Prepare a Trial Balance Sheet with the following. 1. Recorded $2,200 of credit s
ID: 2442008 • Letter: P
Question
Prepare a Trial Balance Sheet with the following.1. Recorded $2,200 of credit sales.
2. Matched $500 in cost of goods sold listed in question 1.
3. Cash Payment of $1500 on accounts payable.
4. Cash payment of $475 for accrued liabilities.
5. Cash payment of $50 for interest on payable bank note
6. Cash payment of $400 to purchase equipment.
7. Depreciated equipment for $200.
8. Amortized database for $15.
9. Purchased $950 of inventory on credit from suppliers.
10. Received $2200 cash from customers
11. Cash payment for income taxes equal to 40% of pretax income.
12. Cash payment of $10 to shareholders for dividend
13. Incurred operating expenses of $450 of (but not paid)
14. 20 shares of $1 par value common stock issued for $160 in cash.
Explanation / Answer
Sales 2,200 - COGS 500 - Operating Exp 450 = NI 1250 1. A/R 2200 Sales 2200 2. COGS 500 Inventory 500 3.A/P 1500 Cash 1500 4. Liability(A/P;N/P) 475 Cash 475 5. Bank N/P 50 Cash 50 6. Equipment 400 Cash 400 7. Depresiation Exp 200 Accum Depreciat 200 8. Amortiz Exp 15 Accumul amort 15 9. Inventory 950 A/P 950 10. Cash 2200 A/R 2200 11. Income tax exp 500 Cash 500 1250*.40 12. Div payable 10 Cash 13. Operating Exp 450 A/P 450 14. Cash 160 Common stock 160 Then from here you have to follow the Assets= Liabilities +SE I hope it helps. Good luck.