Question

$18,000 4,600 1,400 2,000 Harriet's Hats Incorporated Balance Sheet As of December 31, 20Y8 ASSETS Cash Accounts Receivable 5,000 Less: Allowance for Doubtful Accounts (400) Net Accounts Receivable Prepaid Rent Inventory Property, Plant, and Equipment 52,100 Less: Accumulated Depreciation (22,600) Net Property, Plant, and Equipment Total Assets LIABILITIES + OWNER'S EQUITY Accounts Payable Wages Payable Interest Payable Income Taxes Payable Notes Payable Total Liabilities 29,500 $55,500 $3,500 165 45 850 3,000 7,560 Common Stock Retained Earnings Total Owner's Equity Total Liabilities + Owner's Equity 21,000 26.940 47,940 $55,500
Could someone answer number 5(A) and 3(B) and 3(C) with the equations and how they would look in a general ledger? What should I debit and what should I credit?

Answer 1

	Date	Account Titles	Debit	Credit
3b.	Jan-01	Furniture & Fixtures	$        5,000
		Cash		$        5,000
		(Purchase of Fixtures)
3c.	Jul-01	Depreciation	$        1,500		=(18500-500)/6*1/2
		Accumulated Depreciation		$        1,500
		(Depreciation for ID #1256 for 6 months)
		Cash	$        1,800
		Accumulated Depreciation	$      13,500		=(18500-500)/6*4.5
		Loss on sale of Equipment	$        3,200
		Equipment		$      18,500
		(Sale of Equipment)

5A

Date	Account Titles	Debit	Credit
Mar-01	Prepaid Rent	$        4,800
	Cash		$        4,800
	(Rent paid for 6 months)
Sep-01	Prepaid Rent	$        4,800
	Cash		$        4,800
	(Rent paid for 6 months)
Dec-31	Rent Expense	$        9,400		=1400+4800+4800*4/6
	Prepaid Rent		$        9,400
	(Rent expense recorded for year)