TRANSACTIONIMr. U contributed 600,000Obtain loan 400,0003Purchased Inventory 200,000 cash basisPurchased Inventory 500,000 on account4.5Sold 900,000 on account. Cost of items is 400,000Paid accounts payable 400,0007Collected 500,000 accounts receivable6.8.purchased equipment 480,000 cash9.distributed cash to Mr. U 10,00010 paid loan interest 5,000Chart of AccountsCHART OF ACCOUNTSPrepare the following:1. Transaction Matrix2. Trial BalanceCODE Account Title101CASH102ACCOUNTS RECEIVABLE103INVENTORY3. Journal entries4. Leger104EQUIPMENT201ACCOUNTS PAYABLE202LOANU, DRAWINGSU, CAPITAL301302401SALES402COGS403INTEREST EXPENSE

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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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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COMPLETE THE JOURNALIZING
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