Credit Debit 2$ 2$ 80,800 469,600 252,000 27,000 16,000 12,000 190,000 650,000 550,000 Cash Accounts receivable Inventory Trading investments Supplies Prepaid insurance Land Building 5 Equipment S Acc. Depreciation - equipment Acc. Depreciation - building B Accounts payable 9 Uneamed revenue 0 Income tax payable 1 Bank loan payable 6% 22 Common shares 23 Retained eamings 24 Dividends declared 25 Sales 26 Interest Income 27 Sales retums and allowances 28 Sales discounts 29 Freight in expense 30 Purchases expense 31 Depreciation expense 32 Income tax expense 33 Insurance expense 34 Interest expense 35 Freight out expense 36 Salaries and wages expense 37 Purchase retums 38 Purchase discounts 39 Utilities expense 220,000 195,000 276,400 34,600 5,000 300,000 500,000 727,000 160,000 1,323,600 7,100 25,000 17,000 84,000 660,400 68,000 41,700 72,000 22,000 36,600 158,000 45,300 25,700 40 67,600 41 42 3,659,700 43 3,659,700 44 45 46 47
Credit Debit 2$ 2$ 80,800 469,600 252,000 27,000 16,000 12,000 190,000 650,000 550,000 Cash Accounts receivable Inventory Trading investments Supplies Prepaid insurance Land Building 5 Equipment S Acc. Depreciation - equipment Acc. Depreciation - building B Accounts payable 9 Uneamed revenue 0 Income tax payable 1 Bank loan payable 6% 22 Common shares 23 Retained eamings 24 Dividends declared 25 Sales 26 Interest Income 27 Sales retums and allowances 28 Sales discounts 29 Freight in expense 30 Purchases expense 31 Depreciation expense 32 Income tax expense 33 Insurance expense 34 Interest expense 35 Freight out expense 36 Salaries and wages expense 37 Purchase retums 38 Purchase discounts 39 Utilities expense 220,000 195,000 276,400 34,600 5,000 300,000 500,000 727,000 160,000 1,323,600 7,100 25,000 17,000 84,000 660,400 68,000 41,700 72,000 22,000 36,600 158,000 45,300 25,700 40 67,600 41 42 3,659,700 43 3,659,700 44 45 46 47
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
prepare statement of changes
Net income is 118,400

Transcribed Image Text:Credit
Debit
2.
2$
80,800
469,600
252,000
27,000
16,000
12,000
190,000
650,000
550,000
7Cash
B Accounts receivable
e Inventory
0 Trading investments
11 Supplies
12 Prepaid insurance
13 Land
14 Building
15 Equipment
16 Acc. Depreciation - equipment
17 Acc. Depreciation - building
18 Accounts payable
19 Uneamed revenue
20 Income tax payable
21 Bank loan payable 6%
22 Common shares
23 Retained eamings
24 Dividends declared
25 Sales
26 Interest Income
27 Sales retums and allowances
28 Sales discounts
29 Freight in expense
30 Purchases expense
31 Depreciation expense
32 Income tax expense
33 Insurance expense
34 Interest expense
35 Freight out expense
36 Salaries and wages expense
37 Purchase retums
38 Purchase discounts
39 Utilities expense
220,000
195,000
276,400
34,600
5,000
300,000
500,000
727,000
160,000
1,323,600
7,100
25,000
17,000
84,000
660,400
68,000
41,700
72,000
22,000
36,600
158,000
45,300
25,700
40
67,600
41
42
3,659,700
43
3,659,700
44
45
46
47
4B

Transcribed Image Text:Additional Information:
a) The Inventory count at the year end was costed at $221,000
b) On April 2, 2020, Manyellous Carpets Ltd. issued additional Common Shares for $75,000
and recorded this correctly in their ledger.
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