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Sweet Dreams Chocolatiers Ltd. began operations on January 1, 2020. During its first year, the following transactions occurred: 1. Issued common shares for $ 200,000
Sweet Dreams Chocolatiers Ltd. began operations on January 1, 2020. During its first year, the following transactions occurred: 1. Issued common shares for $ 200,000 cash. 2. Purchased $ 450,000 of inventory on account. 3. Sold inventory on account for $ 640,000. The original cost of the inventory that was sold was $ 384,000. 4. Collected $530,000 from customers on account. 5. Paid $ 390,000 to suppliers for the inventory previously purchased on account. 6. Bought a delivery vehicle for $ 30,000 cash. 7. Paid $ 23,400 for rent, including $ 1,800 related to the next year. Incurred $ 15,000 of operating expenses, of which $ 13,000 was paid. 9. Recorded $ 1,800 of depreciation on the vehicle. 10. Declared and paid dividends of $5,000. Post the journal entries to the following T accounts. (Post entries in the order of journal entries presented in the previous question. If beginning balance is zero, enter in the column for the normal balance for that account.) Cash > > > > > Vehicles Accumulated Depreciation, Vehicles Accounts Payable Common Shares Dividends Declared > Sales Revenue Cost of Goods Sold NI Rent Expense Operating Expense Depreciation Expense
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