Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Transacations for the Green Tea Company during 2022 a The company has incurred payroll costs that have not yet been paid for $15,000. b The

Transacations for the Green Tea Company during 2022 a The company has incurred payroll costs that have not yet been paid for $15,000. b The company has paid cash for interest expense on its long term note payable for $1,000. c The company has borrowed $20,000 on an additional long-term note payable. d The company has paid cash for rent due in the amoiunt of $10,500. e The company received cash for services provided in advance, in the amount of $10,000. f The company paid cash for advertising costs, in the amount of $4,000. g The company has earned and received cash of $50,000 for services rendered. h The company has paid cash for long-term capital equipment in the amount of $15,000. i The company has incurred Tax costs of $2,500 for 2022 that are not payable until February 15, 2023 . j The company has paid cash dividends in the amount of $5,000 to its Shareholders of record.

Can you please make me the below work sheet accoding to above transaction.

Assets = Liabilities + Shareholders Equity Revenue - Expense = NI
Cash Prepaid Exp Security PPE Payroll Payable Interest Payable Income Tax Payable Unearned Revenue Notes Payable Common Stock Retained Earnings Treasury Stock
Beginning Balances>> $ 100 $ 1,500 $ 3,500 $ 10,300 $ 900 $ - $ - $ - $ 7,450 $ 6,800 $ 500 $ (250) 0 0 0
a The company has incurred payroll costs that have not yet been paid for $15,000.
b The company has paid cash for interest expense on its long term note for $1,000.
c The company has borrowed $20,000 on an additional long-term note payable.
d The company has paid cash for rent due in the amoiunt of $10,500.
e The company received cash for services provided in advance, in the amount of $10,000.
f The company paid cash for advertising costs, in the amount of $4,000.
g The company has earned and received cash of $50,000 for services rendered.
h The company has paid cash for long-term capital equipment in the amount of $15,000.
i The company has incurred Tax costs of $2,500 for 2022 that are not payable until February 15, 2023 .
j The company has paid cash dividends in the amount of $5,000 to its Shareholders of record.
Totals can be carried over to the Trial Balance Totals $ 100 $ 1,500 $ - $ 3,500 $ 10,300 $ - $ 900 $ - $ - $ - $ 7,450 $ 6,800 $ 500 $ (250)

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

Forensic Accounting

Authors: Greg Shields

1st Edition

1727480988, 978-1727480986

More Books

Students also viewed these Accounting questions

Question

1. Whats your opinion, Joel? or Does anyone have another opinion?

Answered: 1 week ago

Question

nerzd

Answered: 1 week ago