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Prepare a chart of accounts as required and journalize the following transactions and post to the general ledger. (note: general ledger here can be expressed as a T account)
It is now March 31st and management at Fancy Pants has decided to make March 31st their yearend. While only one month of transactions have been recorded, as Fancy Pants accountant, you must now perform the required adjusting entries for the year end and prepare the financial statements.
Some additional information includes:
|Common Stock||10,000.00||[1,000 Shares * $ 10]|
|(Being Stock issued and started business)|
|TD Bank Loan||3,000.00|
|(Being Loan taken from TD Bank)|
|(Being Computer Equipment Purchased)|
|04-Mar||Prepaid Insurance Policy||1,200.00|
|(Being Insurance Policy Purchased)|
|06-Mar||Inventory (Suits and Tuxedos)||6,500.00|
|Accounts Payable (Big Lots)||6,500.00|
|(Being Inventory Purchased on Credit from Big Lots due in 30 days)|
|(Being Inventory sold to Luxury Restaurant)|
|Cost of Goods Sold||2,000.00|
|Inventory (Suits and Tuxedos)||2,000.00|
|(Being Inventory adjusted)|
|(Being Inventory sold on credit)|
|Cost of Goods Sold||1,000.00|
|Inventory (Suits and Tuxedos)||1,000.00|
|(Being Inventory adjusted)|
|(Being amount received in advance to supply tuxedos)|
|(Being amount paid in advance to Big Lots wholesaler)|
|(Being Salaries Paid)|
|(Being Cash collected from debtors)|
|(Being Utility bill Paid)|
Adjustment Entries as on March 31:-
|31-Mar||Depreciation for Equipment:-|
|Depreciation - Equipment||75.00||[($ 4,500 /5 years)*(1/12 months)]|
|Accumulated Depreciation - Equipment||75.00||[($ 4,500 /5 years)*(1/12 months)]|
|31-Mar||Adjustment for Insurance:-|
|Insurance Expense||200.00||[$ 1,200/6]|
|31-Mar||Interest Accrued on TD Bank Loan:-|
|Interest Expense||20.00||[$ 3,000 * 8% *(1/12months)]|
|31-Mar||Salary Payable Recorded:-|
|Employee Salaries||1,080.00||[$ 1,800 * (3/5)]|
Part A) Prepare a chart of accounts as required and journalize the following transactions and post...
Part A) Prepare a chart of accounts as required and journalize the following transactions and post to the general ledger. (note: general ledger here can be expressed as a T account) TRANSACTIONS 1) On March 1st Fancy Pants sold 1,000 common shares for $12,000 start the business.2) On March 2nd Fancy Pants took out a $3,000 loan from “TD Bank”. Fancy Pants agreed to repay the loan in one year plus 8% interest.3) On March 3rd Fancy Pants purchased some computer equipment to help run the business for $4,500...
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