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wlad13 [49]
3 years ago
5

Acquired $30,000 cash from the issue of common stock. Purchased inventory for $15,000 cash. Sold inventory costing $9,000 for $2

0,000 cash. Paid $1,500 for advertising expense. Required a. Record the general journal entries for the preceding transactions. b. Post each of the entries to T-accounts. c. Prepare a trial balance to prove the equality of debits and credits.
Business
1 answer:
alina1380 [7]3 years ago
4 0

Answer:

The answer is given below

Explanation:

a. Cash        Dr.$30,000

Common stock  Cr.$30,000

Inventory  Dr.$15,000

Cash          Cr.$15,000

Cash    Dr.$20,000

Sales Revenue  Cr.$20,000

Cost of Goods Sold  Dr.$9,000

Inventory      Cr.$9,000

Advertising Expense  Dr.$1,500

Cash                            Cr.$1,500

b.                                                   Cash

                                    Dr.                                   Cr.

Common Stock         30,000        Inventory      15,000

Sales                           20,000        Advertising Exp  1,500

                                                      C/F                        33,500

                                           Common Stocks

                                    Dr.                                    Cr.  

           C/F 30,000                                               Cash         30,000

                                            Inventory  

                                 Dr.                                  Cr.

Cash                     15,000                    Cost of Goods Sold      9,000

                                                            C/F                                     6,000

                                           Sales

                               Dr.                                    Cr.

       C/F 20,000                                            Cash        20,000

                                              Cost of Goods Sold

                           Dr.                                                   Cr.

Inventory   9,000                                      C/F            9,000

                                      Advertising Expense

                         Dr.                                                  Cr.

Cash            1,500                                   C/F  1,500

c. Trail Balance

                                          Dr.                Cr.

Cash                                33,500

Common Stocks                                   30,000

Inventory                             6,000

Sales                                                     20,000

Cost of Goods sold           9,000

Advertising Expense        1,500

Total                                    50,000      50,000

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Answer:

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____________ comprise about 20% of all businesses but account for about 81% of u.s. business receipts.
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