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To Do: Prepare your lemonade stand's Unadjusted Trial Balance . Commas will automatically populate for numerical answers. Do not include dollar signs or decimals in
To Do: Prepare your lemonade stand's Unadjusted Trial Balance . Commas will automatically populate for numerical answers. Do not include dollar signs or decimals in your amounts. the account names to pick from are : CASH, ACCOUNTS RECEIVABLE,INVENTORY,SUPPLIES,REFRIGERATOR,CASH REGISTER,LEMON JUICER,PREPAID INSURANCE,ACCOUNTS PAYABLE,NOTES PAYABLE,WAGES PAYABLE,COMMON STOCK,SALES REVENUE,COST OF GOODS SOLD,WAGES EXPENSE,SUPPLIES EXPENSE,INSURANCE EXPENSE,UTILITIES EXPENSE,RENT EXPENSE.
\begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|c|}{ Your Lemonade Stand } \\ \hline \multicolumn{2}{|c|}{ Unadjusted Trial Balance } \\ \hline End of Month \\ \hline Account & Debit & Credit \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|} \hline Date & Account & Debit & Credit \\ \hline & & $ & $ \\ \hline \multirow[t]{3}{*}{ May 1} & Cash & 1,000 & \\ \hline & Common Stock & & 1,000 \\ \hline & \begin{tabular}{l} Received cash from issuance of comm \\ on stock \end{tabular} & & \\ \hline \multirow[t]{3}{*}{ May 2} & Cash & 500 & \\ \hline & Notes Payable & & 500 \\ \hline & \begin{tabular}{l} Cash received on issuance of notes pa \\ yable \end{tabular} & & \\ \hline \multirow[t]{3}{*}{ May 5} & Inventory & 400 & \\ \hline & Cash & & 400 \\ \hline & Purchase of inventory for cash & & \\ \hline \multirow[t]{3}{*}{ May 6} & Refrigerator & 500 & \\ \hline & Cash & & 500 \\ \hline & Purchase of refrigerator for cash & & \\ \hline \multirow[t]{3}{*}{ May 8} & Supplies & 90 & \\ \hline & Cash & & 90 \\ \hline & Purchase of supplies for cash & & \\ \hline \multirow[t]{3}{*}{ May 9} & Cash Register & 300 & \\ \hline & Cash & & 300 \\ \hline & Purchase of cash register for cash & & \\ \hline \multirow[t]{3}{*}{ May 10} & Lemon Juicer & 150 & \\ \hline & Cash & & 150 \\ \hline & Purchase of lemon juicer for cash & & \\ \hline \multirow[t]{3}{*}{ May 15} & Cash & 6,000 & \\ \hline & Sales & & 6,000 \\ \hline & To record sale of merchandise for cash & & \\ \hline \multirow[t]{3}{*}{ May 16} & Cost of Goods Sold & 3,000 & \\ \hline & Inventory & & 3,000 \\ \hline & To record cost of goods sold & & \\ \hline \multirow[t]{3}{*}{ May 20} & Inventory & 4,000 & \\ \hline & Accounts Payable & & 4,000 \\ \hline & Purchase of inventory on account & & \\ \hline \multirow[t]{3}{*}{ May 23} & Utilities Expense & 100 & \\ \hline & Cash & & 100 \\ \hline & To record payment of utility bill & & \\ \hline \multirow[t]{3}{*}{ May 31} & Rent Expense & 900 & \\ \hline & Cash & & 900 \\ \hline & To record store rent paid in cash & & \\ \hline \end{tabular}Step by Step Solution
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