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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Please list the account name and their final numbers
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.
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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