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Please help! Once all transactions have been posted, populate the net ending balance for each account for the accounts listed below. These are the answers
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Once all transactions have been posted, populate the net ending balance for each account for the accounts listed below. These are the answers you will post to this online assignment. Ensure all answers are posted in the following format: 1,000,000 In other words: - Do NOT include a $ sign in your answer - Do include commas as noted in the example. - Do NOT include any decimal point or fractions. (Round to the nearest whole number) Transactions: 1. New company start up; Owners invest $100,000 to buy shares from company. 2. Company buys factory equipment for S20,000; Payment terms are net 30 days; Asset life =5 years and will be depreciated in the future using straight line depreciation. 3. Company buys inventory for $100,000; Payment terms - 50% @ purchase; 50% net 30 days. 4. Company borrows $50,000 from bank due in 5 years. 5. Company generates sales of $25,000 with a product cost of $40,000; Customer payment terms are net 30 days. 6. Company records warranty expense of $5,000 to establish a warranty reserve for potential future claims related to product sold this month. 7. Company pays supplier for factory equipment purchased last month (ref. item 2 above) 8. All customers pay company for sales generated last month (ref. Item 5 above) 9. Company pays suppliers for inventory purchased last month (ref. item 3 above) 10. Company generates sales of $15,000 with a product cost of $10,000; Customer payment terms are net 30 days. 11. Company records warranty expense of $2,000 to establish a warranty reserve for potential future claims related to product sold this month. 12. Company records a bad debt receivables reserve of $2,000 for potential uncollectble receivables. 13. Company records first month of depreciation expense for factory equipment purchased last month (ref. item 2 above). Round to the nearest whole $ amount. 14. Company buys inventory for $15,000; Payment terms net 30 days. the areas noted below: Cash [a] Net Roceivabies [b] Inventory [c] Fived Assets [d] Total Aeseres [e] Accounts Payable [n] Other Acoued Labilses [g] Debt th ! Stockholders' Equity [i] Total Labilies \& stockholders' Equily [n]Step by Step Solution
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