Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

URGENT!!!!! I need you help!!! Need a clear and easy-read format for following question Sweet Dreams Chocolatiers Ltd. began operations on January 1, 2020. During

URGENT!!!!! I need you help!!! Need a clear and easy-read format for following question

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 $473,000 of inventory on account.
3. Sold inventory on account for $654,000. The original cost of the inventory that was sold was $392,000.
4. Collected $556,000 from customers on account.
5. Paid $424,000 to suppliers for the inventory previously purchased on account.
6. Bought a delivery vehicle for $33,000 cash.
7. Paid $26,000 for rent, including $2,000 related to the next year.
8. Incurred $33,000 of operating expenses, of which $31,000 was paid.
9. Recorded $2,300 of depreciation on the vehicle.
10. Declared and paid dividends of $5,000.

a.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 0 in the column for the normal balance for that account.)

b.Prepare a December 31, 2020, trial balance. (Do not list those accounts that have zero ending balance.)

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

Quality Management System A Planning And Auditing Guide

Authors: Walter Willborn

1st Edition

083113013X, 978-0831130138

More Books

Students also viewed these Accounting questions