prepare a ledger and post the amounts to ledger accounts. start by replacing the xx's in the Beginning Balance row with the values from your ending balance sheet for the prior time period. Then record each transaction in chronological order.

Coffin Corporation had the following highly summarized financial events during the current year: 1. Jan. 2 Ordered new equipment with a 10-year life, for $80,000. No payment was made and the equipment has not been delivered. 2. Feb. 19Bought $35,000 of inventory. Only $20,000 was paid for the inventory on that date, and the balance is owed to the suppliers. Coffin expects to be able to sell the inventory for $60,000 3. July 12Received the equipment ordered January 2, and mailed a check for the balance due. 4. Dec. 28-Coffin paid its employees $68,000 of wages. Wage expense for the year is $66,000. The payment included the $2,000 wages payable balance outstanding from the previous year plus some payment for work done this year. 5. Dec. 30Sales for the year totaled $123,000. All but $3,000 of that amount has been collected. The entire $6,000 balance in accounts receivable from beginning of the year was also collected. The cost of the inventory sold was $32,000. 6. Dec. 31Coffin makes a payment of $34,000 on its long-term note. This is an interest free business development loan. 7. Dec. 31Coffin's building and equipment are now one year older. Depreciation for the year is $15,000. Assume that Coffin began the year with the following dollar balances (shown in alphabetical order) in their accounts: Accounts Payable 2,000 Accounts Receivable 6,000 Cash 180,000 Equipment, Net 150,000 Notes Payable 150,000 Contributed Capital 130,000 Retained Earnings 52,000 Wages Payable 2,000 Ledger Account Assets Expenses Stockholder's Equity + Div. = Liabilities + + Rev. Prepaid Insurance Accounts Receivable Plant & Equipment Cost of Goods Sold Depreciation Accounts Payable Insurance Wages Payable Mortgage Payable Interest Cash Dividends Retained Earnings abon Common Stock Revenue $180,000 48 $6,000 xx $150,000 XX XX 44 $2,000 $2,000 $150,000 $130,000 $52,000 -20000 20000 -68000 66000 32000 3000 -34000 34000 Beginning Baland 1 2 3 4 4 5. 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Ending Balance IRANSACION 15000 $58,000 $0 $6,000 $6,000 $0 $150,000 $32,000 $0 $0 $0 $15,000 $0 ############ $184,000 $130,000 $52,000 $3,000