Add-in Exercise 3.10 Recording transactions in general journal and general ledger In December 2025, the following transactions occurred in Macchiato's Coffee Roasters business that supplies cafés and also sells direct to the public: Dec. 2 Michael Macchiato invested $2 650000 into the business of Macchiato's Coffee Roasters by purchasing a fully equipped coffee roasting business. The business acquired consisted of the following assets and abilities. Land Building $1200000 1000000 Coffee roasting equipment 420000 Office equipment 60000 Accounts payable 30000 5 Purchased some new roasting equipment on credit for $160,000. 6 12 14 18 23 30 Collected cash from customers for the month, $220000. Paid the accounts payable owing on 2 December when Michael purchased the business. Purchased an insurance policy for the year for $6000 cash. Purchased television advertising for the Christmas-New Year period for $8000 to be paid for in 30 days. Collected fees in cash from customers for the Christmas-New Year period, amounting to $46 000. Michael withdrew $8000 cash in order to pay for private Christmas presents and parties. Required (a) Prepare general journal entries for each of the above transactions and events. (b) Post the entries to ledger T accounts and balance the accountz az at 31 December 2025.
Add-in Exercise 3.10 Recording transactions in general journal and general ledger In December 2025, the following transactions occurred in Macchiato's Coffee Roasters business that supplies cafés and also sells direct to the public: Dec. 2 Michael Macchiato invested $2 650000 into the business of Macchiato's Coffee Roasters by purchasing a fully equipped coffee roasting business. The business acquired consisted of the following assets and abilities. Land Building $1200000 1000000 Coffee roasting equipment 420000 Office equipment 60000 Accounts payable 30000 5 Purchased some new roasting equipment on credit for $160,000. 6 12 14 18 23 30 Collected cash from customers for the month, $220000. Paid the accounts payable owing on 2 December when Michael purchased the business. Purchased an insurance policy for the year for $6000 cash. Purchased television advertising for the Christmas-New Year period for $8000 to be paid for in 30 days. Collected fees in cash from customers for the Christmas-New Year period, amounting to $46 000. Michael withdrew $8000 cash in order to pay for private Christmas presents and parties. Required (a) Prepare general journal entries for each of the above transactions and events. (b) Post the entries to ledger T accounts and balance the accountz az at 31 December 2025.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Add-in
Exercise 3.10
Recording transactions in general journal and general ledger
In December 2025, the following transactions occurred in Macchiato's Coffee Roasters
business that supplies cafés and also sells direct to the public:
Dec. 2 Michael Macchiato invested $2 650000 into the business of Macchiato's Coffee Roasters by
purchasing a fully equipped coffee roasting business. The business acquired consisted of the
following assets and abilities.
Land
Building
$1200000
1000000
Coffee roasting equipment
420000
Office equipment
60000
Accounts payable
30000
5
Purchased some new roasting equipment on credit for $160,000.
6
12
14
18
23
30
Collected cash from customers for the month, $220000.
Paid the accounts payable owing on 2 December when Michael purchased the business.
Purchased an insurance policy for the year for $6000 cash.
Purchased television advertising for the Christmas-New Year period for $8000 to be paid for in 30 days.
Collected fees in cash from customers for the Christmas-New Year period, amounting to $46 000.
Michael withdrew $8000 cash in order to pay for private Christmas presents and parties.
Required
(a) Prepare general journal entries for each of the above transactions and events.
(b) Post the entries to ledger T accounts and balance the accountz az at 31 December 2025.
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