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In T-account form, set up the balances for the following account for Watson Limited at January1 20X1. For each transaction (a - g), make the appropriate journal entry and post each entry to the proper T-accounts. Following these two steps, prepare an unadjusted trial balance at month-end. Cash $120, Notes Receivable 40, Merchandise Inventory 200, f. The plot of land costing $60,000 was sold for $60,000. Merchandise Inventory Cash Accounts Payable Cash Land Cash g. An additional 800 common shares were sold for $125 per share. Common Shares

In T-account form, set up the balances for the following account for Watson Limited at January1 20X1. For each transaction (a - g), make the appropriate journal entry and post each entry to the proper T-accounts. Following these two steps, prepare an unadjusted trial balance at month-end. Cash $120, Notes Receivable 40, Merchandise Inventory 200, f. The plot of land costing $60,000 was sold for $60,000. Merchandise Inventory Cash Accounts Payable Cash Land Cash g. An additional 800 common shares were sold for $125 per share. Common Shares

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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In T-account form, set up the balances for the following account for Watson Limited at January1 20X1. For each transaction (a - g), make the appropriate journal entry and post each entry to the proper T-accounts. Following these two steps, prepare an unadjusted trial balance at month-end.

Cash $120, Notes Receivable 40,

Merchandise Inventory 200,

f. The plot of land costing $60,000 was sold for $60,000.

  • Merchandise Inventory
    • Cash
    • Accounts Payable
  • Cash
    • Land
  • Cash 
  • g. An additional 800 common shares were sold for $125 per share.
    • Common Shares
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