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Prepare the January 1, 2020 opening trial balance. Prepare the journal entries for the first six months of 2020. The owners would like to know the current (as of 6/30/20) cash and inventory They would like you to provide a “T” account showing the activity in each account.

Prepare the January 1, 2020 opening trial balance. Prepare the journal entries for the first six months of 2020. The owners would like to know the current (as of 6/30/20) cash and inventory They would like you to provide a “T” account showing the activity in each account.

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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  1. Prepare the January 1, 2020 opening trial balance.
  2. Prepare the journal entries for the first six months of 2020.
  3. The owners would like to know the current (as of 6/30/20) cash and inventory They would like you to provide a “T” account showing the activity in each account.
ExpressZZaPie Adjusted Trial Balance December 31, 2019 Account Debit Credit Cash $ 184,000 Accounts Receivable 15,000 Allowance for Doubtful Accounts 100 Inventory 23,000 Equipment - Packaging Equipment - Office Accumulated Depreciation: Equipment - Packaging 72,000 22,000 7,200 Accumulated Depreciation: Equipment - Office Accounts Payable Interest Payable SBA Loan (Long-Term) 2,200 72,500 10,000 110,000 Common Stock Par $ 0.01 2,800 Additional Paid-In Capital 97,200 Retained Earnings Dividends Sales (Revenue) Cost of Goods Sold (COGS) 265,000 86,000 Selling Expense Administrative Expense 65,000 85,000 Income Tax Expense 15,000 567,000 567,000
Transcribed Image Text:ExpressZZaPie Adjusted Trial Balance December 31, 2019 Account Debit Credit Cash $ 184,000 Accounts Receivable 15,000 Allowance for Doubtful Accounts 100 Inventory 23,000 Equipment - Packaging Equipment - Office Accumulated Depreciation: Equipment - Packaging 72,000 22,000 7,200 Accumulated Depreciation: Equipment - Office Accounts Payable Interest Payable SBA Loan (Long-Term) 2,200 72,500 10,000 110,000 Common Stock Par $ 0.01 2,800 Additional Paid-In Capital 97,200 Retained Earnings Dividends Sales (Revenue) Cost of Goods Sold (COGS) 265,000 86,000 Selling Expense Administrative Expense 65,000 85,000 Income Tax Expense 15,000 567,000 567,000
Jan. 5, 2020 Received customer payment of $15,000. Jan. 20, 2020 Sold a $40,000 non-interesting bearing note to U.S. Bank Corporation. Received $38,000 cash. Note is due on January 19, 2021. Jan. 29, 2020 Purchased $65,000 inventory on account. Jan. 30, 2020 Paid $65,000 to suppliers for previous purchases of inventory. Jan. 31, 2020 Paid monthly salaries to sales staff ($4,500) and administrative staff ($5,000). Paid for various supplies etc. (company policy to expense as incurred). Selling department supplies $3,200 Administrative department supplies $2,100 Feb. 15, 2020 Feb. 28, 2020 Paid monthly salaries to sales staff ($4,500) and administrative staff ($5,000). March 5, 2020 Paid $10,000 to suppliers for previous purchases of inventory. March 10, 2020 Sold $47,000 of product on account to 3Meats Pizza. Cost of the product sold was $24,000. March 31, 2020 Paid monthly salaries to sales staff ($4,500) and administrative staff ($5,000). April 10, 2020 Received customer payment of $47,000. April 20, 2020 Paid $30,000 to suppliers for previous purchases of inventory. April 30, 2020 Paid monthly salaries to sales staff ($4,500) and administrative staff ($5,000). Мaу 2, 2020 Paid sales commission of $14,000 due to sales staff. Paid for various supplies etc. (company policy to expense as incurred). Selling department supplies $1,650 Administrative department supplies $1,150 May 3, 2020 Мay 5, 2020 |Sold $63,000 of product to Target Pizza. Cost of the product sold was $48,000. Мaу 31, 2020 Paid monthly salaries to sales staff ($4,500) and administrative staff ($5,000). June 5, 2020 Purchased $50,000 inventory on account. June 10, 2020 Paid $40,000 to suppliers for previous purchases of inventory. June 14, 2020 Sold $66,000 of product on account to Picky Pizza. Cost of the product sold was $38,000. June 30, 2020 Paid monthly salaries to sales staff ($4,500) and administrative staff ($5,000).
Transcribed Image Text:Jan. 5, 2020 Received customer payment of $15,000. Jan. 20, 2020 Sold a $40,000 non-interesting bearing note to U.S. Bank Corporation. Received $38,000 cash. Note is due on January 19, 2021. Jan. 29, 2020 Purchased $65,000 inventory on account. Jan. 30, 2020 Paid $65,000 to suppliers for previous purchases of inventory. Jan. 31, 2020 Paid monthly salaries to sales staff ($4,500) and administrative staff ($5,000). Paid for various supplies etc. (company policy to expense as incurred). Selling department supplies $3,200 Administrative department supplies $2,100 Feb. 15, 2020 Feb. 28, 2020 Paid monthly salaries to sales staff ($4,500) and administrative staff ($5,000). March 5, 2020 Paid $10,000 to suppliers for previous purchases of inventory. March 10, 2020 Sold $47,000 of product on account to 3Meats Pizza. Cost of the product sold was $24,000. March 31, 2020 Paid monthly salaries to sales staff ($4,500) and administrative staff ($5,000). April 10, 2020 Received customer payment of $47,000. April 20, 2020 Paid $30,000 to suppliers for previous purchases of inventory. April 30, 2020 Paid monthly salaries to sales staff ($4,500) and administrative staff ($5,000). Мaу 2, 2020 Paid sales commission of $14,000 due to sales staff. Paid for various supplies etc. (company policy to expense as incurred). Selling department supplies $1,650 Administrative department supplies $1,150 May 3, 2020 Мay 5, 2020 |Sold $63,000 of product to Target Pizza. Cost of the product sold was $48,000. Мaу 31, 2020 Paid monthly salaries to sales staff ($4,500) and administrative staff ($5,000). June 5, 2020 Purchased $50,000 inventory on account. June 10, 2020 Paid $40,000 to suppliers for previous purchases of inventory. June 14, 2020 Sold $66,000 of product on account to Picky Pizza. Cost of the product sold was $38,000. June 30, 2020 Paid monthly salaries to sales staff ($4,500) and administrative staff ($5,000).
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