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13. The company began the year with the following balances: Sales $25,000 Accounts Receivable $12,000 Inventory $15,000 Accounts Payable $3,000 S/T Notes Payable $20,000 Interest Payable $1,000 Taxes Payable $2,000 Common Stock $26,000 A. Record journal entries for the following transactions. B. Determine the balance for each account. C. Prepare a balance sheet. a. Collected $6,000 owed from customers b. Purchased $13,000 of inventory on account c. Repaid $5,000 to the bank d. Paid the total amount owed for interest e. Paid one half of the total amount owed to suppliers f. Purchased office supplies on account for $200 (not used this period) g. Received $2,500 from a customer who will be shipped inventory next month h. Paid the entire amount owed to the government for income taxes i. Sold part of the company to investors for $30,000 j. Invested $25,000 of excess cash in a short term investment

13. The company began the year with the following balances: Sales $25,000 Accounts Receivable $12,000 Inventory $15,000 Accounts Payable $3,000 S/T Notes Payable $20,000 Interest Payable $1,000 Taxes Payable $2,000 Common Stock $26,000 A. Record journal entries for the following transactions. B. Determine the balance for each account. C. Prepare a balance sheet. a. Collected $6,000 owed from customers b. Purchased $13,000 of inventory on account c. Repaid $5,000 to the bank d. Paid the total amount owed for interest e. Paid one half of the total amount owed to suppliers f. Purchased office supplies on account for $200 (not used this period) g. Received $2,500 from a customer who will be shipped inventory next month h. Paid the entire amount owed to the government for income taxes i. Sold part of the company to investors for $30,000 j. Invested $25,000 of excess cash in a short term investment

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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With what's given, how did we get to that Balance sheet?  Please help. Final is coming up soon

Assets Liabilities Cash 22,500 Accounts Payable 8,200 Inventory 28,000 S/T Notes Payable 15,000 Accounts Receivable 6,000 Unearned Revenue 2,500 Office Supplies 200 Short Term 25,000 Total Current Liabilities 25,700 Investments Total Current Assets 81,700 Owner's Equity Common Stock 56,000 Total Owner's Equity 56,000 Total Liabilities & Owner's Total Assets 81,700 81,700 Equity
Transcribed Image Text:Assets Liabilities Cash 22,500 Accounts Payable 8,200 Inventory 28,000 S/T Notes Payable 15,000 Accounts Receivable 6,000 Unearned Revenue 2,500 Office Supplies 200 Short Term 25,000 Total Current Liabilities 25,700 Investments Total Current Assets 81,700 Owner's Equity Common Stock 56,000 Total Owner's Equity 56,000 Total Liabilities & Owner's Total Assets 81,700 81,700 Equity
13. The company began the year with the following balances: Sales $25,000 Accounts Receivable $12,000 Inventory $15,000 Accounts Payable $3,000 S/T Notes Payable $20,000 Interest Payable $1,000 Taxes Payable $2,000 Common Stock $26,000 A. Record journal entries for the following transactions. B. Determine the balance for each account. C. Prepare a balance sheet. a. Collected $6,000 owed from customers b. Purchased $13,000 of inventory on account c. Repaid $5,000 to the bank d. Paid the total amount owed for interest e. Paid one half of the total amount owed to suppliers f. Purchased office supplies on account for $200 (not used this period) g. Received $2,500 from a customer who will be shipped inventory next month h. Paid the entire amount owed to the government for income taxes i. Sold part of the company to investors for $30,000 j. Invested $25,000 of excess cash in a short term investment
Transcribed Image Text:13. The company began the year with the following balances: Sales $25,000 Accounts Receivable $12,000 Inventory $15,000 Accounts Payable $3,000 S/T Notes Payable $20,000 Interest Payable $1,000 Taxes Payable $2,000 Common Stock $26,000 A. Record journal entries for the following transactions. B. Determine the balance for each account. C. Prepare a balance sheet. a. Collected $6,000 owed from customers b. Purchased $13,000 of inventory on account c. Repaid $5,000 to the bank d. Paid the total amount owed for interest e. Paid one half of the total amount owed to suppliers f. Purchased office supplies on account for $200 (not used this period) g. Received $2,500 from a customer who will be shipped inventory next month h. Paid the entire amount owed to the government for income taxes i. Sold part of the company to investors for $30,000 j. Invested $25,000 of excess cash in a short term investment
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