, 2024 Issued Check 103 to Vision Supplies in payment of the total amount due on Invoice 825 dated April 1. Cash \& Owner's Capital opening balance is $12,900. No input required An income statement reports the changes in equity attributable to the operation of the business during a specific time period. The income statement reports revenues and expenses in the calculation of net income or net loss. Net income or loss from the income statement is transferred to the statement of owner's equity. No input required. The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is reported separately on the balance sheet. Equity includes the ending capital account balance. (Investments Withdrawals + Revenues - Expenses) 100% of available points Prepare the journal entry below for each of the transactions, entering the debits before the credits. To save your work, click on "Record Transaction". List debits before credits. Journal entry worksheet 2345678 Purchased camera accessories on credit from Vision Supplies, Invoice 825 , $1,025, terms n/30; freight of $25 prepaid by Vision Supplies and added to the invoice (total amount due, $1,050 ). Note: Enter debits before credits. No input required There are four subsets of equity: Investments by owners, withdrawals by the owner, revenues and expenses. All four subsets are compiled in the Capital account at the end of the period. The ending capital balance is transferred to the equity section of the balance sheet. No input required. Each journal entry is posted automatically to the general ledger. Selecting the date below will determine which values populate the remaining tabs. General Ledger Account No input required. The trial balance is a listing of all accounts from the General Ledger as of a specific date. The trial balance is only as accurate as the underlying journal entries. If the total debits do not equal the total credits, you must have a journal entry that is out of balance. If you have an abnormal ending balance (indicated with brackets in the general ledger), you should review the journal entries that affected that account to ensure that the journal entries are correct