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Show me the steps to solve creating T accounts for the following: Assets Amount Liabilities & Equity Amount Cash $ 1 0 0 , 0
Show me the steps to solve creating T accounts for the following:
Assets Amount Liabilities & Equity Amount
Cash $ Accounts Payable $
Accounts Receivable Notes Payable Short term
Supplies Long Term Notes Payable
Inventory Common Stock
Equipment Additional Paid in Capital Common stock
Accumulated DepreciationEquipment Retained Earnings
Vehicle
Accumulated DepreciationVehicle
Land
Total Assets $ Total Liabilities & Equity $
Jessica Brady operates a widget shop. The shop specializes in a selection of various widget products. You have been hired as manager. Your duties include maintaining the stores financial records. Here above is the postclosing trial balance accounts at the end of the previous year. The following transactions occurred during January, of this year.
a Received cash of $ and $ for machinery in exchange for common stock.
b Purchased inventory for $ on account and n days.
c Purchased supplies for $ on account.
d Made sales on account for $ with the costs of $ at nremember there are two entries here
e Negotiated and signed a twoyear $ loan at the bank, receiving cash at the time.
f Used the money from f to purchase several computers for $; then used the balance for a vehicle$ and equipment$ for the shop.
g Received payment for sales in e within the discount period.
h Paid expenses: advertising expense of $ and salaries of $
i Made sales for cash totaling $ with a costs of $
j Made a payment on inventory accounts payable balance of $ from transaction c above within the discount period.
k Collected accounts receivable of $ from customers after discount period.
l Business is going well so issued more common stock. Sam purchased par value stock of $ for $ cash.
m Record Deprecation: Helpall assets have no salvage value. Estimated useful lives: computers years; machinery years; vehicle years; and for the equipment years. adstands for accumulated depreciation
n Received a cash payment for widgets in advance of $ Will deliver it next month
o Office supplies on hand at the end of month were $
Show me the steps to create T Accounts Start by setting up all the existing accounts above
in a t account. Then open new accounts when needed. For example the first
transaction adds furniturea new asset so you will need a new t account for
furniture.
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