Answered step by step
Verified Expert Solution
Question
1 Approved Answer
prepare an retained earning statement according to following journal Xmarket is a reseller of apples Its operation starts in July of 2020 and now is
prepare an retained earning statement according to following journal
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 $ 250.00Step 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