Prepare the T- account for the various accounts that are listed

Question

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Answer 1

Question

Chapter 3, Problem 3.15E

1.

To determine

Prepare the T- account for the various accounts that are listed

1.

Expert Solution

Explanation of Solution

T-account:

T-account is the form of the ledger account, where the journal entries are posted to this account. It is referred to as the T-account, because the alignment of the components of the account resembles the capital letter ‘T’.

The components of the T-account are as follows:

a) The title of the account

b) The left or debit side

c) The right or credit side

Prepare the T-accounts:

Cash account:

Cash account
Beginning balance

Ending balance

Accounts receivable account:

Accounts receivable account
Beginning balance

Ending balance

Supplies account:

Supplies account
Beginning balance

Ending balance

Equipment account:

Equipment account
Beginning balance

Ending balance

Building account:

Building account
Beginning balance

Ending balance

Accounts payable account:

Accounts payable account
		Beginning balance

		Ending balance

Note payable account:

Note payable account
		Beginning balance

		Ending balance

Mortgage payable account:

Mortgage payable account
		Beginning balance

		Ending balance

Common stock account:

Common stock account
		Beginning balance

		Ending balance

Additional paid-in capital account:

Additional paid-in capital account
		Beginning balance

		Ending balance

Retained earnings account:

Retained earnings account
		Beginning balance

		Ending balance

Food sales revenue account:

Food sales revenue account
		Beginning balance

		Ending balance

Catering sales revenue account:

Catering sales revenue account
		Beginning balance

		Ending balance

Supplies expense account:

Supplies expense account
Beginning balance

Ending balance

Utilities expense account:

Utilities expense account
Beginning balance

Ending balance

Wages expense account:

Wages expense account
Beginning balance

Ending balance

Fuel expense account:

Fuel expense account
Beginning balance

Ending balance

Thus, the t-accounts are prepared.

2.

To determine

Post the amount of each transaction in their respective accounts and compute the ending balance.

2.

Expert Solution

Explanation of Solution

T-account:

T-account is the form of the ledger account, where the journal entries are posted to this account. It is referred to as the T-account, because the alignment of the components of the account resembles the capital letter ‘T’.

The components of the T-account are as follows:

a) The title of the account

b) The left or debit side

c) The right or credit side

Prepare the T-accounts:

Cash account:

Cash account
Beginning balance	$0	(b)	$72,000
(a)	$160,000	(d)	$10,830
(c)	$50,000	(h)	$363
(e)	$2,600	(i)	$6,280
(f)	$11,900	(j)	$600
		(k)	$70,000

Ending balance	$64,427

Accounts receivable account:

Accounts receivable account
Beginning balance	$0
(a)	$2,000
(e)	$1,600
Ending balance	$3,600

Supplies account:

Supplies account
Beginning balance	$0
(a)	$1,200
Ending balance	$1,200

Equipment account:

Equipment account
Beginning balance	$0
(a)	$18,300
(k)	$50,000
Ending balance	$68,300

Building account:

Building account
Beginning balance	$0
(k)	20,000
(b)	$360,000
Ending balance	$380,000

Accounts payable account:

Accounts payable account
	Beginning balance	$0
	(g)	$420
	Ending balance	$420

Note payable account:

Note payable account
	Beginning balance	$0
	(c)	$50,000
	Ending balance	$50,000

Mortgage payable account:

Mortgage payable account
	Beginning balance	$0
	(b)	$288,000
	Ending balance	$288,000

Common stock account:

Common stock account
	Beginning balance	$0
	(a)	$1,000
	Ending balance	$1,000

Additional paid-in capital account:

Additional paid-in capital account
	Beginning balance	$0
	(a)	$180,500
	Ending balance	$180,500

Retained earnings account:

Retained earnings account
		Beginning balance	0
(j)	$600
Ending balance	$600

Food sales revenue account:

Food sales revenue account
	Beginning balance	$0
	(f)	$11,900
	Ending balance	$11,900

Catering sales revenue account:

Catering sales revenue account
	Beginning balance	$0
	(e)	$4,200
	Ending balance	$4,200

Supplies expense account:

Supplies expense account
Beginning balance	$0
(d)	$10,830
Ending balance	$10,830

Utilities expense account:

Utilities expense account
Beginning balance	$0
(g)	$420
Ending balance	$420

Wages expense account:

Wages expense account
Beginning balance	$0
(i)	$6,280
Ending balance	$6,280

Fuel expense account:

Fuel expense account
Beginning balance	$0
(h)	$363
Ending balance	$363

Thus, the amounts are posted to their respective accounts.

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Answer 2

Question

Chapter 3, Problem 3.15E

1.

To determine

Prepare the T- account for the various accounts that are listed

1.

Expert Solution

Explanation of Solution

T-account:

T-account is the form of the ledger account, where the journal entries are posted to this account. It is referred to as the T-account, because the alignment of the components of the account resembles the capital letter ‘T’.

The components of the T-account are as follows:

a) The title of the account

b) The left or debit side

c) The right or credit side

Prepare the T-accounts:

Cash account:

Cash account
Beginning balance

Ending balance

Accounts receivable account:

Accounts receivable account
Beginning balance

Ending balance

Supplies account:

Supplies account
Beginning balance

Ending balance

Equipment account:

Equipment account
Beginning balance

Ending balance

Building account:

Building account
Beginning balance

Ending balance

Accounts payable account:

Accounts payable account
		Beginning balance

		Ending balance

Note payable account:

Note payable account
		Beginning balance

		Ending balance

Mortgage payable account:

Mortgage payable account
		Beginning balance

		Ending balance

Common stock account:

Common stock account
		Beginning balance

		Ending balance

Additional paid-in capital account:

Additional paid-in capital account
		Beginning balance

		Ending balance

Retained earnings account:

Retained earnings account
		Beginning balance

		Ending balance

Food sales revenue account:

Food sales revenue account
		Beginning balance

		Ending balance

Catering sales revenue account:

Catering sales revenue account
		Beginning balance

		Ending balance

Supplies expense account:

Supplies expense account
Beginning balance

Ending balance

Utilities expense account:

Utilities expense account
Beginning balance

Ending balance

Wages expense account:

Wages expense account
Beginning balance

Ending balance

Fuel expense account:

Fuel expense account
Beginning balance

Ending balance

Thus, the t-accounts are prepared.

2.

To determine

Post the amount of each transaction in their respective accounts and compute the ending balance.

2.

Expert Solution

Explanation of Solution

T-account:

T-account is the form of the ledger account, where the journal entries are posted to this account. It is referred to as the T-account, because the alignment of the components of the account resembles the capital letter ‘T’.

The components of the T-account are as follows:

a) The title of the account

b) The left or debit side

c) The right or credit side

Prepare the T-accounts:

Cash account:

Cash account
Beginning balance	$0	(b)	$72,000
(a)	$160,000	(d)	$10,830
(c)	$50,000	(h)	$363
(e)	$2,600	(i)	$6,280
(f)	$11,900	(j)	$600
		(k)	$70,000

Ending balance	$64,427

Accounts receivable account:

Accounts receivable account
Beginning balance	$0
(a)	$2,000
(e)	$1,600
Ending balance	$3,600

Supplies account:

Supplies account
Beginning balance	$0
(a)	$1,200
Ending balance	$1,200

Equipment account:

Equipment account
Beginning balance	$0
(a)	$18,300
(k)	$50,000
Ending balance	$68,300

Building account:

Building account
Beginning balance	$0
(k)	20,000
(b)	$360,000
Ending balance	$380,000

Accounts payable account:

Accounts payable account
	Beginning balance	$0
	(g)	$420
	Ending balance	$420

Note payable account:

Note payable account
	Beginning balance	$0
	(c)	$50,000
	Ending balance	$50,000

Mortgage payable account:

Mortgage payable account
	Beginning balance	$0
	(b)	$288,000
	Ending balance	$288,000

Common stock account:

Common stock account
	Beginning balance	$0
	(a)	$1,000
	Ending balance	$1,000

Additional paid-in capital account:

Additional paid-in capital account
	Beginning balance	$0
	(a)	$180,500
	Ending balance	$180,500

Retained earnings account:

Retained earnings account
		Beginning balance	0
(j)	$600
Ending balance	$600

Food sales revenue account:

Food sales revenue account
	Beginning balance	$0
	(f)	$11,900
	Ending balance	$11,900

Catering sales revenue account:

Catering sales revenue account
	Beginning balance	$0
	(e)	$4,200
	Ending balance	$4,200

Supplies expense account:

Supplies expense account
Beginning balance	$0
(d)	$10,830
Ending balance	$10,830

Utilities expense account:

Utilities expense account
Beginning balance	$0
(g)	$420
Ending balance	$420

Wages expense account:

Wages expense account
Beginning balance	$0
(i)	$6,280
Ending balance	$6,280

Fuel expense account:

Fuel expense account
Beginning balance	$0
(h)	$363
Ending balance	$363

Thus, the amounts are posted to their respective accounts.

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Answer 3

Question

Chapter 3, Problem 3.15E

1.

To determine

Prepare the T- account for the various accounts that are listed

1.

Expert Solution

Explanation of Solution

T-account:

T-account is the form of the ledger account, where the journal entries are posted to this account. It is referred to as the T-account, because the alignment of the components of the account resembles the capital letter ‘T’.

The components of the T-account are as follows:

a) The title of the account

b) The left or debit side

c) The right or credit side

Prepare the T-accounts:

Cash account:

Cash account
Beginning balance

Ending balance

Accounts receivable account:

Accounts receivable account
Beginning balance

Ending balance

Supplies account:

Supplies account
Beginning balance

Ending balance

Equipment account:

Equipment account
Beginning balance

Ending balance

Building account:

Building account
Beginning balance

Ending balance

Accounts payable account:

Accounts payable account
		Beginning balance

		Ending balance

Note payable account:

Note payable account
		Beginning balance

		Ending balance

Mortgage payable account:

Mortgage payable account
		Beginning balance

		Ending balance

Common stock account:

Common stock account
		Beginning balance

		Ending balance

Additional paid-in capital account:

Additional paid-in capital account
		Beginning balance

		Ending balance

Retained earnings account:

Retained earnings account
		Beginning balance

		Ending balance

Food sales revenue account:

Food sales revenue account
		Beginning balance

		Ending balance

Catering sales revenue account:

Catering sales revenue account
		Beginning balance

		Ending balance

Supplies expense account:

Supplies expense account
Beginning balance

Ending balance

Utilities expense account:

Utilities expense account
Beginning balance

Ending balance

Wages expense account:

Wages expense account
Beginning balance

Ending balance

Fuel expense account:

Fuel expense account
Beginning balance

Ending balance

Thus, the t-accounts are prepared.

2.

To determine

Post the amount of each transaction in their respective accounts and compute the ending balance.

2.

Expert Solution

Explanation of Solution

T-account:

T-account is the form of the ledger account, where the journal entries are posted to this account. It is referred to as the T-account, because the alignment of the components of the account resembles the capital letter ‘T’.

The components of the T-account are as follows:

a) The title of the account

b) The left or debit side

c) The right or credit side

Prepare the T-accounts:

Cash account:

Cash account
Beginning balance	$0	(b)	$72,000
(a)	$160,000	(d)	$10,830
(c)	$50,000	(h)	$363
(e)	$2,600	(i)	$6,280
(f)	$11,900	(j)	$600
		(k)	$70,000

Ending balance	$64,427

Accounts receivable account:

Accounts receivable account
Beginning balance	$0
(a)	$2,000
(e)	$1,600
Ending balance	$3,600

Supplies account:

Supplies account
Beginning balance	$0
(a)	$1,200
Ending balance	$1,200

Equipment account:

Equipment account
Beginning balance	$0
(a)	$18,300
(k)	$50,000
Ending balance	$68,300

Building account:

Building account
Beginning balance	$0
(k)	20,000
(b)	$360,000
Ending balance	$380,000

Accounts payable account:

Accounts payable account
	Beginning balance	$0
	(g)	$420
	Ending balance	$420

Note payable account:

Note payable account
	Beginning balance	$0
	(c)	$50,000
	Ending balance	$50,000

Mortgage payable account:

Mortgage payable account
	Beginning balance	$0
	(b)	$288,000
	Ending balance	$288,000

Common stock account:

Common stock account
	Beginning balance	$0
	(a)	$1,000
	Ending balance	$1,000

Additional paid-in capital account:

Additional paid-in capital account
	Beginning balance	$0
	(a)	$180,500
	Ending balance	$180,500

Retained earnings account:

Retained earnings account
		Beginning balance	0
(j)	$600
Ending balance	$600

Food sales revenue account:

Food sales revenue account
	Beginning balance	$0
	(f)	$11,900
	Ending balance	$11,900

Catering sales revenue account:

Catering sales revenue account
	Beginning balance	$0
	(e)	$4,200
	Ending balance	$4,200

Supplies expense account:

Supplies expense account
Beginning balance	$0
(d)	$10,830
Ending balance	$10,830

Utilities expense account:

Utilities expense account
Beginning balance	$0
(g)	$420
Ending balance	$420

Wages expense account:

Wages expense account
Beginning balance	$0
(i)	$6,280
Ending balance	$6,280

Fuel expense account:

Fuel expense account
Beginning balance	$0
(h)	$363
Ending balance	$363

Thus, the amounts are posted to their respective accounts.

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Answer 4

Question

Chapter 3, Problem 3.15E

1.

To determine

Prepare the T- account for the various accounts that are listed

1.

Expert Solution

Explanation of Solution

T-account:

T-account is the form of the ledger account, where the journal entries are posted to this account. It is referred to as the T-account, because the alignment of the components of the account resembles the capital letter ‘T’.

The components of the T-account are as follows:

a) The title of the account

b) The left or debit side

c) The right or credit side

Prepare the T-accounts:

Cash account:

Cash account
Beginning balance

Ending balance

Accounts receivable account:

Accounts receivable account
Beginning balance

Ending balance

Supplies account:

Supplies account
Beginning balance

Ending balance

Equipment account:

Equipment account
Beginning balance

Ending balance

Building account:

Building account
Beginning balance

Ending balance

Accounts payable account:

Accounts payable account
		Beginning balance

		Ending balance

Note payable account:

Note payable account
		Beginning balance

		Ending balance

Mortgage payable account:

Mortgage payable account
		Beginning balance

		Ending balance

Common stock account:

Common stock account
		Beginning balance

		Ending balance

Additional paid-in capital account:

Additional paid-in capital account
		Beginning balance

		Ending balance

Retained earnings account:

Retained earnings account
		Beginning balance

		Ending balance

Food sales revenue account:

Food sales revenue account
		Beginning balance

		Ending balance

Catering sales revenue account:

Catering sales revenue account
		Beginning balance

		Ending balance

Supplies expense account:

Supplies expense account
Beginning balance

Ending balance

Utilities expense account:

Utilities expense account
Beginning balance

Ending balance

Wages expense account:

Wages expense account
Beginning balance

Ending balance

Fuel expense account:

Fuel expense account
Beginning balance

Ending balance

Thus, the t-accounts are prepared.

2.

To determine

Post the amount of each transaction in their respective accounts and compute the ending balance.

2.

Expert Solution

Explanation of Solution

T-account:

T-account is the form of the ledger account, where the journal entries are posted to this account. It is referred to as the T-account, because the alignment of the components of the account resembles the capital letter ‘T’.

The components of the T-account are as follows:

a) The title of the account

b) The left or debit side

c) The right or credit side

Prepare the T-accounts:

Cash account:

Cash account
Beginning balance	$0	(b)	$72,000
(a)	$160,000	(d)	$10,830
(c)	$50,000	(h)	$363
(e)	$2,600	(i)	$6,280
(f)	$11,900	(j)	$600
		(k)	$70,000

Ending balance	$64,427

Accounts receivable account:

Accounts receivable account
Beginning balance	$0
(a)	$2,000
(e)	$1,600
Ending balance	$3,600

Supplies account:

Supplies account
Beginning balance	$0
(a)	$1,200
Ending balance	$1,200

Equipment account:

Equipment account
Beginning balance	$0
(a)	$18,300
(k)	$50,000
Ending balance	$68,300

Building account:

Building account
Beginning balance	$0
(k)	20,000
(b)	$360,000
Ending balance	$380,000

Accounts payable account:

Accounts payable account
	Beginning balance	$0
	(g)	$420
	Ending balance	$420

Note payable account:

Note payable account
	Beginning balance	$0
	(c)	$50,000
	Ending balance	$50,000

Mortgage payable account:

Mortgage payable account
	Beginning balance	$0
	(b)	$288,000
	Ending balance	$288,000

Common stock account:

Common stock account
	Beginning balance	$0
	(a)	$1,000
	Ending balance	$1,000

Additional paid-in capital account:

Additional paid-in capital account
	Beginning balance	$0
	(a)	$180,500
	Ending balance	$180,500

Retained earnings account:

Retained earnings account
		Beginning balance	0
(j)	$600
Ending balance	$600

Food sales revenue account:

Food sales revenue account
	Beginning balance	$0
	(f)	$11,900
	Ending balance	$11,900

Catering sales revenue account:

Catering sales revenue account
	Beginning balance	$0
	(e)	$4,200
	Ending balance	$4,200

Supplies expense account:

Supplies expense account
Beginning balance	$0
(d)	$10,830
Ending balance	$10,830

Utilities expense account:

Utilities expense account
Beginning balance	$0
(g)	$420
Ending balance	$420

Wages expense account:

Wages expense account
Beginning balance	$0
(i)	$6,280
Ending balance	$6,280

Fuel expense account:

Fuel expense account
Beginning balance	$0
(h)	$363
Ending balance	$363

Thus, the amounts are posted to their respective accounts.

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Answer 5

Chapter 3, Problem 3.15E

1.

To determine

Prepare the T- account for the various accounts that are listed

1.

Expert Solution

Explanation of Solution

T-account:

T-account is the form of the ledger account, where the journal entries are posted to this account. It is referred to as the T-account, because the alignment of the components of the account resembles the capital letter ‘T’.

The components of the T-account are as follows:

a) The title of the account

b) The left or debit side

c) The right or credit side

Prepare the T-accounts:

Cash account:

Cash account
Beginning balance

Ending balance

Accounts receivable account:

Accounts receivable account
Beginning balance

Ending balance

Supplies account:

Supplies account
Beginning balance

Ending balance

Equipment account:

Equipment account
Beginning balance

Ending balance

Building account:

Building account
Beginning balance

Ending balance

Accounts payable account:

Accounts payable account
		Beginning balance

		Ending balance

Note payable account:

Note payable account
		Beginning balance

		Ending balance

Mortgage payable account:

Mortgage payable account
		Beginning balance

		Ending balance

Common stock account:

Common stock account
		Beginning balance

		Ending balance

Additional paid-in capital account:

Additional paid-in capital account
		Beginning balance

		Ending balance

Retained earnings account:

Retained earnings account
		Beginning balance

		Ending balance

Food sales revenue account:

Food sales revenue account
		Beginning balance

		Ending balance

Catering sales revenue account:

Catering sales revenue account
		Beginning balance

		Ending balance

Supplies expense account:

Supplies expense account
Beginning balance

Ending balance

Utilities expense account:

Utilities expense account
Beginning balance

Ending balance

Wages expense account:

Wages expense account
Beginning balance

Ending balance

Fuel expense account:

Fuel expense account
Beginning balance

Ending balance

Thus, the t-accounts are prepared.

2.

To determine

Post the amount of each transaction in their respective accounts and compute the ending balance.

2.

Expert Solution

Explanation of Solution

T-account:

T-account is the form of the ledger account, where the journal entries are posted to this account. It is referred to as the T-account, because the alignment of the components of the account resembles the capital letter ‘T’.

The components of the T-account are as follows:

a) The title of the account

b) The left or debit side

c) The right or credit side

Prepare the T-accounts:

Cash account:

Cash account
Beginning balance	$0	(b)	$72,000
(a)	$160,000	(d)	$10,830
(c)	$50,000	(h)	$363
(e)	$2,600	(i)	$6,280
(f)	$11,900	(j)	$600
		(k)	$70,000

Ending balance	$64,427

Accounts receivable account:

Accounts receivable account
Beginning balance	$0
(a)	$2,000
(e)	$1,600
Ending balance	$3,600

Supplies account:

Supplies account
Beginning balance	$0
(a)	$1,200
Ending balance	$1,200

Equipment account:

Equipment account
Beginning balance	$0
(a)	$18,300
(k)	$50,000
Ending balance	$68,300

Building account:

Building account
Beginning balance	$0
(k)	20,000
(b)	$360,000
Ending balance	$380,000

Accounts payable account:

Accounts payable account
	Beginning balance	$0
	(g)	$420
	Ending balance	$420

Note payable account:

Note payable account
	Beginning balance	$0
	(c)	$50,000
	Ending balance	$50,000

Mortgage payable account:

Mortgage payable account
	Beginning balance	$0
	(b)	$288,000
	Ending balance	$288,000

Common stock account:

Common stock account
	Beginning balance	$0
	(a)	$1,000
	Ending balance	$1,000

Additional paid-in capital account:

Additional paid-in capital account
	Beginning balance	$0
	(a)	$180,500
	Ending balance	$180,500

Retained earnings account:

Retained earnings account
		Beginning balance	0
(j)	$600
Ending balance	$600

Food sales revenue account:

Food sales revenue account
	Beginning balance	$0
	(f)	$11,900
	Ending balance	$11,900

Catering sales revenue account:

Catering sales revenue account
	Beginning balance	$0
	(e)	$4,200
	Ending balance	$4,200

Supplies expense account:

Supplies expense account
Beginning balance	$0
(d)	$10,830
Ending balance	$10,830

Utilities expense account:

Utilities expense account
Beginning balance	$0
(g)	$420
Ending balance	$420

Wages expense account:

Wages expense account
Beginning balance	$0
(i)	$6,280
Ending balance	$6,280

Fuel expense account:

Fuel expense account
Beginning balance	$0
(h)	$363
Ending balance	$363

Thus, the amounts are posted to their respective accounts.

Answer 6

Chapter 3, Problem 3.15E

1.

To determine

Prepare the T- account for the various accounts that are listed

1.

Expert Solution

Explanation of Solution

T-account:

T-account is the form of the ledger account, where the journal entries are posted to this account. It is referred to as the T-account, because the alignment of the components of the account resembles the capital letter ‘T’.

The components of the T-account are as follows:

a) The title of the account

b) The left or debit side

c) The right or credit side

Prepare the T-accounts:

Cash account:

Cash account
Beginning balance

Ending balance

Accounts receivable account:

Accounts receivable account
Beginning balance

Ending balance

Supplies account:

Supplies account
Beginning balance

Ending balance

Equipment account:

Equipment account
Beginning balance

Ending balance

Building account:

Building account
Beginning balance

Ending balance

Accounts payable account:

Accounts payable account
		Beginning balance

		Ending balance

Note payable account:

Note payable account
		Beginning balance

		Ending balance

Mortgage payable account:

Mortgage payable account
		Beginning balance

		Ending balance

Common stock account:

Common stock account
		Beginning balance

		Ending balance

Additional paid-in capital account:

Additional paid-in capital account
		Beginning balance

		Ending balance

Retained earnings account:

Retained earnings account
		Beginning balance

		Ending balance

Food sales revenue account:

Food sales revenue account
		Beginning balance

		Ending balance

Catering sales revenue account:

Catering sales revenue account
		Beginning balance

		Ending balance

Supplies expense account:

Supplies expense account
Beginning balance

Ending balance

Utilities expense account:

Utilities expense account
Beginning balance

Ending balance

Wages expense account:

Wages expense account
Beginning balance

Ending balance

Fuel expense account:

Fuel expense account
Beginning balance

Ending balance

Thus, the t-accounts are prepared.

Answer 7

Chapter 3, Problem 3.15E

1.

To determine

Prepare the T- account for the various accounts that are listed

Answer 8

1.

Expert Solution

Explanation of Solution

T-account:

T-account is the form of the ledger account, where the journal entries are posted to this account. It is referred to as the T-account, because the alignment of the components of the account resembles the capital letter ‘T’.

The components of the T-account are as follows:

a) The title of the account

b) The left or debit side

c) The right or credit side

Prepare the T-accounts:

Cash account:

Cash account
Beginning balance

Ending balance

Accounts receivable account:

Accounts receivable account
Beginning balance

Ending balance

Supplies account:

Supplies account
Beginning balance

Ending balance

Equipment account:

Equipment account
Beginning balance

Ending balance

Building account:

Building account
Beginning balance

Ending balance

Accounts payable account:

Accounts payable account
		Beginning balance

		Ending balance

Note payable account:

Note payable account
		Beginning balance

		Ending balance

Mortgage payable account:

Mortgage payable account
		Beginning balance

		Ending balance

Common stock account:

Common stock account
		Beginning balance

		Ending balance

Additional paid-in capital account:

Additional paid-in capital account
		Beginning balance

		Ending balance

Retained earnings account:

Retained earnings account
		Beginning balance

		Ending balance

Food sales revenue account:

Food sales revenue account
		Beginning balance

		Ending balance

Catering sales revenue account:

Catering sales revenue account
		Beginning balance

		Ending balance

Supplies expense account:

Supplies expense account
Beginning balance

Ending balance

Utilities expense account:

Utilities expense account
Beginning balance

Ending balance

Wages expense account:

Wages expense account
Beginning balance

Ending balance

Fuel expense account:

Fuel expense account
Beginning balance

Ending balance

Thus, the t-accounts are prepared.

Answer 9

1.

Expert Solution

Answer 10

1.

Expert Solution

Answer 11

Expert Solution

Answer 12

2.

To determine

Post the amount of each transaction in their respective accounts and compute the ending balance.

2.

Expert Solution

Explanation of Solution

T-account:

T-account is the form of the ledger account, where the journal entries are posted to this account. It is referred to as the T-account, because the alignment of the components of the account resembles the capital letter ‘T’.

The components of the T-account are as follows:

a) The title of the account

b) The left or debit side

c) The right or credit side

Prepare the T-accounts:

Cash account:

Cash account
Beginning balance	$0	(b)	$72,000
(a)	$160,000	(d)	$10,830
(c)	$50,000	(h)	$363
(e)	$2,600	(i)	$6,280
(f)	$11,900	(j)	$600
		(k)	$70,000

Ending balance	$64,427

Accounts receivable account:

Accounts receivable account
Beginning balance	$0
(a)	$2,000
(e)	$1,600
Ending balance	$3,600

Supplies account:

Supplies account
Beginning balance	$0
(a)	$1,200
Ending balance	$1,200

Equipment account:

Equipment account
Beginning balance	$0
(a)	$18,300
(k)	$50,000
Ending balance	$68,300

Building account:

Building account
Beginning balance	$0
(k)	20,000
(b)	$360,000
Ending balance	$380,000

Accounts payable account:

Accounts payable account
	Beginning balance	$0
	(g)	$420
	Ending balance	$420

Note payable account:

Note payable account
	Beginning balance	$0
	(c)	$50,000
	Ending balance	$50,000

Mortgage payable account:

Mortgage payable account
	Beginning balance	$0
	(b)	$288,000
	Ending balance	$288,000

Common stock account:

Common stock account
	Beginning balance	$0
	(a)	$1,000
	Ending balance	$1,000

Additional paid-in capital account:

Additional paid-in capital account
	Beginning balance	$0
	(a)	$180,500
	Ending balance	$180,500

Retained earnings account:

Retained earnings account
		Beginning balance	0
(j)	$600
Ending balance	$600

Food sales revenue account:

Food sales revenue account
	Beginning balance	$0
	(f)	$11,900
	Ending balance	$11,900

Catering sales revenue account:

Catering sales revenue account
	Beginning balance	$0
	(e)	$4,200
	Ending balance	$4,200

Supplies expense account:

Supplies expense account
Beginning balance	$0
(d)	$10,830
Ending balance	$10,830

Utilities expense account:

Utilities expense account
Beginning balance	$0
(g)	$420
Ending balance	$420

Wages expense account:

Wages expense account
Beginning balance	$0
(i)	$6,280
Ending balance	$6,280

Fuel expense account:

Fuel expense account
Beginning balance	$0
(h)	$363
Ending balance	$363

Thus, the amounts are posted to their respective accounts.

Answer 13

2.

To determine

Post the amount of each transaction in their respective accounts and compute the ending balance.

Answer 14

2.

Expert Solution

Explanation of Solution

T-account:

T-account is the form of the ledger account, where the journal entries are posted to this account. It is referred to as the T-account, because the alignment of the components of the account resembles the capital letter ‘T’.

The components of the T-account are as follows:

a) The title of the account

b) The left or debit side

c) The right or credit side

Prepare the T-accounts:

Cash account:

Cash account
Beginning balance	$0	(b)	$72,000
(a)	$160,000	(d)	$10,830
(c)	$50,000	(h)	$363
(e)	$2,600	(i)	$6,280
(f)	$11,900	(j)	$600
		(k)	$70,000

Ending balance	$64,427

Accounts receivable account:

Accounts receivable account
Beginning balance	$0
(a)	$2,000
(e)	$1,600
Ending balance	$3,600

Supplies account:

Supplies account
Beginning balance	$0
(a)	$1,200
Ending balance	$1,200

Equipment account:

Equipment account
Beginning balance	$0
(a)	$18,300
(k)	$50,000
Ending balance	$68,300

Building account:

Building account
Beginning balance	$0
(k)	20,000
(b)	$360,000
Ending balance	$380,000

Accounts payable account:

Accounts payable account
	Beginning balance	$0
	(g)	$420
	Ending balance	$420

Note payable account:

Note payable account
	Beginning balance	$0
	(c)	$50,000
	Ending balance	$50,000

Mortgage payable account:

Mortgage payable account
	Beginning balance	$0
	(b)	$288,000
	Ending balance	$288,000

Common stock account:

Common stock account
	Beginning balance	$0
	(a)	$1,000
	Ending balance	$1,000

Additional paid-in capital account:

Additional paid-in capital account
	Beginning balance	$0
	(a)	$180,500
	Ending balance	$180,500

Retained earnings account:

Retained earnings account
		Beginning balance	0
(j)	$600
Ending balance	$600

Food sales revenue account:

Food sales revenue account
	Beginning balance	$0
	(f)	$11,900
	Ending balance	$11,900

Catering sales revenue account:

Catering sales revenue account
	Beginning balance	$0
	(e)	$4,200
	Ending balance	$4,200

Supplies expense account:

Supplies expense account
Beginning balance	$0
(d)	$10,830
Ending balance	$10,830

Utilities expense account:

Utilities expense account
Beginning balance	$0
(g)	$420
Ending balance	$420

Wages expense account:

Wages expense account
Beginning balance	$0
(i)	$6,280
Ending balance	$6,280

Fuel expense account:

Fuel expense account
Beginning balance	$0
(h)	$363
Ending balance	$363

Thus, the amounts are posted to their respective accounts.

Answer 15

2.

Expert Solution

Answer 16

2.

Expert Solution

Answer 17

Expert Solution

Answer 18

Ch. 3 - Prob. 1Q Ch. 3 - Prob. 2Q Ch. 3 - Write the income statement equation and define...Ch. 3 - Explain the difference between a. Revenues and...Ch. 3 - Define accrual accounting and contrast it with...Ch. 3 - Prob. 6Q Ch. 3 - Explain the expense recognition principle.Ch. 3 - Explain why stockholders equity is increased by...Ch. 3 - Explain why revenues are recorded as credits and...Ch. 3 - Complete the following matrix by entering either...

Prepare the T- account for the various accounts that are listed

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Prepare the T- account for the various accounts that are listed

Explanation of Solution

Post the amount of each transaction in their respective accounts and compute the ending balance.

Explanation of Solution

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