1. In the books of Luxury Pet Goods Boutique :
Entry | Account | Debit | Credit |
$ | $ | ||
a. | Accounts Receivable | 90,790 | |
Sales Revenue | 90,790 | ||
b. | Cost of Goods Sold | 59,200 | |
Inventory | 59,200 | ||
c. | Cash | 88,200 | |
Accounts Receivable | 88,200 | ||
d. | Wages Expense | 8,500 | |
Cash | 8,500 | ||
e. | Inventory | 20,000 | |
Accounts Payable | 20,000 | ||
f. | Advertising Expense | 2,000 | |
Accounts Payable | 2,000 | ||
g. | Rent Expense | 1,000 | |
Cash | 1,000 | ||
h. | Accounts Payable | 25,000 | |
Cash | 25,000 | ||
i. | Withdrawals | 35,000 | |
Cash | 35,000 |
2.
Cash | |||
Beg. bal. | 12,200 | d. | 8,500 |
c. | 88,200 | g. | 1,000 |
h. | 25,000 | ||
i. | 35,000 | ||
End. bal. | 30,900 | ||
Accounts Receivable | |||
Beg. bal. | 114,910 | c. | 88,200 |
a. | 90,790 | ||
End. bal. | 117,500 | ||
Inventory | |||
Beg. bal. | 175,100 | b. | 59,200 |
e. | 20,000 | ||
End. bal. | 135,900 | ||
Supplies | |||
Beg. bal. | 17,200 | ||
Prepaid Insurance | |||
Beg. bal. | 12,000 | ||
Land | |||
Beg. bal. | 150,000 | ||
Building | |||
Beg. bal. | 350,000 | ||
Equipment | |||
Beg. bal. | 115,000 | ||
Accumulated Depreciation | |||
Beg. bal. | 80,500 | ||
Accounts Payable | |||
h. | 25,000 | Beg. bal. | 74,700 |
e. | 20,000 | ||
f. | 2,000 | ||
End. bal. | 71,700 | ||
Unearned Revenue | |||
Beg. bal. | 16,500 | ||
Note Payable | |||
200,000 | |||
Capital | |||
430,100 | |||
Withdrawals | |||
Beg. bal. | 0 | ||
i. | 35,000 | ||
End. bal. | 35,000 | ||
Sales Revenue | |||
Beg. bal. | 998,710 | ||
a. | 90,790 | ||
End. bal. | 1,089,500 | ||
Cost of Goods Sold | |||
Beg. bal. | 651,200 | ||
b. | 59,200 | ||
End. bal. | 710,400 | ||
Wages Expense | |||
Beg. bal. | 178,000 | ||
d. | 8,500 | ||
End. bal. | 186,500 | ||
Advertising Expense | |||
Beg. bal. | 5,000 | ||
f. | 2,000 | ||
End. bal. | 7,000 | ||
Rent Expense | |||
Beg. bal. | 11,000 | ||
g. | 1,000 | ||
End. bal. | 12,000 |
3.
Luxury Pet Goods
Boutique Trial Balance December 31, 2017 |
||
Account Titles | Debit | Credit |
$ | $ | |
Cash | 30,900 | |
Accounts Receivable | 117,500 | |
Inventory | 135,900 | |
Supplies | 17,200 | |
Prepaid Insurance | 12,000 | |
Land | 150,000 | |
Building | 350,000 | |
Equipment | 115,000 | |
Accumulated Depreciation | 80,500 | |
Accounts Payable | 71,700 | |
Interest Payable | 0 | |
Wages Payable | 0 | |
Income Taxes Payable | 0 | |
Unearned Revenue | 16,500 | |
Note Payable | 200,000 | |
Capital | 430,100 | |
Withdrawals | 35,000 | |
Sales Revenue | 1,089,500 | |
Cost of Goods Sold | 710,400 | |
Wages Expense | 186,500 | |
Advertising Expense | 7,000 | |
Supplies Expense | 0 | |
Rent Expense | 12,000 | |
Insurance Expense | 3,000 | |
Utilities Expense | 5,900 | |
Depreciation Expense | 0 | |
Interest Expense | 0 | |
Income Tax Expense | 0 | |
Totals | $ 1,888,300 | $ 1,888,300 |
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