Write a trial balance, balance sheet and income statement: Best Business Solutions Incorporated

Journal EntriesA$2$:A$2$:D$298$

$31-$Dec$-22$

Debit Credit Cash Common stock Cosulting service revenue Property tax expense Entertainment expense

$1-$ Cash $$25,000$ Debits Credits Debits Credits Debits Credits Debits Credits Debits Credits

Common stock $$20,000$ $$139,500$ $$42,000$ $$200,000$ $$18,000$ $$5,800$ $$350$

Paid$-$in capital CS $$5,000$ $$25,000$ $$24,500$ $$20,000$ $$10,000$

$$18,000$ $$8,000$ $$10,000$ $$35,000$ Ending Balance Ending Balance

$2-$ Cash $$50,000$ $$42,000$ $$15,000$ $$28,000$ $$5,800$ $$350$

Short$-$term notes payable $$50,000$ $$12,000$ $$3,500$ Ending Balance $$39,000$

$$43,500$ $$23,000$ $$230,000$ $$25,000$

$3-$ Prepaid insurance $$42,000$ $$40,000$ $$5,000$ $$37,000$

Cash $$42,000$ $$30,000$ $$3,000$

$$54,000$ $$2,200$ Ending Balance

$4-$ Retained earnings $$15,000$ $$28,000$ $$1,000$ $$192,000$

Dividents payable $$15,000$ $$65,000$ $$40,000$

$$70,000$ $$58,800$

$5-$ Wages payable $$10,800$ $$38,000$ $$15,000$

Taxes payable $$7,200$ $$25,000$ $$4,500$

Cash $$18,000$ $$35,000$ $$7,500$

$$40,984$ $$3,000$

$6-$ Accounts payable $$25,000$ $$50,000$ $$27,000$

Cash $$24,500$ $$85,000$ $$5,800$

Purchase discounts $$500$ $$21,000$ $$90,000$

$$18,500$ $$700$

$7$a$-$ Cash $$42,000$ $$1,200$ $$73,100$

Sales revenue $$42,000$ $$2,500$

Ending Balance $$50,000$

$7$b$-$ COGS $$18,000$ $$426,584$ $$56,000$

Inventory $$18,000$ $$20,000$

$$7,500$

$8-$ Cash $$12,000$ $$5,563$

Consulting service revenue $$12,000$

$9-$ Supplies $$8,000$

Cash $$8,000$

$10-$ Notes receivable $$40,000$ Paid$-$in capital CS Short$-$term notes payable Supplies Mortgage payable Travel expense

Accounts receivable $$40,000$ Debits Credits Debits Credits Debits Credits Debits Credits Debits Credits

$$50,000$ $$80,000$ $$80,000$ $$5,000$ $$1,000$ $$437$ $$350,000$ $$365$

$11-$ Accounts payable $$15,000$ $$5,000$ $$50,000$ $$8,000$ $$447$ $$439,400$

Cash $$15,000$ $$20,000$ Ending Balance $$8,800$ $$3,000$ Ending Balance

$$(50,000)$ $$365$

$12-$ Inventory $$60,000$ Ending Balance Ending Balance Ending Balance

Accounts payable $$60,000$ $$75,000$ $$20,800$ $$(785,516)$

$13-$ Freight exepense $$3,500$

Cash $$3,500$

Prepaid insurance Retained earnings Notes receivable Shipping expense Miscellanious expense

$14$a$-$ Cash $$43,500$ Debits Credits Debits Credits Debits Credits Debits Credits Debits Credits

Sales revenue $$43,500$ $$9,000$ $$10,800$ $$15,000$ $$230,000$ $$40,000$ $$984$ $$2,200$ $$190$

$$42,000$

$14$b$-$ COGS $$19,000$ Ending Balance Ending Balance Ending Balance Ending Balance

Inventory $$19,000$ Ending Balance $$(215,000)$ $$39,016$ $$2,200$ $$190$

$$40,200$

$15$a$-$ Accounts receivable $$76,000$

Sales revenue $$76,000$

$15$b$-$ COGS $$34,000$

Inventory $$34,000$ Dividents payable Wages payable Petty cash Postage expense Bad debt expense

Debits Credits Debits Credits Debits Credits Debits Credits Debits Credits

$16-$ Unearned consulting revenue $$10,000$ $$15,000$ $$15,000$ $$10,800$ $$10,800$ $$1,000$ $$1,475$ $$290$ $$1,425$

Consulting service revenue $$10,000$ $$15,000$ $$700$

Ending Balance $$18,000$ Ending Balance Ending Balance

$17-$ Cash $$40,000$ $$-$ Ending Balance $$290$ $$1,425$

Accounts receivable $$40,000$ Ending Balance $$225$

$$33,000$

$18$a$-$ Wages expense $$15,000$

Tax expense $$8,000$

Cash $$23,000$

$18$b$-$ Equipment maintenance expense $$5,500$ Taxes payable Accounts payable Equipment maintenance expense Treasury stock Accumulated depreciation$-$equipment

Debits Credits