Alexandre Despaties is the owner of the new organization "Extreme Athlete". The organization started on March 1st 2020. Here are the first month transactions. Prepare the accounting cycle : Journal entry (JE) T accounts Trial balance Financial statement (3 reports) Closing 1Owner invest 10,000$ cash in the organization 2Purchase furniture on credit 2,350$. 3Purchase (on credit) an insurance coverage. Value 3000$, 6 months period coverage 4Withdrawal of 600$ from the owner 5Rent payment 1,000$ cash 6Payment to supplier 1,400$ for revious purchase (furniture) 7Sales on credit 1,600$ 8Electricity payment 500$ 9Received 900$ from customer for previous sale 10Record the insurance expense of the month
Alexandre Despaties is the owner of the new organization "Extreme Athlete". The organization started on March 1st 2020. Here are the first month transactions. Prepare the accounting cycle : Journal entry (JE) T accounts Trial balance Financial statement (3 reports) Closing 1Owner invest 10,000$ cash in the organization 2Purchase furniture on credit 2,350$. 3Purchase (on credit) an insurance coverage. Value 3000$, 6 months period coverage 4Withdrawal of 600$ from the owner 5Rent payment 1,000$ cash 6Payment to supplier 1,400$ for revious purchase (furniture) 7Sales on credit 1,600$ 8Electricity payment 500$ 9Received 900$ from customer for previous sale 10Record the insurance expense of the month
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Alexandre Despaties is the owner of the new organization "Extreme Athlete". The organization started on March 1st 2020. Here are the first month transactions.
Prepare the accounting cycle :
T accounts
Financial statement (3 reports)
Closing
1Owner invest 10,000$ cash in the organization
2Purchase furniture on credit 2,350$. 3Purchase (on credit) an insurance coverage. Value 3000$, 6 months period coverage
4Withdrawal of 600$ from the owner 5Rent payment 1,000$ cash
6Payment to supplier 1,400$ for revious purchase (furniture)
7Sales on credit 1,600$
8Electricity payment 500$
9Received 900$ from customer for previous sale 10Record the insurance expense of the month
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