The Wyndham Wholesale Company began operations on 8/1/16. The following transactions occur during the month of August.
REQUIREMENTS
The initial journal entries and unadjusted trial balance are below. I need help with the above please! ^^^
Date | Account Titles | Ref. | Debit ($) | Credit ($) |
1. | Depreciation Expense - Equipment | $ 300 | ||
Accumualated Depreciation | $ 300 | |||
Depreciation = = $300 | ||||
2 | Rent Expense | $ 2000 | ||
Prepaid Rent ($6,000/3) | $ 2000 | |||
3 | Wages Expense | $ 8,400 | ||
Wages Payable | $ 8,400 | |||
(8/15/16 - 8/26/16) = $3,000*2 = $ 6000 + (8/28/16 - 8/31/16) - $3,000/ 5days * 2 days) |
||||
4 | Interest Expense | $600 | ||
Interest Payable | $ 600 | |||
$ 20,000 * 6% * 6/12 = $ 600 | ||||
5 | Interest Receivable | $ 100 | ||
Interest Revenue | $ 100 | |||
$20,000 * 12% *1/12 * 1/2 month |
Account Titles | Debit ($) | Credit ($) |
Cash | $ 73,000 | |
Accounts Receivable | $ 55,000 | |
Notes Receivable | $ 20,000 | |
Preapid Rent | $ 4,000 | |
Interest Receivable | $ 100 | |
Merchandise Inventory | $ 16,000 | |
Equipment | $ 20,000 | |
Accumulated Depreciation - Equipment | $ 300 | |
Accounts Payable | $ 28,000 | |
Notes Payable | $ 20,000 | |
Accrued Expenses | $ 4,000 | |
Wages Payable | $ 8,400 | |
Interest Payable | $ 600 | |
Dividends Payable | $ 1,000 | |
Common Stock | $ 100,000 | |
Sales Revenue | $ 80,000 | |
Interest Revenue | $ 100 | |
Cost of Goods Sold | $ 32,000 | |
Wages Expense | $ 14,400 | |
Utilities Expense | $ 4,000 | |
Depreciation Expense | $ 300 | |
Rent Expense | $ 2,000 | |
Interest Expense | $ 600 | |
Dividends | $ 1,000 | |
TOTALS | $ 242,400 | $242,400 |
The Wyndham Wholesale Company began operations on 8/1/16. The following transactions occur during the month of...
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