Date | Journal entries | Dr.($) | Cr.($) |
Jan-01 | Cash - Big Bank | 70000 | |
Cash - Little Bank | 5000 | ||
To Common stock | 75000 | ||
(being issurance of shares for cash) | |||
Jan-02 | Equipment | 50000 | |
To Cash - Big Bank | 50000 | ||
(being purcahse of equipment) | |||
Jan-05 | Cash - Big Bank | 65000 | |
To Note payable - Big Bank | 65000 | ||
(being loan taken from bank) | |||
Jan-10 | Cash - Little Bank | 60000 | |
To Note payable- Little Bank | 60000 | ||
(being loan taken from bank) | |||
Jan-20 | Inventory | 85000 | |
To Cash - Big Bank | 50000 | ||
TO Cash - Little Bank | 35000 | ||
(being inventory purchased) | |||
Jan-25 | Equipment | 10000 | |
To Cash - Big Bank | 10000 | ||
(being purchase of equipment) |
Cash - Big Bank ($) | |||
Jan-01 | 0 | Jan-02 | 50000 |
Jan-01 | 70000 | Jan-20 | 50000 |
Jan-05 | 65000 | Jan-25 | 10000 |
Jan-31 | 25000 | ||
135000 | 135000 |
Cash - Little Bank ($) | |||
Jan-01 | 0 | Jan-20 | 35000 |
Jan-01 | 5000 | ||
Jan-10 | 60000 | Jan-31 | 30000 |
65000 | 65000 |
Equipment ($) | |||
Jan-01 | 0 | ||
Jan-25 | 10000 | ||
Jan-02 | 50000 | Jan-31 | 60000 |
60000 | 60000 |
Inventory ($) | |||
Jan-01 | 0 | ||
Jan-20 | 50000 | ||
Jan-20 | 35000 | Jan-31 | 85000 |
85000 | 85000 |
Note Payable - Big Bank ($) | |||
Jan-01 | 0 | ||
Jan-31 | 65000 | Jan-05 | 65000 |
65000 | 65000 |
Note Payable - Little Bank ($) | |||
Jan-01 | 0 | ||
Jan-31 | 60000 | Jan-10 | 60000 |
60000 | 60000 |
Common stock ($) | |||
Jan-01 | 0 | ||
Jan-01 | 70000 | ||
Jan-31 | 75000 | Jan-01 | 5000 |
75000 | 75000 |
Trail balane
Accounts | Dr. ($) | Cr. ($) |
Cash - Big Bank | 25000 | |
Cash - Little Bank | 30000 | |
Equipment | 60000 | |
Inventory | 85000 | |
Common stock | 75000 | |
Note payable - Big Bank | 65000 | |
Note payable - Little Bank | 60000 | |
Total | 200000 | 200000 |
OverPriced Jeans Inc. | ||
Balance sheet | ||
As of Jan 31, 2019 (amounts in $) | ||
Assets | ||
Current assets: | ||
Cash - Big Bank | 25000 | |
Cash - Little Bank | 30000 | |
Inventory | 85000 | |
Total current assets | 140000 | |
Long-term assets | ||
Equipment | 60000 | |
Total long-term assets | 60000 | |
Total assets | 200000 | |
Liabilities | ||
Note payable - Big Bank | 65000 | |
Note payable - Little Bank | 60000 | |
Total liabilities | 125000 | |
Stockholders equity | ||
Common stock | 75000 | |
Total stockholders equity | 75000 | |
Total liabilities and stockholders equity | 200000 |
Chapter 2-Balance Sheet Account SOLID FOOTING 23 Chapter 2 Homework Problem 2-1 Overpriced Jeans, Inc. Starts...
Chapter 2-Balance Sheet Account SOLID FOOTING 23 Chapter 2 Homework Problem 2-1 Overpriced Jeans, Inc. Starts Business 15, Inc. started business. OverPriced Jeans is a othing manufacturers around the world, marks the jeans up On January 1, 2019, OverPriced Jeans Ine started business. Overric P riced Jeans merchandising company that specializes in brand name overpriced jeans. (OPJ) purchases jeans from various clothing manufacturers around the worn PJ borrows about 500%, and then sells the loans to various specialty stores located...
SOLID FOOTING 23 Chapter 2 Homework Bank and some of its cash in Lime Started business. Overpriced Jeans is a nd name overpriced jeans. Over Priced Jeans ant banks t o various specialty stores located in malls, OPJ borrows marks the jeans up in Little Bank Remove and use the forms on Pgs 193 to 190 10 Little Bank OPJ keeps some of its cash in Big wack Label the Nole Payable-Big Bank, Note Payable-Little Bank, and common counts: Cash-Big...
I need chapter 3.1 done Ive already done 2.1 need chapter 3.1 done; all of the requirements. SOLID FOOTING 33 Chapter 3 - Transactions Affecting Retained Earnings Chapter 3 Homework Problem 3-1 Overpriced Jeans, Inc. Rips-Off Its First Customers This problem will utilize the Over Priced Jeans company (OPJ) from Problem 2-1. Remove and use the forms on Pgs 197 to 200 to complete this problem. Notice that the beginning balances have been put into the General Ledger accounts. These...
create a journal for this company Iaurnal sashannie OverPriced Jeans, Inc. Transactions Additional Information March 2019 Transactions Description of the Transaction Date Owners of OPJ invested an additional $55,000 cash into the business. (As an example of how to journalize and post a transaction-this transaction has already been entered into the General Jounal and posted to the General Ledger.) The cash is put into Big Bank March 1 Pay off the $60,000 Note Payable owed to Little Bank. out of...
Chapter 5 Homework Problem $1 OverPriced Jlans,Iine Closing Etres for February In this problem you wil be closing OPJ's Revenue and Expense accounts for the month of February 2017. Remove and use the forms on Pgs 209 to 211 to complete this problem. Requirement 1 Based on the General Ledger account balances given on Pg 211 prepare OPJ's February closing entries. Place the closing entries in the General Journal on Pg 209 Requirement 2 Post the closing entries to the...
Please only answer part iii) Prepare a balance sheet statement for Maxon Ltd. as at 31 January 2018. Show the detailed elements in the balance sheet. Question!5 Maxon Ltd. is a new entrant to the market for providing widgets to consumers in Australia As the business commences, various business activities will occur. Exhibit 1 provides a list of the activities that have taken place in the first month of operation. Exhibit 1 - Business Activities for Maxon Ltd. SL Date...
On January 1, Pulse Recording Studio (PRS) had the following account balances. Accounts Payable $ 8,200 Accounts Receivable 6,900 Accumulated Depreciation—Equipment 6,700 Cash 3,640 Cash Equivalents 1,640 Common Stock 10,400 Deferred Revenue 3,900 Equipment 30,300 Notes Payable (long-term) 12,400 Prepaid Rent 3,420 Retained Earnings 4,810 Supplies 510 The following transactions occurred during January. Received $2,420 cash on 1/1 from customers on account for recording services completed in December. Wrote checks on 1/2 totaling $4,370 for amounts owed on account at...
Transaction Analysis and Trial Balance Make T-accounts for the following accounts that appear in the general ledger of Mead Pet Hospital, owned by R. Mead, a veterinarian Cash: Accounts Receivable; Supplies Office Equipment: Accounts Payable; Common Stock Dividends: Professional Fees Earned: Salaries Expense, and Rent Expense. Using the accounting equation, record each of the transactions in columnar format. Prepare journal entries and record the following December transactions in the T- accounts and key all entries with the number identifying the...
Hello there, just need some help with this multi-part accounting problem. Please correct what I've already filled in if you find any errors, and also please complete the rest by following the layout given. Thank you so much! Grid Iron Prep Inc. (GIPI) is a service business incorporated in January of the current year to provide personal training for athletes aspiring to play college football. The following transactions occurred during the month ended January 31. 1. GIPl issued stock in...
Chapter 3 Additional Problem Problem 3-3 Gray Co. Makes Its First Sale This problem repeats Gray Co.'s February transactions from Chapter 3. Print the forms on the following pages and use them to complete this problem. Requirement 1 A. Gray Co. has the following General Ledger accounts: Cash, Accounts Receivable, Inventory, Equipment, Note Payable, Interest Payable, Common Stock, and Retained Earnings. Label these accounts in Gray Co.'s General Ledger. B. Enter the February beginning account balance into each account. An...