Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help me answer 1-4! Thank you! :) Credits Debits 52,898 10,250 1,260 20,390 650 320 30,550 12,250 1,780 62,128 400 275 0 12,000 42,000

Please help me answer 1-4! Thank you! :)
image text in transcribed
image text in transcribed
Credits Debits 52,898 10,250 1,260 20,390 650 320 30,550 12,250 1,780 62,128 400 275 0 12,000 42,000 Fido's Food Mart Adjusted Trial Balance December 31, 20XX Account Title Cash Accounts Receivable Less: Allowance for Doubtful Accounts Inventory Supplies Prepaid Insurance Equipment Vehicle Less: Accumulated Depreciation - Equipment & Vehicle Accounts Payable Interest Payable Unearned Revenue (Gift Cards) Dividends Payable Bonds Payable (mature 12/31/XX) Common Stock (200 shares @ $210/share, par S210) Additional Paid In Capital - Common Stock Dividends Declared Treasury Stock Retained Earnings Sales Revenue Less: Sales Discount Cost of Goods Sold Operating Expenses Bad Debt Expense Depreciation Expense Insurance Expense Interest Expense Rent Expense Supplies Expense Wages Expense Totals 0 0 0 0 134,725 40 64,330 34,840 3,260 1,780 160 400 5,750 1,200 15,500 254,568 254,568 a. Business has been better than Fido's Food Mart even imagined! It is quickly realized that they need to raise additional capital to continue to grow. The accountant arranges for the following transactions to occur: Required: 1. Record the journal entry to account for a December 31, 20XX issuance of 20 shares at $225 per share, par $210. Show the balancing effects on the accounting equation b. Record the adjusting journal entry in two-line format using a debit and a credit. c. Show T-Accounts with beginning balances, transactions & end balances. 2. Record the journal entry to declare a $2,200 dividend on December 31, 20XX to be paid on March 15 of the following year. a. Show the balancing effects on the accounting equation b. Record the adjusting journal entry in two-line format using a debit and a credit. c. Show T-Accounts with beginning balances, transactions & end balances. 3. Record the journal entry to repurchase 5 share of Treasury Stock @ $225.00 per share on December 31, 20XX to liquidate a partner who adopted a cat and didn't want to be part of a pet store only selling dog food. a. Show the balancing effects on the accounting equation b. Record the adjusting journal entry in two-line format using a debit and a credit. c. Show T-Accounts with beginning balances, transactions & end balances. 4. Prepare a new Adjusted Trial Balance and highlight the accounts and amounts changed. a

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

Sound Investing, Chapter - Classification Deceit

Authors: Kate Mooney

2nd Edition

0071719385, 9780071719384

More Books

Students also viewed these Accounting questions

Question

Identify and discuss learning style differences across cultures

Answered: 1 week ago