Homework Help is Here – Start Your Trial Now!
Business
Accounting
TRANSACTION IMr. U contributed 600,000 Obtain loan 400,000 3Purchased Inventory 200,000 cash basis 4. Purchased Inventory 500,000 on account [+] 5Sold 900,000 on account. Cost of items is 400,000 Paid accounts payable 400,000 7Collected 500,000 accounts receivable 6. purchased equipment 480,000 cash distributed cash to Mr. U 10,000 + 8 10 paid loan interest 5,000 Chart of Accounts CHART OF ACCOUNTS Prepare the following: 1. Transaction Matrix 2. Trial Balance CODE Account Title 101 CASH 102 ACCOUNTS RECEIVABLE 103 INVENTORY 3. Journal entries 104 EQUIPMENT

TRANSACTION IMr. U contributed 600,000 Obtain loan 400,000 3Purchased Inventory 200,000 cash basis 4. Purchased Inventory 500,000 on account [+] 5Sold 900,000 on account. Cost of items is 400,000 Paid accounts payable 400,000 7Collected 500,000 accounts receivable 6. purchased equipment 480,000 cash distributed cash to Mr. U 10,000 + 8 10 paid loan interest 5,000 Chart of Accounts CHART OF ACCOUNTS Prepare the following: 1. Transaction Matrix 2. Trial Balance CODE Account Title 101 CASH 102 ACCOUNTS RECEIVABLE 103 INVENTORY 3. Journal entries 104 EQUIPMENT

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
TRANSACTION IMr. U contributed 600,000 Obtain loan 400,000 3Purchased Inventory 200,000 cash basis Purchased Inventory 500,000 on account 4. 5Sold 900,000 on account. Cost of items is 400,000 Paid accounts payable 400,000 7Collected 500,000 accounts receivable 6. 8. purchased equipment 480,000 cash 9. distributed cash to Mr. U 10,000 10 paid loan interest 5,000 Chart of Accounts CHART OF ACCOUNTS Prepare the following: 1. Transaction Matrix 2. Trial Balance CODE Account Title 101 CASH 102 ACCOUNTS RECEIVABLE 103 INVENTORY 3. Journal entries 4. Leger 104 EQUIPMENT 201 ACCOUNTS PAYABLE 202 LOAN U, DRAWINGS U, CAPITAL 301 302 401 SALES 402 COGS 403 INTEREST EXPENSE
Transcribed Image Text:TRANSACTION IMr. U contributed 600,000 Obtain loan 400,000 3Purchased Inventory 200,000 cash basis Purchased Inventory 500,000 on account 4. 5Sold 900,000 on account. Cost of items is 400,000 Paid accounts payable 400,000 7Collected 500,000 accounts receivable 6. 8. purchased equipment 480,000 cash 9. distributed cash to Mr. U 10,000 10 paid loan interest 5,000 Chart of Accounts CHART OF ACCOUNTS Prepare the following: 1. Transaction Matrix 2. Trial Balance CODE Account Title 101 CASH 102 ACCOUNTS RECEIVABLE 103 INVENTORY 3. Journal entries 4. Leger 104 EQUIPMENT 201 ACCOUNTS PAYABLE 202 LOAN U, DRAWINGS U, CAPITAL 301 302 401 SALES 402 COGS 403 INTEREST EXPENSE
Expert Solution
steps

Step by step

Solved in 2 steps with 3 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Cash Flow Statement Analysis
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.
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
SEE MORE TEXTBOOKS