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Use the Following Balance Sheet and Journal Entries to create a Ledger for Balance Sheet for V's Violins As of January 1st, 2020 Assets Cash Accounts Receivable Supplies Prepaid Rent Equioment 27000 4000 2500 7000 5500 Total Asset 46000 Liabilities Accounts Payable Unearned Revenue Bank Loan 9000 2500 25000 Total Liabilities 36500 Equity Mr. V Capital 9500 V's Violins Total Liabilities + Equity_ 46000

Use the Following Balance Sheet and Journal Entries to create a Ledger for Balance Sheet for V's Violins As of January 1st, 2020 Assets Cash Accounts Receivable Supplies Prepaid Rent Equioment 27000 4000 2500 7000 5500 Total Asset 46000 Liabilities Accounts Payable Unearned Revenue Bank Loan 9000 2500 25000 Total Liabilities 36500 Equity Mr. V Capital 9500 V's Violins Total Liabilities + Equity_ 46000

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. Use the Following Balance Sheet and Journal Entries to create a Ledger for Accounts and Explanations Drawings Cash Mr. V withdrew Money Ref DR CR Date 08-Jan 15,000 Balance Sheet for V's Violins As of January 1st, 2020 Assets Cash Accounts Receivable Supplies Prepaid Rent Equipment 15,000 27000 4000 2500 7000 Cash Uneamed Revenue Customer Deposit 1,700 11-Jan 1,700 5500 Accounts Receivable Revenue Account 2,300 Total Asset 46000 17-Jan 2,300 Liabilities Accounts Payable Unearned Revenue Bank Loan 9000 2500 25000 Accounts Payable 18-Jan Bank Loan 1,500 7,500 9,000 Total Liabilities Paid off amounts owing 36500 Equity Mr. V Capital Equipment 22-Jan Credit Card Payable account 2,500 9500 2,500 V's Violins Total Liabilities + Equity 46000 Food Expense 27-Jan Credit Card Payable Bought Coffee 300 300 3,000 Cash 28-Jan Capital 3,000 Mr. V invested Cash Cash 30-Jan Accounts Receivable Received amount owing 1,500 1,500
Transcribed Image Text:1. Use the Following Balance Sheet and Journal Entries to create a Ledger for Accounts and Explanations Drawings Cash Mr. V withdrew Money Ref DR CR Date 08-Jan 15,000 Balance Sheet for V's Violins As of January 1st, 2020 Assets Cash Accounts Receivable Supplies Prepaid Rent Equipment 15,000 27000 4000 2500 7000 Cash Uneamed Revenue Customer Deposit 1,700 11-Jan 1,700 5500 Accounts Receivable Revenue Account 2,300 Total Asset 46000 17-Jan 2,300 Liabilities Accounts Payable Unearned Revenue Bank Loan 9000 2500 25000 Accounts Payable 18-Jan Bank Loan 1,500 7,500 9,000 Total Liabilities Paid off amounts owing 36500 Equity Mr. V Capital Equipment 22-Jan Credit Card Payable account 2,500 9500 2,500 V's Violins Total Liabilities + Equity 46000 Food Expense 27-Jan Credit Card Payable Bought Coffee 300 300 3,000 Cash 28-Jan Capital 3,000 Mr. V invested Cash Cash 30-Jan Accounts Receivable Received amount owing 1,500 1,500
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