JOURNAL ENTRY

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

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
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Double entry bookkeeping system
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education