Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Walmart Inc. : Date Description Debit ($) Credit ($) 2023-12-01 Initial Capital 250,000 2023-12-02 Purchased Office Supplies 8,000 2023-12-05 Paid Office Rent 10,000 2023-12-10 Services

Walmart Inc. :

Date

Description

Debit ($)

Credit ($)

2023-12-01

Initial Capital

250,000


2023-12-02

Purchased Office Supplies

8,000


2023-12-05

Paid Office Rent

10,000


2023-12-10

Services Rendered (60% on credit)


90,000

2023-12-15

Received Payment from Customers

50,000


2023-12-18

Paid Salaries

18,000


2023-12-20

Purchased Equipment (paid in cash)

20,000


2023-12-25

Utility Expenses Paid

4,000


2023-12-28

Loan Received

80,000


2023-12-30

Interest on Loan

2,000


Requirements:

  1. Record the journal entries for the transactions of Walmart Inc.
  2. Post the transactions to the ledger accounts.
  3. Prepare a trial balance as of December 31, 2023.
  4. Prepare the income statement and balance sheet for the month ended December 31, 2023.

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 and Fraud Examination

Authors: Mary Jo Kranacher, Richard Riley, Joseph T. Wells

1st edition

047043774X, 978-0470437742

More Books

Students also viewed these Accounting questions