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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
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
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