Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please check my work. Let me know where I did wrong with an explanation. Thankyou MAF Corporation sells equipment for use in manufacturing. The company

image text in transcribedimage text in transcribed

Please check my work. Let me know where I did wrong with an explanation.

Thankyou

MAF Corporation sells equipment for use in manufacturing. The company was started on January 1, 2018. Presented in the excel spreadsheet is the September 1 trial balance. SEPTEMBER JOURNAL ENTRIES SEPTEMBER UNADJUSTED TRIAL BALANCE DUE SEPTEMBER 17 September Financial Accounting Transactions - record these transactions in the "Sep. journal entries" tab. Trans ID Transaction A B During the month of September, the company sold three pieces of equipment inventory. Each had a sell price of $40,000 and a cost of $20,000. The equipment was sold on account. During the month, $65,000 in checks was collected from customers. $1,500 of supplies were purchased on account. The company received the electric, gas and phone bills for September's usage for the amount of $800. D E F G Customers wired $120,000 in the company's bank account for the payment of equipment sales. The company processed checks and paid vendors $85,000. The company purchased three pieces of equipment inventory for cash. Purchase prices were $15,000, $20,000 and $45,000. The August payroll was paid in the first week of September. MAF has an outstanding note payable. The original note was for $48,000 with an interest rate of 12% and was issued on January 1, 2018. Payments are $1,000 per month plus interest. On September 1, the August accrued interest and September's principle payment was made. 1 Date Item Account Debit Credit 120,000 30-Sep A Accounts receivable Equipment sales revenue 120,000 60,000 Cost of goods sold - equipment Equipment Inventory 60,000 30-Sep 65,000 B Cash Accounts receivable 65,000 1,500 30-Sep C Supplies Accounts receivable 1,500 800 30-Sep D Utilities expense Accounts payable 800 120,000 30-Sep E Cash Accounts receivable 12,000 85,000 30-Sep F Cash Accounts payable 85,000 80,000 30-Sep GCash Equipment Inventory 80,000 24,000 30-Sep H Salaries expense Salaries payable 24,000 30-Sep 51,840 | Cash Notes payable Interest expense 3,840 48,000

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

More Books

Students also viewed these Accounting questions

Question

6 What is the 'yield' of a project?

Answered: 1 week ago

Question

How autonomous should the target be left after the merger deal?

Answered: 1 week ago