Prepare journal entries for each of the following 7 transactions. JE 1 PizzaPan Inc. sold 1 million shares of their common stock for $1/share (par value of the common stock is $.10) JE 2 PizzaPan Inc. purchased $200,000 inventory from a culinary distributor. PizzaPan inc. had to pay at the point of purchase the full $200,000 (cash). JE 3 PizzaPan Inc. purchased a delivery truck for $40,000 (cash). JE 4 PizzaPan Inc. sold on account 10,000 pizza pans to Domino’s Corporation. They sold the pans for $5/each. The cost of each pan is $3 ($3/each). JE 5 PizzaPan Inc. sold on account 5,000 pizza cutters to PizzaHut Corporation. They sold the pizza cutters for $8/each. The cost of each pizza cutter is $4 ($4/each). JE 6 PizzaPan Inc. paid their employees as follows: Sales staff => $12,000 Administrative staff => $16,000 JE 7 PizzaPan Inc. received $50,000 payment from Domino’s Corporation. Post the above journal entries to “T” accounts. Prepare a trial balance using the “T” account balances.
- Prepare
journal entries for each of the following 7 transactions.
JE 1 PizzaPan Inc. sold 1 million shares of their common stock for $1/share (par value of the common stock is $.10)
JE 2 PizzaPan Inc. purchased $200,000 inventory from a culinary distributor. PizzaPan inc. had to pay at the point of purchase the full $200,000 (cash).
JE 3 PizzaPan Inc. purchased a delivery truck for $40,000 (cash).
JE 4 PizzaPan Inc. sold on account 10,000 pizza pans to Domino’s Corporation. They sold the pans for $5/each. The cost of each pan is $3 ($3/each).
JE 5 PizzaPan Inc. sold on account 5,000 pizza cutters to PizzaHut Corporation. They sold the pizza cutters for $8/each. The cost of each pizza cutter is $4 ($4/each).
JE 6 PizzaPan Inc. paid their employees as follows:
Sales staff => $12,000
Administrative staff => $16,000
JE 7 PizzaPan Inc. received $50,000 payment from Domino’s Corporation.
- Post the above journal entries to “T” accounts.
- Prepare a
trial balance using the “T” account balances.
- Prepare an Income Statement.
- Prepare a
Retained Earnings Statement
- Prepare a Balance Sheet
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