13. The company began the year with the following balances: Sales $25,000 Accounts Receivable $12,000 Inventory $15,000 Accounts Payable $3,000 S/T Notes Payable $20,000 Interest Payable $1,000 Taxes Payable $2,000 Common Stock $26,000 A. Record journal entries for the following transactions. B. Determine the balance for each account. C. Prepare a balance sheet. a. Collected $6,000 owed from customers b. Purchased $13,000 of inventory on account c. Repaid $5,000 to the bank d. Paid the total amount owed for interest e. Paid one half of the total amount owed to suppliers f. Purchased office supplies on account for $200 (not used this period) g. Received $2,500 from a customer who will be shipped inventory next month h. Paid the entire amount owed to the government for income taxes i. Sold part of the company to investors for $30,000 j. Invested $25,000 of excess cash in a short term investment
13. The company began the year with the following balances: Sales $25,000 Accounts Receivable $12,000 Inventory $15,000 Accounts Payable $3,000 S/T Notes Payable $20,000 Interest Payable $1,000 Taxes Payable $2,000 Common Stock $26,000 A. Record journal entries for the following transactions. B. Determine the balance for each account. C. Prepare a balance sheet. a. Collected $6,000 owed from customers b. Purchased $13,000 of inventory on account c. Repaid $5,000 to the bank d. Paid the total amount owed for interest e. Paid one half of the total amount owed to suppliers f. Purchased office supplies on account for $200 (not used this period) g. Received $2,500 from a customer who will be shipped inventory next month h. Paid the entire amount owed to the government for income taxes i. Sold part of the company to investors for $30,000 j. Invested $25,000 of excess cash in a short term investment
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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