(i.) the journal entries for these transactions (dated and formatted correctly), (ii.) the T-accounts for all of the accounts involved (with final balances of each account indicated), and, (ii) the final Trial Balance after all 8 transactions 1) September 01: Devon founds a Corp and puts in $200k of his own money. 2) September 15: Corp pays $80,000 in cash for a 2-year lease for a new storefront. 3) October 1: Corp pays its monthly energy bill, paying $15k. 4) October 15: Corp purchases the Patent for a new electric skateboard design, for $50k. (Note: This patent has another 20 years before it expires. Assume that TrojanCorp has an account just for Patents in its Chart of Accounts.) 5) December 1: Corp provides services to customers for $10k in cash. 6) December 15: Corp provides services to customers on account-the customers sign an invoice for $20k. 7) January 1: The customer from the April 15 sale pays off half of their account. 8) January 15: Corp pays out an $8k Dividend to Devon.

(i.) the journal entries for these transactions (dated and formatted correctly), (ii.) the T-accounts for all of the accounts involved (with final balances of each account indicated), and, (ii) the final Trial Balance after all 8 transactions 1) September 01: Devon founds a Corp and puts in $200k of his own money. 2) September 15: Corp pays $80,000 in cash for a 2-year lease for a new storefront. 3) October 1: Corp pays its monthly energy bill, paying $15k. 4) October 15: Corp purchases the Patent for a new electric skateboard design, for $50k. (Note: This patent has another 20 years before it expires. Assume that TrojanCorp has an account just for Patents in its Chart of Accounts.) 5) December 1: Corp provides services to customers for $10k in cash. 6) December 15: Corp provides services to customers on account-the customers sign an invoice for $20k. 7) January 1: The customer from the April 15 sale pays off half of their account. 8) January 15: Corp pays out an $8k Dividend to Devon.

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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