Please I\'m new to this and need help. Thank you! T-ACCOUNTS WITH BALANCES 325.0
ID: 2422717 • Letter: P
Question
Please I'm new to this and need help. Thank you! T-ACCOUNTS WITH BALANCES 325.000 CASH ACCOUNTS RECEIVABLE ALLOWANCE FOR BAD DEBTS 200,000 SHOE INVENTORY SUPPLIES PREPAID INSURANCE EQUIPMENT ACCUMLATED DEPRECIATION- EQUIP AUTO ACCUMULATED DEPRECIATION AUTO ACCOUNTS PAYABLE WAGES PAYABLE UNEARNED REVENUE 50,000 12.000 1,000,000 500,000 100,000 40,000 80.000 40,000 90,000 2,500,000 1.000.000 NOTE PAYABLE JHJ COMMON STOCK RETAINED EARNINGS JHJ DIVIDENDS SHOE SALES SHOE SALE RETURNS COST OF GOODS SOLDExplanation / Answer
Notes: In the above Jourals entry number 8 is adjustmet entry
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T form ledger accounts
$1,000
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Aswer3; Trial Balance is a statement containig balances of each T account before passing closing entries. It is used to judge arithmetical accuracy . Debit and credit balances of different accounts i total must agree.
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Answer of part 4. and part 5:
Icome statemet at the end of the accoutig year:
Note: Income statement above includes retetion statement. Row no. 8,9 and 10 indicates retention.
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Answer of part 6:
Balance sheet as on................
A.Assets:
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Answer 7:
Closig entries:
Car rental..........
Income statement..................
$75,000
Income statemet......................
Supplies.........................
$2,000
Income statement..............................
Gross profit..................................
$73,000
Gross profit........................................
Salary...........................................
Interest expeses...........................
Depreciation.................................
Net profit......................................
$73,000
$15,000
$2,000
$20,000
$36,000
Net profit...........................................
Dividend......................................
Retetion.......................................
$36,000
$5,000
$31,000
Notes: In the above Jourals entry number 8 is adjustmet entry
----------------------------------------------------------------------------------------------------------------------------------------
T form ledger accounts
$1,000
----------------------------------------------------------------------------------------------------------------------------------------------------
Aswer3; Trial Balance is a statement containig balances of each T account before passing closing entries. It is used to judge arithmetical accuracy . Debit and credit balances of different accounts i total must agree.
--------------------------------------------------------------------------------------------------------------------------------------
Answer of part 4. and part 5:
Icome statemet at the end of the accoutig year:
Note: Income statement above includes retetion statement. Row no. 8,9 and 10 indicates retention.
--------------------------------------------------------------------------------------------------------------------------------------------------
Answer of part 6:
Balance sheet as on................
A.Assets:
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Answer 7:
Closig entries:
Car rental..........
Income statement..................
$75,000
Income statemet......................
Supplies.........................
$2,000
Income statement..............................
Gross profit..................................
$73,000
Gross profit........................................
Salary...........................................
Interest expeses...........................
Depreciation.................................
Net profit......................................
$73,000
$15,000
$2,000
$20,000
$36,000
Net profit...........................................
Dividend......................................
Retetion.......................................
$36,000
$5,000
$31,000
Journal in the books of Partculars Debit Credit Cash. $50,000 Common stock.. $50,000 (Issued common stock) Car. $100,000 Cash. $20,000 Notes payable $80,000 (Purchased 4 car with down payment $20,000) Cash .. $60,000 Rental income. $60,000 (Received car rental) Accounts receivable. $10,000 Rental income $10,000 (Rented car o account to corporate customers) Cash. $5,000 Unearned income. $5,000 ( Cash received as advance for first night hire) Supplies.. $3,000 Cash $3,000 (purchased supplies in cash) Cash. $8,000 Accounts receivables.. $8,000 (Collected from corporate customers) Closing stock.. $1,000 Revenue account $1,000 (Entered stock in revenue stock) Salary .. $15,000 Accrued salary.. $15,000 (Salary accrued but not paid) Interest . $2,000 Interest payables . $2,000 (Accruerd iterest on notes) Advance rental $5,000 Car rental. $5,000 (Advance received earlier ow transferred to car rental) Depreciation. $20,000 Accumulated Dep... $20,000 (Straight line depreciation on car for 5 years life) Cash $5,000 Dividend.. $5,000 (Paid divided)