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JOURNAL ENTRY

JOURNAL ENTRY

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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Accounting

Do a JOURNAL ENTRY. Make sure they BALANCE Debit = Credit. Write it on word or excel. Thanks.

Assets Current Assets Cash Accounts Receivable Less: Allow. Dbtful Accts Merchandise Inventory Office Supplies Prepaid Insurance $112,500.00 $83,983.00 $(1,152.00) $54,629.00 $1,337.00 $1,782.00 S253,079.00 Total Current Assets Property and Equipment Land Buildings Less: Accum. Depr. Office Equipment Less: Accum. Depr. Vehicles S70,000.00 $140,000.00 $(28,000.00) $15,570.00 $(11,720.00) $42,100.00 $(16,300.00) S211,650.00 $464,729.00 Less: Accum. Depr. Total Property and Equipment Total Assets Liabilities & Owner's Equity Current Liabilities Accounts Payable Note Payable Mortgage Note Payable (current portion) Total Current Liabilities $30,300.00 $74,500.00 $9,950.00 $114,750.00 Long-Term Liabilities Mortgage Note Payable $90,450.00 $205,200.00 Total Liabilities Stockholder's Equity Common Stock $259,529.00 $464,729.00 Total Liabilities and Owner's Equity
Transcribed Image Text:Assets Current Assets Cash Accounts Receivable Less: Allow. Dbtful Accts Merchandise Inventory Office Supplies Prepaid Insurance $112,500.00 $83,983.00 $(1,152.00) $54,629.00 $1,337.00 $1,782.00 S253,079.00 Total Current Assets Property and Equipment Land Buildings Less: Accum. Depr. Office Equipment Less: Accum. Depr. Vehicles S70,000.00 $140,000.00 $(28,000.00) $15,570.00 $(11,720.00) $42,100.00 $(16,300.00) S211,650.00 $464,729.00 Less: Accum. Depr. Total Property and Equipment Total Assets Liabilities & Owner's Equity Current Liabilities Accounts Payable Note Payable Mortgage Note Payable (current portion) Total Current Liabilities $30,300.00 $74,500.00 $9,950.00 $114,750.00 Long-Term Liabilities Mortgage Note Payable $90,450.00 $205,200.00 Total Liabilities Stockholder's Equity Common Stock $259,529.00 $464,729.00 Total Liabilities and Owner's Equity
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