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P3-1 Journal Entries, Posting, and Trial Balance The account balances of the Antil Company on November 1, 2010 are as follows: Debit $25,000 Debit Credit Credit Cash $ 7,800 Patents $ 38,750 Accounts receivable Allowance for doubtful accounts Accounts payable Notes payable 12,530 740 2,400

P3-1 Journal Entries, Posting, and Trial Balance The account balances of the Antil Company on November 1, 2010 are as follows: Debit $25,000 Debit Credit Credit Cash $ 7,800 Patents $ 38,750 Accounts receivable Allowance for doubtful accounts Accounts payable Notes payable 12,530 740 2,400

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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Journal Entries, Posting, and Trial Balance The account balances of the Antil Company on November 1, 2010 are P3-1 as follows: Debit Credit Debit Credit Cash $ 7,800 Patents $25,000 $ 38,750 Accounts receivable Allowance for doubtful accounts Accounts payable Notes payable Common stock, no par 12,530 740 2,400 Notes receivable 6,000 165,000 Retained earnings, January 1, 2010 Sales revenue Inventory 25,121 24,958 840 38,400 Prepaid insurance Office supplies 465 Sales returns and allowances 1,567 (Continued) Credit Debit Debit Credit Land 32,000 Cost of goods sold Sales salaries expense Office salaries expense Advertising expense Utility expense 74,350 6,200 Buildings Accumulated depreciation: buildings Equipment Accumulated depreciation: 66,580 4,300 1,250 21,400 1,845 37,620 550 Interest revenue equipment Interest expense 210 11,480 During the month of November, the following transactions took place: Date Nov, 2 Transaction Made cash sales of $3,400; the cost of the inventory sold was $2,040. Purchased $900 of inventory for cash. Sold an unused 1/2 acre of land for $4,000; the land had originally cost $3,650. Purchased a two-year comprehensive insurance policy for $528. Leased an unused portion of its building to Charles Company, collecting six months' rent in advance at $220 per month. Made $2,300 of sales on credit to Smith Company; the cost of the inventory sold was $1,400. Collected the $200 monthly payment plus $30 interest on a customer's note receivable. Purchased $1,600 of inventory on credit from Mason Company. Granted Smith Company a $200 allowance for defective inventory (from the November 13 transaction) and credited its account. Purchased land for a future building site. Made a $2,000 down payment and signed a 12%, 90-day $6,000 note payable for the balance. Collected the Smith Company account for the November 13 sale less the return. Paid for the November 17 purchase of inventory. Paid the city newspaper $420 for advertising that had appeared during November. Paid $520 of sales salaries and $390 of office salaries. 3 5 8 12 13 16 17 19 20 23 26 27 30 Required 1. Prepare general journal entries to record the preceding transactions. 2. Post to the general ledger accounts. 3. Prepare a trial balance on November 30. 2010.
Transcribed Image Text:Journal Entries, Posting, and Trial Balance The account balances of the Antil Company on November 1, 2010 are P3-1 as follows: Debit Credit Debit Credit Cash $ 7,800 Patents $25,000 $ 38,750 Accounts receivable Allowance for doubtful accounts Accounts payable Notes payable Common stock, no par 12,530 740 2,400 Notes receivable 6,000 165,000 Retained earnings, January 1, 2010 Sales revenue Inventory 25,121 24,958 840 38,400 Prepaid insurance Office supplies 465 Sales returns and allowances 1,567 (Continued) Credit Debit Debit Credit Land 32,000 Cost of goods sold Sales salaries expense Office salaries expense Advertising expense Utility expense 74,350 6,200 Buildings Accumulated depreciation: buildings Equipment Accumulated depreciation: 66,580 4,300 1,250 21,400 1,845 37,620 550 Interest revenue equipment Interest expense 210 11,480 During the month of November, the following transactions took place: Date Nov, 2 Transaction Made cash sales of $3,400; the cost of the inventory sold was $2,040. Purchased $900 of inventory for cash. Sold an unused 1/2 acre of land for $4,000; the land had originally cost $3,650. Purchased a two-year comprehensive insurance policy for $528. Leased an unused portion of its building to Charles Company, collecting six months' rent in advance at $220 per month. Made $2,300 of sales on credit to Smith Company; the cost of the inventory sold was $1,400. Collected the $200 monthly payment plus $30 interest on a customer's note receivable. Purchased $1,600 of inventory on credit from Mason Company. Granted Smith Company a $200 allowance for defective inventory (from the November 13 transaction) and credited its account. Purchased land for a future building site. Made a $2,000 down payment and signed a 12%, 90-day $6,000 note payable for the balance. Collected the Smith Company account for the November 13 sale less the return. Paid for the November 17 purchase of inventory. Paid the city newspaper $420 for advertising that had appeared during November. Paid $520 of sales salaries and $390 of office salaries. 3 5 8 12 13 16 17 19 20 23 26 27 30 Required 1. Prepare general journal entries to record the preceding transactions. 2. Post to the general ledger accounts. 3. Prepare a trial balance on November 30. 2010.
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