Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

This column is the account. Dr. Cr. The first column that has things like truck and insurance is what type of account it is and

This column is the account. Dr. Cr.

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

The first column that has things like truck and insurance is what type of account it is and I've included all the accounts that are available to be used there. The next column is Dr. for debit and finally Cr. for credit. I need to know for each event what type of account it is and whether its a debit or credit. Thank you

Borrow $100,000 of cash from the bank to fund operations. Borrow from the bank for 1 year with an APR of 6%. The principal and interest are due at the end of 1 year. Loans Purchase a Lemonade Truck to sell Lemonade on the go. Pay cash for a cost of $25,000 with a salvage value of $5,000. Estimated Useful Life is 5 years. Purchase Assets Truck $25,000 Purchase Assets Purchase a 2 year insurance policy for $24,000. Pre-paid insurance $24,000 Pay cash for the purchase of Specialty Canned Lemonade Inventory in a variety of Flavors - $1.00 per can. Purchased 100,000 cans. Purchase inventory Lemonade inentory $100,000 Run Your Business - Earn revenue by selling inventory! Recognize Revenue AND Cost of Goods Sold Expense nventory Records are kept on a Perpetual Basis Sold 22,000 total cans of Lemonade. 12,000 cans were sold for cash on site at City Park for $3.00/can. 10,000 cans were sold for cash at the baseball game for $5.00/can. Week 1 Revenue cash 5.86.000 Week 1 COGS Record the COGS Expense for Week 1 Revenue Sold 30,000 total cans of Lemonade. 20,000 cans were sold for cash on site near the orange food truck for $3.00/can. 10,000 cans were sold on account to the Accounting Department for Open House $2.00/can. Neek 2 Revenue Week 2 COGS Record the COGS Expense for Week 2 Revenue. Sold 32,000 total cans of Lemonade. 20,000 cans were sold on account to the Athletic Department for $5.00/can. 12,000 cans were sold for cash on site at City Park for $3.00/can. Neek 3 Revenue Week 3 COGS Record the COGS Expense for Week 3 Revenue. Sold 15,000 total cans of Lemonade on account to Boys and Girls Club for $2.00/can. Week 4 Revenue Week 4 COGS Record the COGS Expense for Week 4 Revenue Run Your Business - Use assets or other resources and incurr expenses! Hired 2 employees to sell Lemonade during the month. They worked for 100 hours total for $15/hour and they will Expenses be paid the following month. Defer and recognize the use of the insurance policy for one month. Expenses Accrue and recognize the interest expense on the note for one month. Expenses Purchased gas for the Lemonade Truck for the month. Used the company credit card 4 times and spent a total of $800 for gasoline. Expenses Purchased on account and then gave away this month keychains and koozies to customers for advertising. Total cost of the keychains and koodize that were gave away to customers was $1,500. Expenses Defer and recognize the use of the Lemonade Truck for one month. Expenses Pay the Owners- there should be at least one withdrawl for EACH owner's capital account Each owner in the partnership worked hard to get the business going this month. Paid each partner $1,000 for the month. Note* Make a separate withdrawl account for each Withdrawl - Capital "Name" owner. Required: Each account must have a normal ending balance listed (debit or credit) Wildcat Lemonade TAccounts. General Ledger Accounts Payable Notes Payable Interest Payable Page 1 Credit Card Payable Wages Payable Total Liabilities: Required: Each account must have a normal ending balance listed (debit or credit) Wildcat Lemonade TAccounts. General Ledger Cash Truck Truck - Accum. Depreciation Page 1 Prepaid Insurance Lemonade Inventory Accounts Receivable Total Assets: IT Accounts. General Ledger Capital GROUP MEMBER NAME Capital - GROUP MEMBER Capital - GROUP MEMBER Capital - GROUP MEMBER Withdrawals GROUP Withdrawals - GROUP MEMBER NAME Withdrawals - GROUP MEMBER NAME Withdrawals - GROUP MEMBER NAME Page 1 Total Owner's Equity Depreciation Expense

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_2

Step: 3

blur-text-image_3

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

Pioneers Of A Profession Chartered Accountants To 1879

Authors: Jas. C. Stewart

1st Edition

0367532557, 9780367532550

More Books

Students also viewed these Accounting questions

Question

a. Did you express your anger verbally? Physically?

Answered: 1 week ago