Question 4 (21 points) It is now December 31, 2021 and Ski's and Slopes just finished its second month of operations. On November 30th, 2021 (the end of its first month), Skis and Slopes had the following selected account balances: Cash $4,500; Accounts Receivable $1,800; Inventory $87,000; Supplies $400; Equipment and Vehicles $6,700; Accounts Payable $2,300; Bank Loan Payable $10,000; Common shares $20,000; Retained Earnings $30,000 Transaction 1) Issued common shares for $20,000 Transaction 2) Paid rent of $3,000 Transaction 3) Received a deposit for $5,000 for goods to be delivered in 2 months. Transaction 4) Paid income tax for the month of $4,000 Transaction 5) Sold 10 sets of skis for a total of $46,000. Of this amount, $36,000 has been received in cash, and the remaining amount will be paid by the customers next month. The skis were purchased by Skis and Slopes in November, and originally cost the company $30,000. Transaction 6) Received a bill for utilities for the month of December for $200. It will be paid when it is due on January 27th, 2021. Transaction 7) Paid $32,000 for a new vehicle to be use solely for company purposes, Transaction 8) Obtained a bank loan for $100,000 Transaction 9) Paid $300 for advertising expenses Transaction 10) Paid $4,000 for employees salaries. A total of $1,000 was still owed to employees at the end of the month (note: this $1,000 was not included in the $4,000 amount) Transaction 11) Paid the accounts payable that was owed at November 30th Transaction 12) Purchased Skis to sell later (i.c., inventory) for $70,000 cash. For each of the following blanks below, you will be required to provide an account name only. You MUST ensure spelling is correct. Example: accounts receivable What account should be DEBITED for Transaction 1 Note: This scenario repeated from above It is now December 31st, 2021 and Ski's and Slopes just finished its second month of operations. On November 30th, 2021 (the end of its first month), Skis and Slopes had the following selected account balances: Cash $4,500; Accounts Receivable $1,800; Inventory $87,000; Supplies $400; Equipment and Vehicles S6,700; Accounts Payable $2,300; Bank Loan Payable $10,000; Common shares $20,000; Retained Earnings $30,000 Transaction 1) Issued common shares for $20,000 Transaction 2) Paid rent of $3,000 Transaction 3) Received a deposit for $5,000 for goods to be delivered in 2 months Transaction 4) Paid income tax for the month of $4,000 Transaction 5) Sold 10 sets of skis for a total of $46,000. Of this amount, $36,000 has been received in cash, and the remaining amount will be paid by the customers next month. The skis were purchased by Skis and Slopes in November, and originally cost the company $30,000. Transaction 6) Received a bill for utilities for the month of December for $200. It will be paid when it is due on January 27th, 2021. Transaction 7) Paid $32,000 for a new vehicle to be use solely for company purposes. Transaction 8) Obtained a bank loan for $100,000 Transaction 9) Paid $300 for advertising expenses Transaction 10) Paid $4,000 for employees salaries. A total of $1,000 was still owed to employees at the end of the month (note: this $1,000 was not included in the $4,000 amount) Transaction 11) Paid the accounts payable that was owed at November 30th Transaction 12) Purchased Skis to sell later (i.e., inventory) for $70,000 cash. For each of the following blanks below, you will be required to provide an account name only. You MUST ensure spelling is correct. Example: accounts receivable What account should be DEBITED for Transaction 2 Note: This scenario repeated from above It is now December 31st, 2021 and Ski's and Slopes just finished its second month of operations. On November 30th, 2021 (the end of its first month), Skis and Slopes had the following selected account balances: Cash $4,500; Accounts Receivable $1,800; Inventory $87,000; Supplies $400; Equipment and Vehicles $6,700; Accounts Payable $2,300; Bank Loan Payable $10,000; Common shares $20,000; Retained Earnings $30,000. Transaction 1) Issued common shares for $20,000 Transaction 2) Paid rent of $3,000 Transaction 3) Received a deposit for $5,000 for goods to be delivered in 2 months. Transaction 4) Paid income tax for the month of $4,000 Transaction 5) Sold 10 sets of skis for a total of $46,000. Of this amount, $36,000 has been received in cash, and the remaining amount will be paid by the customers next month. The skis were purchased by Skis and Slopes in November, and originally cost the company $30,000. Transaction 6) Received a bill for utilities for the month of December for $200. It will be paid when it is due on January 27th, 2021 Transaction 7) Paid $32,000 for a new vehicle to be use solely for company purposes. Transaction 8) Obtained a bank loan for $100,000 Transaction 9) Paid $300 for advertising expenses Transaction 10) Paid $4,000 for employees salaries. A total of $1,000 was still owed to employees at the end of the month (note: this $1,000 was not included in the $4,000 amount) Transaction 11) Paid the accounts payable that was owed at November 30th Transaction 12) Purchased Skis to sell later (i.c., inventory) for $70,000 cash. For each of the following blanks below, you will be required to provide an account name only. You MUST ensure spelling is correct. Example: accounts receivable What account should be CREDITED for Transaction 3 Note: This scenario repeated from above It is now December 31st, 2021 and Ski's and Slopes just finished its second month of operations. On November 30th, 2021 (the end of its first month), Skis and Slopes had the following selected account balances: Cash $4,500; Accounts Receivable $1,800; Inventory $87,000; Supplies $400; Equipment and Vehicles $6,700; Accounts Payable $2,300; Bank Loan Payable $10,000; Common shares $20,000; Retained Earnings $30,000 Transaction 1) Issued common shares for $20,000 Transaction 2) Paid rent of $3,000 Transaction 3) Received a deposit for $5,000 for goods to be delivered in 2 months. Transaction 4) Paid income tax for the month of $4,000 Transaction 5) Sold 10 sets of skis for a total of $46,000. Of this amount, $36,000 has been received in cash, and the remaining amount will be paid by the customers next month. The skis were purchased by Skis and Slopes in November, and originally cost the company $30,000. Transaction 6) Received a bill for utilities for the month of December for $200. It will be paid when it is due on January 27th, 2021. Transaction 7) Paid $32,000 for a new vehicle to be use solely for company purposes. Transaction 8) Obtained a bank loan for $100,000 Transaction 9) Paid $300 for advertising expenses Transaction 10) Paid $4,000 for employees salaries. A total of $1,000 was still owed to employees at the end of the month (note: this $1,000 was not included in the $4,000 amount) Transaction 11) Paid the accounts payable that was owed at November 30th Transaction 12) Purchased Skis to sell later (i.c., inventory) for $70,000 cash. For each of the following blanks below, you will be required to provide an account name only. You MUST ensure spelling is correct. Example: accounts receivable What account should be CREDITED for Transaction 4 Note: This scenario repeated from above It is now December 31st, 2021 and Ski's and Slopes just finished its second month of operations. On November 30th, 2021 (the end of its first month), Skis and Slopes had the following selected account balances: Cash $4,500, Accounts Receivable $1,800; Inventory $87,000; Supplies S400; Equipment and Vehicles $6,700; Accounts Payable $2,300; Bank Loan Payable $10,000; Common shares $20,000; Retained Earnings $30,000 Transaction 1) Issued common shares for $20,000 Transaction 2) Paid rent of $3,000 Transaction 3) Received a deposit for $5,000 for goods to be delivered in 2 months Transaction 4) Paid income tax for the month of $4,000 Transaction 5) Sold 10 sets of skis for a total of $46,000. Of this amount, S36,000 has been received in cash, and the remaining amount will be paid by the customers next month. The skis were purchased by Skis and Slopes in November, and originally cost the company $30,000. Transaction 6) Received a bill for utilities for the month of December for $200. It will be paid when it is due on January 27th, 2021. Transaction 7) Paid $32,000 for a new vehicle to be use solely for company purposes. Transaction 8) Obtained a bank loan for $100,000 Transaction 9) Paid $300 for advertising expenses Transaction 10) Paid $4,000 for employees salaries. A total of $1,000 was still owed to employees at the end of the month (note: this $1,000 was not included in the $4,000 amount) Transaction 11) Paid the accounts payable that was owed at November 30th, Transaction 12) Purchased Skis to sell later (i.e., inventory) for $70,000 cash. For each of the following blanks below, you will be required to provide an account name only. You MUST ensure spelling is correct. Example: accounts receivable What account should be DEBITED for the cash collected for Transaction 5 Note: This scenario repeated from above It is now December 31, 2021 and Ski's and Slopes just finished its second month of operations. On November 30th, 2021 (the end of its first month), Skis and Slopes had the following selected account balances: Cash $4,500; Accounts Receivable $1,800; Inventory S87,000; Supplies $400; Equipment and Vehicles $6,700; Accounts Payable $2,300; Bank Loan Payable $10,000; Common shares $20,000; Retained Eamines 120.000 Transaction 7) Paid $32,000 for a new vehicle to be use solely for company purposes. Transaction 8) Obtained a bank loan for $100,000 Transaction 9) Paid $300 for advertising expenses Transaction 10) Paid $4,000 for employees salaries. A total of $1,000 was still owed to employees at the end of the month (note: this $1,000 was not included in the $4,000 amount) Transaction 11) Paid the accounts payable that was owed at November 30th, Transaction 12) Purchased Skis to sell later (i.e., inventory) for $70,000 cash. For each of the following blanks below, you will be required to provide an account name only. You MUST ensure spelling is correct. Example: accounts receivable What account should be CREIDTED for Transaction 7 Note: This scenario repeated from above It is now December 31st, 2021 and Ski's and Slopes just finished its second month of operations. On November 30th, 2021 (the end of its first month), Skis and Slopes had the following selected account balances: Cash $4,500; Accounts Receivable $1,800; Inventory $87,000; Supplies $400; Equipment and Vehicles $6,700; Accounts Payable $2,300; Bank Loan Payable $10,000; Common shares $20,000; Retained Earnings $30,000 Transaction 1) Issued common shares for $20,000 Transaction 2) Paid rent of $3,000 Transaction 3) Received a deposit for $5,000 for goods to be delivered in 2 months. Transaction 4) Paid income tax for the month of $4,000 Transaction 5) Sold 10 sets of skis for a total of $46,000. Of this amount, $36,000 has been received in cash, and the remaining amount will be paid by the customers next month. The skis were purchased by Skis and Slopes in November, and originally cost the company $30,000. Transaction 6) Received a bill for utilities for the month of December for $200. It will be paid when it is due on January 27th, 2021. Transaction 7) Paid $32,000 for a new vehicle to be use solely for company purposes. Transaction 8) Obtained a bank loan for $100,000 Transaction 9) Paid $300 for advertising expenses Transaction 10) Paid $4,000 for employees salaries. A total of $1,000 was still owed to employees at the end of the month (note: this $1,000 was not included in the $4,000 amount) Transaction 11) Paid the accounts payable that was owed at November 30th, Transaction 12) Purchased Skis to sell later (1.c., inventory) for $70,000 cash. For each of the following blanks below, you will be required to provide an account name only. You MUST ensure spelling is correct. Example: accounts receivable What account should be DEBITED for Transaction 8 Note: This scenario repeated from above It is now December 31st, 2021 and Ski's and Slopes just finished its second month of operations. On November 30th, 2021 (the end of its first month), Skis and Slopes had the following selected account balances: Cash $4,500; Accounts Receivable $1,800; Inventory $87,000; Supplies $400; Equipment and Vehicles $6,700; Accounts Payable $2,300; Bank Loan Payable $10,000; Common shares $20,000; Retained Earnings $30,000. Transaction 1) Issued common shares for $20,000 Transaction 2) Paid rent of $3,000 Transaction 3) Received a deposit for $5,000 for goods to be delivered in 2 months. Transaction 4) Paid income tax for the month of $4,000 Transaction 5) Sold 10 sets of skis for a total of $46,000. Of this amount, $36,000 has been received in cash, and the remaining amount will be paid by the customers next month. The skis were purchased by Skis and Slopes in November, and originally cost the company $30,000. Transaction 6) Received a bill for utilities for the month of December for $200. It will be paid when it is due on January 27th, 2021. Transaction 7) Paid $32,000 for a new vehicle to be use solely for company purposes. Transaction 8) Obtained a bank loan for $100,000 Transaction 9) Paid $300 for advertising expenses Transaction 10) Paid $4,000 for employees salaries. A total of $1,000 was still owed to employees at the end of the month (note: this $1,000 was not included in the $4,000 amount) Transaction 11) Paid the accounts payable that was owed at November 30th Transaction 12) Purchased Skis to sell later (i.e., inventory) for $70,000 cash. For each of the following blanks below, you will be required to provide an account name only. You MUST ensure spelling is correct. Example: accounts receivable What account should be DEBITED for Transaction 9 Note: This scenario repeated from above It is now December 31st, 2021 and Ski's and Slopes just finished its second month of operations. On November 30th, 2021 (the end of its first month), Skis and Slopes had the following selected account balances: Cash $4,500; Accounts Receivable $1,800; Inventory $87,000; Supplies $400; Equipment and Vehicles $6,700; Accounts Payable $2,300; Bank Loan Payable $10,000; Common shares $20,000; Retained Earnings $30.000 Transaction 1) Issued common shares for $20,000 Transaction 2) Paid rent of $3,000 Transaction 3) Received a deposit for $5,000 for goods to be delivered in 2 months. Transaction 4) Paid income tax for the month of $4,000 Transaction 5) Sold 10 sets of skis for a total of $46,000. Of this amount, $36,000 has been received in cash and the remaining amount will be paid by the customers next month. The skis were purchased by Skis and Slopes in November, and originally cost the company $30,000. Transaction 6) Received a bill for utilities for the month of December for $200. It will be paid when it is due on January 27th, 2021. Transaction 7) Paid $32,000 for a new vehicle to be use solely for company purposes. Transaction 8) Obtained a bank loan for $100,000 Transaction 9) Paid $300 for advertising expenses Transaction 10) Paid $4,000 for employees salaries and wages. A total of $1,000 was still owed to employees at the end of the month (note: this $1,000 was not included in the $4,000 amount) Transaction 11) Paid the accounts payable that was owed at November 30th Transaction 12) Purchased Skis to sell later (i.e., inventory) for $70,000 cash. For each of the following blanks below, you will be required to provide an account name only. You MUST ensure spelling is correct. Example: accounts receivable What account should be CREDITED for Transaction 10 for the cash paid to employees Note: This scenario repeated from above It is now December 31st, 2021 and Ski's and Slopes just finished its second month of operations. On November 30th, 2021 (the end of its first month), Skis and Slopes had the following selected account balances: Cash $4,500; Accounts Receivable $1,800; Inventory $87,000; Supplies S400; Equipment and Vehicles $6,700; Accounts Payable $2,300; Bank Loan Payable $10,000; Common shares $20,000; Retained Earnings $30,000 Transaction 1) Issued common shares for $20,000 Transaction 2) Paid rent of $3,000 Transaction 3) Received a deposit for $5,000 for goods to be delivered in 2 months. Transaction 4) Paid income tax for the month of $4,000 Transaction 5) Sold 10 sets of skis for a total of $46,000. Of this amount, $36,000 has been received in cash, and the remaining amount will be paid by the customers next month. The skis were purchased by Skis and Slopes in November, and originally cost the company $30,000. Transaction 6) Received a bill for utilities for the month of December for $200. It will be paid when it is duc on January 27th, 2021. Transaction 7) Paid $32,000 for a new vehicle to be use solely for company purposes. Transaction 8) Obtained a bank loan for $100,000 Transaction 9) Paid $300 for advertising expenses Transaction 10) Paid $4,000 for employees salaries. A total of $1,000 was still owed to employees at the end of the month (note: this $1,000 was not included in the $4,000 amount) Transaction 11) Paid the accounts payable that was owed at November 30th. Transaction 12) Purchased Skis to sell later (i.e., inventory) for $70,000 cash. For each of the following blanks below, you will be required to provide an account name only. You MUST ensure spelling is correct. Example: accounts receivable What account should be DEBITED for Transaction 11 Note: This scenario repeated from above It is now December 31st, 2021 and Ski's and Slopes just finished its second month of operations. On November 30th, 2021 (the end of its first month), Skis and Slopes had the following selected account balances: Cash $4,500; Accounts Receivable $1,800; Inventory $87,000; Supplies $400; Equipment and Vehicles $6,700; Accounts Payable $2,300; Bank Loan Payable $10,000; Common shares $20,000; Retained Earnings $30,000. Transaction 1) Issued common shares for $20,000 Transaction 2) Paid rent of $3,000 Transaction 3) Received a deposit for $5,000 for goods to be delivered in 2 months. Transaction 4) Paid income tax for the month of $4,000 Transaction 5) Sold 10 sets of skis for a total of $46,000. Of this amount, $36,000 has been received in cash, and the remaining amount will be paid by the customers next month. The skis were purchased by Skis and Slopes in November, and originally cost the company $30,000. Transaction 6) Received a bill for utilities for the month of December for $200. It will be paid when it is due on January 27th, 2021. Transaction 7) Paid $32,000 for a new vehicle to be use solely for company purposes. Transaction 8) Obtained a bank loan for $100,000 Transaction 9) Paid $300 for advertising expenses Transaction 10) Paid $4,000 for employees salaries. A total of $1,000 was still owed to employees at the end of the month (note: this $1,000 was not included in the $4,000 amount) Transaction 11) Paid the accounts payable that was owed at November 30th Transaction 12) Purchased Skis to sell later (i.c., inventory) for $70,000 cash. For each of the following blanks below, you will be required to provide an account name only. You MUST ensure spelling is correct. Example: accounts receivable What account should be DEBITED for Transaction 12 Note: This scenario repeated from above It is now December 31st, 2021 and Ski's and Slopes just finished its second month of operations. On November 30th, 2021 (the end of its first month), Skis and Slopes had the following selected account balances: Cash $4,500; Accounts Receivable $1,800; Inventory $87,000; Supplies $400; Equipment and Vehicles $6,700; Accounts Payable $2,300; Bank Loan Payable $10,000; Common shares $20,000; Retained Earnings $30,000 Transaction 1) Issued common shares for $20,000 Transaction 2) Paid rent of $3,000 Transaction 3) Received a deposit for $5,000 for goods to be delivered in 2 months. Transaction 4) Paid income tax for the month of $4,000 Transaction 5) Sold 10 sets of skis for a total of $46,000. Of this amount, $36,000 has been received in cash, and the remaining amount will be paid by the customers next month. The skis were purchased by Skis and Slopes in November, and originally cost the company $30,000. Transaction 6) Received a bill for utilities for the month of December for $200. It will be paid when it is due on January 27th, 2021. Transaction 7) Paid $32,000 for a new vehicle to be use solely for company purposes. Transaction 8) Obtained a bank loan for $100,000 Transaction 9) Paid $300 for advertising expenses Transaction 10) Paid $4,000 for employees salaries. A total of $1,000 was still owed to employees at the end of the month (note: this $1,000 was not included in the $4,000 amount) Transaction 11) Paid the accounts payable that was owed at November 30th Transaction 12) Purchased Skis to sell later (i.c., inventory) for $70,000 cash. Note: please provide answers without dollar signs or commas. Example: 68000 Negative numbers should be entered with a negative sign at the beginning. Example: -68000 In the space provided below, after all the journal entries have been recorded, what would the ending amount be in the cash Account? Note: This scenario repeated from above Note: This scenario repeated from above It is now December 31st, 2021 and Ski's and Slopes just finished its second month of operations. On November 30th, 2021 (the end of its first month), Skis and Slopes had the following selected account balances: Cash $4,500; Accounts Receivable $1,800; Inventory $87,000; Supplies $400; Equipment and Vehicles $6,700; Accounts Payable $2,300; Bank Loan Payable $10,000; Common shares $20,000; Retained Earnings $30,000. Transaction 1) Issued common shares for $20,000 Transaction 2) Paid rent of $3,000 Transaction 3) Received a deposit for $5,000 for goods to be delivered in 2 months. Transaction 4) Paid income tax for the month of $4,000 Transaction 5) Sold 10 sets of skis for a total of $46,000. Of this amount, $36,000 has been received in cash, and the remaining amount will be paid by the customers next month. The skis were purchased by Skis and Slopes in November, and originally cost the company $30,000. Transaction 6) Received a bill for utilities for the month of December for $200. It will be paid when it is due on January 27th, 2021. Transaction 7) Paid $32,000 for a new vehicle to be use solely for company purposes. Transaction 8) Obtained a bank loan for $100,000 Transaction 9) Paid $300 for advertising expenses Transaction 10) Paid $4,000 for employees salaries. A total of $1,000 was still owed to employees at the end of the month (note: this $1,000 was not included in the $4,000 amount) Transaction 11) Paid the accounts payable that was owed at November 30th, Transaction 12) Purchased Skis to sell later (i.e., inventory) for $70,000 cash. Note: please provide answers without dollar signs or commas. Example: 68000 Negative numbers should be entered with a negative sign at the beginning. Example: -68000 In the space provided below, after all the journal entries have been recorded, what would the ending amount be in the accounts receivable Account? Note: This scenario repeated from above It is now December 31st, 2021 and Ski's and Slopes just finished its second month of operations. On November 30th, 2021 (the end of its first month), Skis and Slopes had the following selected account balances: Cash $4,500; Accounts Receivable $1,800, Inventory $87,000; Supplies $400; Equipment and Vehicles $6,700; Accounts Payable $2,300; Bank Loan Payable $10,000; Common shares $20,000; Retained Earnings $30,000. Transaction 1) Issued common shares for $20,000 Transaction 2) Paid rent of $3,000 Transaction 3) Received a deposit for $5,000 for goods to be delivered in 2 months. Transaction 4) Paid income tax for the month of $4,000 Transaction 5) Sold 10 sets of skis for a total of $46,000. Of this amount, $36,000 has been received in cash, and the remaining amount will be paid by the customers next month. The skis were purchased by Skis and Slopes in November, and originally cost the company $30,000. Transaction 6) Received a bill for utilities for the month of December for $200. It will be paid when it is due on January 27th, 2021. Transaction 7) Paid $32,000 for a new vehicle to be use solely for company purposes. Transaction 8) Obtained a bank loan for $100,000 Transaction 9) Paid $300 for advertising expenses Transaction 10) Paid $4,000 for employees salaries. A total of $1,000 was still owed to employees at the end of the month (note: this $1,000 was not included in the $4,000 amount) Transaction 11) Paid the accounts payable that was owed at November 30th Transaction 12) Purchased Skis to sell later (i.c., inventory) for $70,000 cash. Note: please provide answers without dollar signs or commas. Example: 68000 Negative numbers should be entered with a negative sign at the beginning. Example: -68000 In the space provided below, after all the journal entries have been recorded, what would the ending amount be in the inventory Account? Note: This scenario repeated from above It is now December 31, 2021 and Ski's and Slopes just finished its second month of operations. On November 30th, 2021 (the end of its first month), Skis and Slopes had the following selected account balances: Cash $4,500; Accounts Receivable $1,800, Inventory $87,000, Supplies S400; Equipment and Vehicles $6,700; Accounts Payable $2,300, Bank Loan Payable $10,000; Common shares $20,000; Retained Earnings $30,000. Transaction 1) Issued common shares for $20,000 Transaction 2) Paid rent of $3,000 Transaction 3) Received a deposit for $5,000 for goods to be delivered in 2 months. Transaction 4) Paid income tax for the month of $4,000 Transaction 5) Sold 10 sets of skis for a total of $46,000. Of this amount, $36,000 has been received in cash, and the remaining amount will be paid by the customers next month. The skis were purchased by Skis and Slopes in November, and originally cost the company $30,000. Transaction 6) Received a bill for utilities for the month of December for $200. It will be paid when it is Transaction 6) Received a bill for utilities for the month of December for $200. It will be paid when it is due on January 27th, 2021. Transaction 7) Paid $32,000 for a new vehicle to be use solely for company purposes. Transaction 8) Obtained a bank loan for $100,000 Transaction 9) Paid $300 for advertising expenses Transaction 10) Paid $4,000 for employees salaries. A total of $1,000 was still owed to employees at the end of the month (note: this $1,000 was not included in the $4,000 amount) Transaction 11) Paid the accounts payable that was owed at November 30th Transaction 12) Purchased Skis to sell later (i.e., inventory) for $70,000 cash. Note: please provide answers without dollar signs or commas. Example: 68000 Negative numbers should be entered with a negative sign at the beginning. Example: -68000 In the space provided below, after all the journal entries have been recorded, what would the ending amount be in the Supplies Account? Note: This scenario repeated from above It is now December 31, 2021 and Ski's and Slopes just finished its second month of operations. On November 30th, 2021 (the end of its first month), Skis and Slopes had the following selected account balances: Cash $4,500; Accounts Receivable $1,800; Inventory $87,000; Supplies $400; Equipment and Vehicles $6,700; Accounts Payable $2,300; Bank Loan Payable $10,000; Common shares $20,000; Retained Earnings $30,000. Transaction 1) Issued common shares for $20,000 Transaction 2) Paid rent of $3,000 Transaction 3) Received a deposit for $5,000 for goods to be delivered in 2 months. Transaction 4) Paid income tax for the month of $4,000 Transaction 5) Sold 10 sets of skis for a total of $46,000 of this amount, $36,000 has been received in cash, and the remaining amount will be paid by the customers next month. The skis were purchased by Skis and Slopes in November, and originally cost the company $30,000. Transaction 6) Received a bill for utilities for the month of December for $200. It will be paid when it is due on January 27th, 2021. Transaction 7) Paid $32,000 for a new vehicle to be use solely for company purposes. Transaction 8) Obtained a bank loan for $100,000 Transaction 9) Paid $300 for advertising expenses Transaction 10) Paid $4,000 for employees salaries. A total of $1,000 was still owed to employees at the end of the month (note: this $1,000 was not included in the $4,000 amount) Transaction 11) Paid the accounts payable that was owed at November 30th Transaction 12) Purchased Skis to sell later (i.c., inventory) for $70.000 cash. Note: please provide answers without dollar signs or commas. Example: 68000 Negative numbers should be entered with a negative sign at the beginning. Example: -68000 In the space provided below, after all the journal entries have been recorded, what would the ending amount be in the Equipment and Vehicles Account? Note: This scenario repeated from above It is now December 31, 2021 and Ski's and Slopes just finished its second month of operations. On November 30th, 2021 (the end of its first month), Skis and Slopes had the following selected account balances: Cash $4,500; Accounts Receivable $1,800; Inventory $87,000; Supplies $400; Equipment and Vehicles S6,700; Accounts Payable $2,300; Bank Loan Payable $10,000; Common shares $20,000; Retained Earnings $30,000 Transaction 1) Issued common shares for $20,000 Transaction 2) Paid rent of $3,000 Transaction 3) Received a deposit for $5,000 for goods to be delivered in 2 months. Transaction 4) Paid income tax for the month of $4,000 Transaction 5) Sold 10 sets of skis for a total of $46,000. Of this amount, $36,000 has been received in cash. and the remaining amount will be paid by the customers next month. The skis were purchased by Skis and Slopes in November, and originally cost the company $30,000. Transaction 6) Received a bill for utilities for the month of December for $200. It will be paid when it is due on January 27th, 2021. Transaction 7) Paid $32,000 for a new vehicle to be use solely for company purposes. Transaction 8) Obtained a bank loan for $100,000 Transaction 9) Paid $300 for advertising expenses Transaction 10) Paid $4,000 for employees salaries. A total of $1,000 was still owed to employees at the end of the month (note: this $1,000 was not included in the $4,000 amount) Transaction 11) Paid the accounts payable that was owed at November 30th Transaction 12) Purchased Skis to sell later (i.c., inventory) for $70,000 cash. Note: please provide answers without dollar signs or commas. Example: 68000 Negative numbers should be entered with a negative sign at the beginning. Example: -68000 In the space provided below, after all the journal entries have been recorded, what would the ending amount be in the Accounts Payable Account? Note: This scenario repeated from above It is now December 31st, 2021 and Ski's and Slopes just finished its second month of operations. On November 30th, 2021 (the end of its first month), Skis and Slopes had the following selected account balances: Cash $4,500; Accounts Receivable $1,800, Inventory $87,000; Supplies $400; Equipment and Vehicles $6,700; Accounts Payable $2,300; Bank Loan Payable $10,000; Common shares $20,000; Retained Earnings $30,000 Transaction 1) Issued common shares for $20,000 Transaction 2) Paid rent of $3,000 Transaction 3) Received a deposit for $5,000 for goods to be delivered in 2 months Transaction 4) Paid income tax for the month of $4,000 Transaction 5) Sold 10 sets of skis for a total of $46,000. Of this amount, $36,000 has been received in cash, and the remaining amount will be paid by the customers next month. The skis were purchased by Skis and Slopes in November, and originally cost the company $30,000. Transaction 6) Received a bill for utilities for the month of December for $200. It will be paid when it is due on January 27th, 2021. Transaction 7) Paid $32,000 for a new vehicle to be use solely for company purposes. Transaction 8) Obtained a bank loan for $100,000 Transaction 9) Paid $300 for advertising expenses Transaction 10) Paid $4,000 for employees salaries. A total of $1,000 was still owed to employees at the end of the month (note: this $1,000 was not included in the $4,000 amount) Transaction 11) Paid the accounts payable that was owed at November 30th Transaction 12) Purchased Skis to sell later (1.e., inventory) for $70,000 cash. Note: please provide answers without dollar signs or commas. Example: 68000 Negative numbers should be entered with a negative sign at the beginning. Example: -68000 In the space provided below, after all the journal entries have been recorded, what would the ending amount be in the Bank Loan Payable Account? Note: This scenario repeated from above It is now December 31st, 2021 and Ski's and Slopes just finished its second month of operations. On November 30th, 2021 (the end of its first month), Skis and Slopes had the following selected account balances: Cash $4,500; Accounts Receivable $1,800, Inventory $87,000; Supplies $400; Equipment and Vehicles $6,700; Accounts Payable $2,300; Bank Loan Payable $10,000; Common shares $20,000; Retained Earnings $30,000. Transaction 1) Issued common shares for $20,000 Transaction 2) Paid rent of $3,000 Transaction 3) Received a deposit for $5,000 for goods to be delivered in 2 months. Transaction 4) Paid income tax for the month of $4,000 Transaction 5) Sold 10 sets of skis for a total of $46,000. Of this amount, $36,000 has been received in cash, and the remaining amount will be paid by the customers next month. The skis were purchased by Skis and Slopes in November, and originally cost the company $30,000. Transaction 6) Received a bill for utilities for the month of December for $200. It will be paid when it is due on January 27th, 2021. Transaction 7) Paid $32,000 for a new vehicle to be use solely for company purposes. Transaction 8) Obtained a bank loan for $100,000 Transaction 9) Paid $300 for advertising expenses Transaction 10) Paid $4,000 for employees salaries. A total of $1,000 was still owed to employees at the end of the month (note: this $1,000 was not included in the $4,000 amount) Transaction 11) Paid the accounts payable that was owed at November 30th Transaction 12) Purchased Skis to sell later (i.e., inventory) for $70,000 cash. Note: please provide answers without dollar signs or commas. Example: 68000 Negative numbers should be entered with a negative sign at the beginning. Example: -68000 In the space provided below, after all the journal entries have been recorded, what would the ending amount be in the common shares Account? Note: This scenario repeated from above It is now December 31, 2021 and Ski's and Slopes just finished its second month of operations. On November 30th, 2021 (the end of its first month), Skis and Slopes had the following selected account balances: Cash $4,500; Accounts Receivable $1,800; Inventory $87,000; Supplies $400; Equipment and Vehicles 56,700; Accounts Payable $2,300; Bank Loan Payable $10,000; Common shares $20,000; Retained Earnings $30,000 Transaction 1) Issued common shares for $20,000 Transaction 2) Paid rent of $3,000 Transaction 3) Received a deposit for $5,000 for goods to be delivered in 2 months. Transaction 4) Paid income tax for the month of $4,000 Transaction 5) Sold 10 sets of skis for a total of $46,000. Of this amount, $36,000 has been received in cash, and the remaining amount will be paid by the customers next month. The skis were purchased by Skis and Slopes in November, and originally cost the company $30,000. Transaction 6) Received a bill for utilities for the month of December for $200. It will be paid when it is due on January 27th, 2021. Transaction 7) Paid $32,000 for a new vehicle to be use solely for company purposes. Transaction 8) Obtained a bank loan for $100,000 Transaction 9) Paid $300 for advertising expenses Transaction 10) Paid $4,000 for employees salaries. A total of $1,000 was still owed to employees at the end of the month (note: this $1,000 was not included in the $4,000 amount) Transaction 11) Paid the accounts payable that was owed at November 30th, Transaction 12) Purchased Skis to sell later (i.c., inventory) for $70,000 cash. Note: please provide answers without dollar signs or commas. Example: 68000 Negative numbers should be entered with a negative sign at the beginning. Example: -68000 In the space provided below, after all the journal entries have been recorded, what would the ending amount be in the retained earnings Account
