Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help me create the T accounts and balance sheet for this question e time, and agree to take it on. Given: The newly purchased
Please help me create the T accounts and balance sheet for this question
e time, and agree to take it on. Given: The newly purchased firm was bought on November 1. At inception the balance sheet accounts of the firm were as follows: Account Name Account Name $ Accounts Payable 85,000 Bonds Payable (Over 1 Year) 45,000 Accounts Receivable 67,000 Share Capital 936,200 Land 490,000 Furniture and Fixtures 15,000 Building 320,000 Wages Payable 55,000 Equipment 175,000 Bottle Processing Patent Fee's Payable 25,000 Cash 2,200 Taxes Payable 58,000 Notes Payable 60,000 Bottle Inventory 195,000 During the month of November the following transactions occurred: I A Accounts receivable were collected in the amount of: $18,500 Wages due were paid out of cash in the amount of: $17,500 Equipment was purchased on credit for the amount of $177,500 This amount was due on delivery and was paid in cash: $2,600 D Land appraised for this amount: $560,000 A stakeholder, Bruce Wayne, provided the co with equipment and in return received in shares for this amount: $67,500 F Shares were retired for Bonds Payable for this amount: $302,500 The bonds payable are due Dec. 15, 2025 G Bottle processing patent fees for this amount $25,000 were completely paid out on credit H Old bottles for this amount were returned to the former $177,500 supplier for their cash value I A bank loan was taken out for this amount: $67,500 The amount was kept in cash over the end of the month Focus W hp F11 prt ser 19 17 num lk 9Step 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