CUSTOM PKG FOR AC114
27th Edition
ISBN: 9781337781923
Author: WARREN
Publisher: CENGAGE L
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Textbook Question
Chapter 1, Problem 1.6BPE
Using the following data for Sentinel Travel Service as well as the statement of owner's equity shown in Practice Exercise 1–5B, prepare a report form balance sheet as of August 31, 2019:
Accounts payable | $44,600 |
75,000 | |
Cash | 45,000 |
Land | 310,000 |
supplies | 4,700 |
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With this information create Journal Entries, T Accounts/Trial Balance, and Financial Statements
Balance Sheet for end of 2019 Assets Cash 77,250 Accounts Receivable (net of allowance of 7200) 237,884 Inventory 45,500 (1000 units at $45.50 each)Prepaid Insurance 1,600 Supplies 1,625 Total Current Assets 363,859 Property, Plant and Equipment, Net 177,500 Land 32,000 Total Assets 573,359 Liabilities Accounts Payable 94,552 Unearned Revenue 45,200 Interest Payable 2,100 Salaries Payable 6,600 Total Current Liabilities 148,452 Long Term Debt 246,100 Total Liabilities 394,552 Capital Stock 100,000 Retained…
Brinker International, Inc.'s financial statements state:
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and franchising of the Chili's® Grill & Bar and Maggiano's Little Italy
restaurant brands. At June 30, 2019, we owned, operated, or franchised
1,665 restaurants, consisting of 1,001 Company-owned restaurants and 664
franchised restaurants, located in the United States, 29 countries and two
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INTERNATIONAL.
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Below is an alphabetical list of Brinker's accounts and account balances as of Dec 31, 2019 (all amounts
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Accounts payable
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13.4
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Journalizing and Posting
On September 18, 2019, Afton Company purchased $3,180 of supplies on account. In Afton Company's chart of accounts, the supplies account is No. 15, and the accounts payable account is No. 21.
a. Journalize the September 18, 2019, transaction on page 87 of Afton Company's two-column journal.
Page: 87
POST.
DATE
DESCRIPTION
DEBIT CREDIT
REF.
Sept. 18, 2019 Supplies
15
3,180
Accounts Payable
21
3,180
b. & d. In the four-column account for Supplies, enter a debit balance of $1,530 as of September 1, 2019. Place a check mark () in the Posting Reference column. Post the September 18, 2019, transaction to the account. For those boxes in
which no entry is required, leave the box blank.
GENERAL LEDGER
Account Supplies
Account No. 15
POST.
BALANCE
DATE
ITEM
DEBIT CREDIT
REF.
DEBIT CREDIT
Sept. 1, 2019 Balance
Sept. 18, 2019
C. & d. In the four-column account for Accounts Payable, enter a credit balance of $22,640 as of September 1, 2019. Place a check mark () in the…
Chapter 1 Solutions
CUSTOM PKG FOR AC114
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