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Carroll Corporation: Balance Sheet as of September 1, 2021. Assets Cash 15000 Accounts Receivable 4000 Inventory 10900 Prepaid Rent Equipment 2000 Total Assets 31900 Liabilities and Owners Equity Accounts Payable 670 Wages Payable 800 Dividends Payable 500 Note Payable 640 Retained Earnings 480 Paid in Capital 28810 Total Liabilities & OE 31900 The following events occurred during the month of September: 1. The company sold goods on open account for $28810 during the month. 2. The cost of the goods that were sold during the month were $10500. 3. Cash was paid to the landlord in the amount of $480. This is the annual rent for the next 12 months (including the current month). 4. Wages owed to employees in the amount of $800 were paid 5. Inventory was purchased in the amount of $30 on open account. 6. Wages earned but unpaid during the month were $800. 7. Cash was received from credit customers in the amount of $5600. 8. Rent was used up in the amount of $40. 9. Depreciation expense in the amount of $100 was recognized. 10. Cash in the amount of $640 was paid to suppliers. Required: Using the following table, record the impact of each of these events on the assets, liabilities and owners equity of Carroll. Prepare a monthly Income Statement and Balance Sheet as of September 30, 2021.

Carroll Corporation: Balance Sheet as of September 1, 2021. Assets Cash 15000 Accounts Receivable 4000 Inventory 10900 Prepaid Rent Equipment 2000 Total Assets 31900 Liabilities and Owners Equity Accounts Payable 670 Wages Payable 800 Dividends Payable 500 Note Payable 640 Retained Earnings 480 Paid in Capital 28810 Total Liabilities & OE 31900 The following events occurred during the month of September: 1. The company sold goods on open account for $28810 during the month. 2. The cost of the goods that were sold during the month were $10500. 3. Cash was paid to the landlord in the amount of $480. This is the annual rent for the next 12 months (including the current month). 4. Wages owed to employees in the amount of $800 were paid 5. Inventory was purchased in the amount of $30 on open account. 6. Wages earned but unpaid during the month were $800. 7. Cash was received from credit customers in the amount of $5600. 8. Rent was used up in the amount of $40. 9. Depreciation expense in the amount of $100 was recognized. 10. Cash in the amount of $640 was paid to suppliers. Required: Using the following table, record the impact of each of these events on the assets, liabilities and owners equity of Carroll. Prepare a monthly Income Statement and Balance Sheet as of September 30, 2021.

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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Please list the account name and their final numbers

Carroll Corporation: Balance Sheet as of September 1, 2021. Assets $ Cash 15000 Accounts Receivable 4000 Inventory 10900 Prepaid Rent Equipment 2000 Total Assets 31900 Liabilities and Owners Equity Accounts Payable 670 Wages Payable 800 Dividends Payable 500 Note Payable 640 Retained Earnings 480 Paid in Capital Total Liabilities & OE 28810 31900 The following events occurred during the month of September: 1. The company sold goods on open account for $28810 during the month. 2. The cost of the goods that were sold during the month were $10500. 3. Cash was paid to the landlord in the amount of $480. This is the annual rent for the next 12 months (including the current month). 4. Wages owed to employees in the amount of $800 were paid 5. Inventory was purchased in the amount of $30 on open account. 6. Wages earned but unpaid during the month were $800. 7. Cash was received from credit customers in the amount of $5600. 8. Rent was used up in the amount of $40. 9. Depreciation expense in the amount of $100 was recognized. 10. Cash in the amount of $640 was paid to suppliers. Required: Using the following table, record the impact of each of these events on the assets, liabilities and owners equity of Carroll. Prepare a monthly Income Statement and Balance Sheet as of September 30, 2021.
Transcribed Image Text:Carroll Corporation: Balance Sheet as of September 1, 2021. Assets $ Cash 15000 Accounts Receivable 4000 Inventory 10900 Prepaid Rent Equipment 2000 Total Assets 31900 Liabilities and Owners Equity Accounts Payable 670 Wages Payable 800 Dividends Payable 500 Note Payable 640 Retained Earnings 480 Paid in Capital Total Liabilities & OE 28810 31900 The following events occurred during the month of September: 1. The company sold goods on open account for $28810 during the month. 2. The cost of the goods that were sold during the month were $10500. 3. Cash was paid to the landlord in the amount of $480. This is the annual rent for the next 12 months (including the current month). 4. Wages owed to employees in the amount of $800 were paid 5. Inventory was purchased in the amount of $30 on open account. 6. Wages earned but unpaid during the month were $800. 7. Cash was received from credit customers in the amount of $5600. 8. Rent was used up in the amount of $40. 9. Depreciation expense in the amount of $100 was recognized. 10. Cash in the amount of $640 was paid to suppliers. Required: Using the following table, record the impact of each of these events on the assets, liabilities and owners equity of Carroll. Prepare a monthly Income Statement and Balance Sheet as of September 30, 2021.
Accounts Prepaid Accounts Wages Dividends Note Retained Paid in Event Cash Inventory Rent Equipment Capital Receivable Payable Payable Payable Payable Earnings Begin 15000 4000 10900 2000 670 800 500 640 480 28810 1 3 4 6. 8. 10 11 Upon completion, enter the following balance sheet amounts here: Cash: Accounts Receivable: Inventory: Prepaid Rent: Equipment: Accounts Payable: Wages Payable: Dividends Payable: Note Payable: Retained Earnings: Paid in Capital:
Transcribed Image Text:Accounts Prepaid Accounts Wages Dividends Note Retained Paid in Event Cash Inventory Rent Equipment Capital Receivable Payable Payable Payable Payable Earnings Begin 15000 4000 10900 2000 670 800 500 640 480 28810 1 3 4 6. 8. 10 11 Upon completion, enter the following balance sheet amounts here: Cash: Accounts Receivable: Inventory: Prepaid Rent: Equipment: Accounts Payable: Wages Payable: Dividends Payable: Note Payable: Retained Earnings: Paid in Capital:
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