Hey I need help adjusting these entries into a T chart/ T account. Date NO Accou
ID: 2343302 • Letter: H
Question
Hey I need help adjusting these entries into a T chart/ T account.
Date NO Accounts Debit Credit 01-01-15 1 Cash 50,000 Stockholder's Equity 50,000 02-01-15 2 Cash 120,000 Notes Payable 120,000 02-01-15 3 Rent Expense 1,000 2,000 Security Deposits Cash 3,000 03-01-15 4 Property, Plant, and Equipment 30,000 Accounts Payable 30,000 03-01-15 50,000 5Invento Cash 50,000 04-01-15 6 Office Supplies 1,000 Accounts Payable 1,000 06-01-15 7 Account Receivable 10,500 Sales 10,000 500 Sales Tax Payable 06-01-15 7a Cost of Goods Sold 5,000 Invento 5,000 08-01-15 8 Cash 21,000 Sales Sales Tax Payable 20,000 1,000 08-01-15 8a Cost of Goods Sold 10,000 Inventory 10,000 09-01-15 9 Utility Expense 500 Accounts Payable 500 10 Sales Returns and Allowances 5,000 250 11-01-15 Sales Tax Payable Cash 5,250 11-01-15 10a nventor 2,500 Cost of Goods Sold 2,500 1,500 1,000 15-01-15 11 Salaries Expense Payroll Taxes Expense Cash Payroll Taxes Payable 1,500 1,000Explanation / Answer
Cash Debit Credit Stockholder's Equity $ 50,000.00 Rent Expense $ 1,000.00 Notes Payable $ 120,000.00 Security Deposits $ 2,000.00 Sales $ 4,000.00 Inventory $ 50,000.00 Sales Tax payable $ 200.00 Sales returns and Allowance $ 5,000.00 Accounts Receivable $ 10,500.00 Sales tax Payable $ 250.00 Unearned frevenue $ 25,000.00 Salaries Expense $ 1,500.00 Sales $ 7,000.00 Accounts Payable $ 29,400.00 Sales Tax payable $ 350.00 Prepaid Insurance $ 11,000.00 Sales $ 3,000.00 Insurance Expense $ 1,000.00 Sales Tax payable $ 150.00 Advertising Expense $ 1,000.00 Salaries Expense $ 1,500.00 Prepaid Rent $ 1,000.00 Dividends $ 5,000.00 Ending Balance $ 110,550.00 Total $ 220,200.00 Total $ 220,200.00 Stockholder's Equity Debit Credit Cash $ 50,000.00 Ending Balance $ 50,000.00 Total $ 50,000.00 Total $ 50,000.00 Notes Payable Cash $ 120,000.00 Ending Balance $ 120,000.00 Total $ 120,000.00 Total $ 120,000.00 Rent Expense Debit Credit Cash $ 1,000.00 Ending Balance $ 1,000.00 Total $ 1,000.00 Total $ 1,000.00 Security Deposits Debit Credit Cash $ 2,000.00 Ending Balance $ 2,000.00 Total $ 2,000.00 Total $ 2,000.00 Property Plant and Equipment Debit Credit Accounts Payable $ 30,000.00 Ending Balance $ 30,000.00 Total $ 30,000.00 Total $ 30,000.00 Accounts Payable Debit Credit Cash $ 29,400.00 Property Plant and Equipment $ 30,000.00 Discount taken $ 600.00 Office Supplies $ 1,000.00 Utility Expense $ 500.00 Ending Balance $ 1,500.00 Total $ 31,500.00 Total $ 31,500.00 Inventory Debit Credit Cash $ 50,000.00 Cost of goods Sold $ 5,000.00 Cost of goods Sold $ 2,500.00 Cost of goods Sold $ 2,000.00 Cost of goods Sold $ 3,500.00 Cost of goods Sold $ 12,500.00 Cost of goods Sold $ 1,500.00 Cost of goods Sold $ 4,000.00 Ending Balance $ 24,000.00 Total $ 52,500.00 Total $ 52,500.00 Office Supplies Debit Credit Accounts Payable $ 1,000.00 Ending Balance $ 1,000.00 Total $ 1,000.00 Total $ 1,000.00 Accounts Receivable Debit Credit Sales $ 10,000.00 Cash $ 10,290.00 Sales Tax Payable $ 500.00 Sales Discount $ 210.00 Sales $ 8,000.00 Ending Balance $ 8,000.00 Total $ 18,500.00 Total $ 18,500.00 Sales Debit Credit Accounts Receivable $ 10,000.00 Cash $ 4,000.00 Cash $ 7,000.00 Unearned revenue $ 25,000.00 Cash $ 3,000.00 Accounts Receivable $ 8,000.00 Ending Balance $ 57,000.00 Total $ 57,000.00 Total $ 57,000.00 Sales tax payable Debit Credit cash $ 250.00 Accounts Receivable $ 500.00 Cash $ 200.00 Cash $ 350.00 Cash $ 150.00 Ending Balance $ 950.00 Total $ 1,200.00 Total $ 1,200.00 Cost of goods Sold Debit Credit Inventory $ 10,000.00 Inventory $ 2,500.00 Inventory $ 2,000.00 Inventory $ 3,500.00 Inventory $ 12,500.00 Inventory $ 1,500.00 Inventory $ 4,000.00 Ending Balance $ 31,000.00 Total $ 33,500.00 Total $ 33,500.00 Utility Expense Debit Credit Accounts Payable $ 500.00 Ending Balance $ 500.00 Total $ 500.00 Total $ 500.00 Sales return and Allowances Debit Credit Cash 5000 Ending Balance $ 5,000.00 Total $ 5,000.00 Total $ 5,000.00 Salaries Expense Debit Credit Cash $ 1,500.00 Cash $ 1,500.00 Ending Balance $ 3,000.00 Total $ 3,000.00 Total $ 3,000.00 Payroll taxes Expense Debit Credit Payroll taxes Payable 1000 Payroll taxes Payable 1000 Ending Balance $ 2,000.00 Total $ 2,000.00 Total $ 2,000.00 Payroll taxes Payable Debit Credit Payroll taxes Expense $ 1,000.00 Payroll taxes Expense $ 1,000.00 Ending Balance $ 2,000.00 Total $ 2,000.00 Total $ 2,000.00 Prepaid Insurance Debit Credit Cash $ 11,000.00 Ending Balance $ 11,000.00 Total $ 11,000.00 Total $ 11,000.00 Insurance Expense Debit Credit Cash $ 1,000.00 Ending Balance $ 1,000.00 Total $ 1,000.00 Total $ 1,000.00 Advertising Expense Debit Credit Cash $ 1,000.00 Ending Balance $ 1,000.00 Total $ 1,000.00 Total $ 1,000.00 Discount taken Debit Credit Accounts payable $ 600.00 Ending Balance $ 600.00 Total $ 600.00 Total $ 600.00 Sales Discount Debit Credit Accounts Receivable $ 210.00 Ending Balance $ 210.00 Total $ 210.00 Total $ 210.00 Unearned revenue Debit Credit Cash $ 25,000.00 Sales $ 25,000.00 Ending Balance $ 50,000.00 Total $ 50,000.00 Total $ 50,000.00 Prepaid Rent Debit Credit Cash $ 1,000.00 Ending Balance $ 1,000.00 Total $ 1,000.00 Total $ 1,000.00 Dividends Debit Credit Cash $ 5,000.00 Ending Balance $ 5,000.00 Total $ 5,000.00 Total $ 5,000.00