Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

prepare an income statement according to following journal Xmarket is a reseller of apples Its operation starts in July of 2020 and now is July

image text in transcribed

prepare an income statement according to following journal

image text in transcribed

Xmarket is a reseller of apples Its operation starts in July of 2020 and now is July 31, 2828. This is the last day of the month. Xmarket General Journal Credit Notes Debit $40, eee.ee $40,000.00 $20,000.ee 6 month 5% note $20,888.80 $ 300.00 $ 300.00 $ 342.50 $ 342.50 $2,400.80 12 months prepaid insurance $2,400.00 $10,080.se purchase of 5, eee units $10,000.00 $ 50.89 sale of ten units $ 50.00 $ 45.89 sale of nine units $ 45.ee $ 500.00 sale of 250 units $ 500.ee $2,080.89 $2,000.ee Date Account 1-Jul-20 Cash Common Stock 1-Jul-2e Cash Notes Payable 1-Jul-20 Rent expense Cash 2-Jul-2e Eqipment Cash 2-Jul-2e Prepaid insurance Cash 3-Jul-20 Inventory Cash 5-Jul-2e Cash Revenue 5-Jul-20 Cash Revenue 5-Jul-20 Accounts receivable Revenue 6-Jul-20 Wages expense Cash 10-Jul-20 Accounts receivable Revenue 11-Jul-20 Inventory Cash 12-Jul-2e Cash Accounts receivable 13-Jul-20 Wages expense Cash 13-Jul-20 Accounts receivable Revenue 14-Jul-20 Cash Accounts receivable 21-Jul-20 Wages expense Cash 23-Jul-20 Supplies expense Cash 28-Jul-20 Wages expense Cash 30-Jul-20 Cash Accounts receivable 30-Jul-20 Cash Revenue $4,000.00 sale of 880 units $4,000.00 $3,000.00 purchase of 1,000 units $3,800.00 $ 580.89 $ 500.00 $2,080.89 $2,000.00 $1,500.00 sale of 300 units $1,500.ee $2,000.00 $2,000.00 $2,000.00 $2,000.00 $ 94.88 $ 94.88 $2,000.00 $2,000.00 $1,000.00 $1,800.ee $ 250.00 sale of 50 units $ 250.00

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

Accountability Of Local Authorities In England And Wales, 1831-1935 Volume 1

Authors: Hugh Coombs, J. R. Edwards

1st Edition

1138965758, 9781138965751

More Books

Students also viewed these Accounting questions

Question

What are some of the topics studied?

Answered: 1 week ago