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- Prepare a balance sheet for the month ended March 31 (there are no prior balances in any of the accounts). - Prepare an income
- Prepare a balance sheet for the month ended March 31 (there are no prior balances in any of the accounts).
- Prepare an income statement for the month of March (there are no prior balances in any of the accounts). Do not be concerned with income taxes for the March statements.
Journal Entries | |||
Date | Particulars | Dr. Amt. | Cr. Amt. |
1 | Cash Dr. | 25,000 | |
To Notes Payable | 25,000 | ||
2 | Cash Dr. | 100,000 | |
To Common Stock | 100,000 | ||
3 | Building Dr. | 250,000 | |
To Cash | 50,000 | ||
To Loan Payable - Mortgage | 200,000 | ||
4 | Equipment Dr. | 15,000 | |
To Cash | 15,000 | ||
5 | Inventory Dr. | 18,500 | |
To Accounts Payable | 18,500 | ||
6 | Supplies Dr. | 2,500 | |
To Cash | 2,500 | ||
7.a | Cash Dr. | 15,000 | |
To Sales | 15,000 | ||
7.b | Cost of Goods Sold Dr. | 7,000 | |
To Inventory | 7,000 | ||
8 | Inventory Dr. | 9,300 | |
To Cash | 5,000 | ||
To Accounts Payable | 4,300 | ||
9 | Supplies Exp. Dr. | 600 | |
To Supplies | 600 | ||
10.a | Accounts Receivables Dr. | 16,000 | |
To Sales | 16,000 | ||
10.b | Cost of Goods Sold Dr. | 9,000 | |
To Inventory | 9,000 | ||
11 | Cash Dr. | 8,000 | |
To Accounts Receivables | 8,000 | ||
12 | Interest Exp. Dr. | 1,000 | |
To Interest Payable | 1,000 | ||
13 | Wages Exp. Dr. | 7,000 | |
To Wages Payable | 7,000 | ||
14 | Utilities Exp. Dr. | 900 | |
To Utilities Payable | 900 | ||
15 | Insurance Exp. Dr. | 400 | |
To Cash | 400 | ||
16 | Depreciation Exp. Dr. | 800 | |
To Accumulated Depreciation | 800 | ||
17 | Advertising Exp. Dr. | 1,100 | |
To Advertising Exp. Payable | 1,100 | ||
18 | Telephone Exp. Dr. | 600 | |
To Telephone Exp. Payable | 600 |
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