Homework Answers
Requirement a:
| ASSETS | = | LIABILITIES |
STOCKHOLDERS' EQUITY |
Net income | = | Revenue | - | Expenses | |||||||||||
| Transaction | Accounts | Merchandise | Notes | Accounts | Common | = | - | ||||||||||||
| Cash | + | Receivable | + | Inventory | + | Equipment | = | Payable | + | Payable | + | Stock | = | - | |||||
| a | $1,680,000 | + | + | + | = | + | + | $1,680,000 | = | - | |||||||||
| b | $510,000 | + | + | + | = | $510,000 | + | + | = | - | |||||||||
| c | ($420,000) | + | + | + | = | + | + | ($420,000) | = | - | $420,000 | ||||||||
| d | + | + | $660,000 | + | = | + | $660,000 | + | = | - | |||||||||
| e | + | $960,000 | + | + | = | + | + | $960,000 | = | $960,000 | - | ||||||||
| + | + | ($660,000) | + | = | + | + | ($660,000) | = | - | $660,000 | |||||||||
| f | ($330,000) | + | + | + | = | + | + | ($330,000) | = | - | $330,000 | ||||||||
| g | ($52,000) | + | + | + | $140,000 | = | + | $88,000 | + | = | - | ||||||||
| h | ($688,000) | + | + | + | = | + | ($688,000) | + | = | - | |||||||||
| i | ($45,000) | + | + | + | = | + | + | ($45,000) | = | - | $45,000 | ||||||||
| j | $835,000 | + | ($835,000) | + | + | = | + | + | = | - | |||||||||
| k | + | + | + | = | + | $56,100 | + | ($56,100) | = | - | $56,100 | ||||||||
| l | + | + | + | = | + | $30,000 | + | ($30,000) | = | - | $30,000 | ||||||||
| $1,490,000 | + | $125,000 | + | $0 | + | $140,000 | = | $510,000 | + | $146,100 | + | $1,680,000 | ($581,100) | = | $960,000 | - | $1,541,100 | ||
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Use the horizontal model, or write the journal entry, for each
of the following transactions and adjustments that occurred during
the first year of operations at Kissick Co.
a. Issued 100,00 shared of $5-par-value common stock for
$500,000 in cash.
B. Borrowed $250,000 from Oglesby National Bank and signed a 12%
note due in three years.
C. Incurred and paid $190,000 in salaries for the year.
D. Purchased $320,000 of merchandise inventory on account during
the year.
E. Sold inventory...
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