Question

Question Help The first seven transactions of Burrows Advertising. Ino, have been posted to the company's accounts: (Click the icon to view the accounts) Requirement 1. Prepare the joumal entries that served as the sources for the seven transactions, include an explanation for each entry. Determine the ending balance in each account. As Burrows moves into the rest period, how much does the business have? How much does Burrows we in total abilities? Begin by recording the journal entries, start with transaction (1) Record debits first, then credits Select the explanation on the last line of the journal entry) Journal Entry Accounts and Explanations Debi Credit Now record the journal entry for transaction (2) Journal Entry Account and Explanations Debit Credit 2 Choose from any ist or enter any number in the inputted and then continue to the next gestion

Answer 1

Si. Credit Debit 9,200 1 $ Accounts and Explanations Cash Common Stock (To record isssue of common stock) $ 9,200 2 $ 11,000 Cash Notes Payable (To record issue of notes payable) $ 11,000 3 $ 1,100 Supplies Accounts Payable (To record purchase of supplies on account) $ 1,100 4 $ 34,000 Land Cash Notes Payable (To record purchase of land by cash and issuing notes) $ $ 11,000 23,000 5 $ 70 Cash Supplies (To record return of supplies) $ 70 6 S 270 Accounts Payable Cash (To record partial repayment of accounts payable) $ 270 7 $ 3,800 Equipment Cash (To record purchase of equipment) $ 3,800

Supplies 1,100 Burrows Advertising Inc. Trial Balance 4 3 $ 5 $ 70 1 2 5 Bal. Cash $ 9,200 $ 11,000 $ 70 $ 5,200 6 $ 11,000 $ 270 $ 3,800 7 Bal. $ 1,030 Equipment Land $ 34,000 Account Particulars Cash Supplies Land Equipment Accounts Payable Notes Payable Common Stock TOTAL Debit Credit $ 5,200 $ 1,030 $ 34,000 $ 3,800 $ 830 $ 34,000 $ 9,200 $44,030 $ 44,030 4 7 S 3,800 Bal. $ 34,000 Bal. $ 3,800 Accounts Payable 270 3 6 $ $ 1,100 Notes Payable 2 4 *The Company's Cash Balance is $5,200 $ 11,000 $ 23,000 Bal. $ 830 Bal. $ 34,000 *The Company Owes $ 34,830 [Accounts Payable + Notes Payable] [$830+$34,000] = $34,830 Common Stock 1 $ 9,200 Bal. $ $ 9,200

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