Posting the beginning balances and the events to the T-Accounts.
Cash a/c
Beg. Bal | $6,900 | ||
7.b | $11,858 | $190 | 1.b |
8 | $8,500 | $4,752 | 3.b |
$1,680 | 5.a | ||
$140 | 6 | ||
Ending bal | $20,496 | Ending bal |
Merchandise inventory a/c
Beg. Bal | $15,000 | ||
1.a | $5,200 | $400 | 2 |
1.b | $190 | $48 | 3a |
5.b | $900 | $6,800 | 4.b |
Bal | $14,042 | ||
$642 | 10 | ||
Ending bal | $13,400 | Ending bal |
Accounts receivable
Beg. Bal | |||
4a | $12,100 | $242 | 7a |
$11,858 | 7b | ||
Ending bal | Ending bal |
Interest receivable
Beg. Bal | |||
9 | $600 | ||
Ending bal | $600 | Ending bal |
Land a/c
Beg. Bal | $7,000 | ||
$7,000 | 8 | ||
Ending bal | Ending bal |
Accounts payable
Beg. Bal | |||
2 | $400 | $5,200 | 1a |
3a | $48 | ||
3b | $4,752 | ||
Ending bal | Ending bal |
Common stock a/c
Beg. Bal | $15,000 | ||
Ending bal | $15,000 | Ending bal |
Retained earnings a/c
Beg. Bal | $13,900 | ||
$2,100 | cl. | ||
Cl. | $6,682 | $10,170 | cl. |
Ending bal | $19,488 | Ending bal |
Sales Revenue a/c
Beg. Bal | |||
5a | $1,680 | $12,100 | 4a |
7a | $242 | ||
Ending bal | $10,170 | Ending bal | |
Cl. | $10,170 |
Cost of goods sold a/c
Beg. Bal | |||
4b | $6,800 | $900 | 5b |
10 | $642 | ||
Ending bal | $6,452 | Ending bal | |
$6,452 | Cl. |
Transportation out
Beg. Bal | |||
6 | $140 | ||
Ending bal | $140 | Ending bal | |
$140 | Cl. |
Interest revenue a/c
Beg. Bal | |||
$600 | 9 | ||
Cl. | $600 | ||
Ending bal | Ending bal |
Gain on sale of land
Beg. Bal | |||
$1,500 | 8 | ||
Cl. | $1,500 | ||
Ending bal | Ending bal |
Notes:
3a = Accounts payable (5,209-400×0.01)=$48
3b = Accounts payable (5,200-409-48)=$4,752
7a = Accounts receivable (12,100×0.02)=$242
7b =Accounts receivable (12,100-242)=$11,858
____×____
All the best
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