Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please create all the T accounts and the final Balance sheet for these transactions. Unifying Concepts: T-Accounts, Trial Balance, and Statement of Comprehensive Income The

image text in transcribed

Please create all the T accounts and the final Balance sheet for these transactions.

Unifying Concepts: T-Accounts, Trial Balance, and Statement of Comprehensive Income The following list is a selection of transactions from GOGORA, Inc.'s business activities during 2022, the first year of operations. a. Received $49,000 cash for capital stock. b. Paid $5,000 cash for equipment. c. Purchased a truck costing $18,000 on account. d. Provided $26,000 of services to customers on account. e. Signed a note with a bank for a $9,000 loan. f. Collected $11,000 cash from customers. g. Purchased land, $10,000, and a building, $61,000, for $16,000 cash and a 30-year mortgage of $55,000. h. Made a first payment of $2,750 on the mortgage principal plus $2,750 in interest. i. Paid $12,000 of accounts payable. j. Purchased $1,000 of supplies on account. k. Paid $2,500 of accounts payable. I. Paid employees $8,000 wages earned during the year. m. Received $10,000 cash and $2,000 of notes in settlement of customers' accounts. n. Received $2,200 in payment of a note receivable of $2,000 plus interest of $200. o. Paid $600 cash for a utility bill. p. Sold excess land for its cost of $2,000. q. Received $1,500 in rent for an unused part of a building. r. Paid off $9,000 note, plus interest of $1,080

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

Advanced Financial Accounting An International Approach

Authors: Jagdish Kothari, Elisabetta Barone

1st Edition

0273712748, 978-0273712749

More Books

Students also viewed these Accounting questions

Question

=+What needs to be said first?

Answered: 1 week ago

Question

=+You couldn't expect more from a cow, could you?

Answered: 1 week ago