Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The trial balance sheet of Moes Mowing, Inc is dated August 31, 2019: Assets Liabilities Cash 6,000 Account Payable 5,000 Account Receivable 400 Notes payable

The trial balance sheet of Moes Mowing, Inc is dated August 31, 2019: Assets Liabilities Cash 6,000 Account Payable 5,000 Account Receivable 400 Notes payable 2,500 Supplies 6000 salary payable 2,000 Prepaid rent 13,000 Loan Payable 13,000 Inventory 2,500 Unearned Revenue 4000 Total current assts 27,900 Total Liabilities 26,500 Cars 7,500 building 1500 Shareholders Equity furniture 2500 Common Stocks 6,700 Retained Earning 6,200 Total fixed asset 11,500 Total owner's equity 12,900 Total Assets 39,400 Total Liabilities and Equity 39,400 During the month of September, the business incurred the following transactions: 1. Deposited $5,000 cash in the businesss bank account. The company received the cash and issued common stocks. 2. The company purchased a car for $1,750 on account from Melton Supply 3. The company bought equipment, paying cash, 1,750 4. The company purchased office supplies for $1000 cash. 5. The company provided services to the Walker Company for $1,800 on account. 6. The company paid $500 to Melton Office Supply 7. The company borrowed a short-term debt (notes payable) from the bank, $20,000 8. The company received $1,000 in cash for services provided to a new customer. 9. Shortly after opening the business, the company paid the months rent of $650. 10. 1% of the inventory has been expired (bad goods expense). 11. The company paid $100 cash to repair car. 12. Bought computer software from Moss Computer center, $740, paying $240 in cash and placing the balance on account 13. The company received $1,100 cash from Walker Company 14. Declared and paid dividends of $600. 15. Collecting 70% of accounts receivable. 16. The company paid 35% of its accounts payable. 17. Supplies on hand at month-end, $4000 18. Salary owed but not paid yet $1000 19. Prepaid rent expired, $8,000 20. $2000 out of the unearned service revenue was earned during September. 21. The loan accrues interest at 1% per month. No interest was paid in September 22. The bookkeeper recorded a collection from accounts receivable of $100 as $10 23. Income tax is 2.5% 24. EFT payment of insurance expense, $400.

for this, i need 1. Journal entryof 2. Income Statement 3. Retained Earnings Statement 4. The trial balance sheet.

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

IT Auditing Defined

Authors: Ibrahim Yussuf, Matthew Robinett

1st Edition

1645435148, 978-1645435143

More Books

Students also viewed these Accounting questions

Question

2. Define communication.

Answered: 1 week ago