Question
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.)
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