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Semmy [17]
3 years ago
5

If an amount box does not require an entry, leave it blank.

Business
1 answer:
Vedmedyk [2.9K]3 years ago
3 0

Answer:

a. Record

1.

Cash $12,500 (debit)

Capital $12,500 (credit)

2.

Inventories $6,250 (debit)

Accounts Payable $6,250 (credit)

3.

Operating expenses $5,500 (debit)

Cash $5,500 (credit)

4.

Accounts Receivables $7,440 (debit)

Revenue $7,440 (credit)

5.

Cash $4,700 (debit)

Revenue $4,700 (credit)

6.

Cash $3,100 (debit)

Accounts Receivables $3,100 (credit)

7.

Capital $1,500 (debit)

Cash $1,500 (credit)

b. Trial Balance

                                                                                  Debit           Credit

Cash ($12,500-$5,500-$1,500+$3,100+$4,700) $11,500

Capital ($12,500-$1,500)                                                            $11,000

Inventories                                                              $6,250

Accounts Payable                                                                       $6,250

Operating expenses                                              $5,500

Accounts Receivables ($7,440 - $3,100 )             $4,340

Revenue ($7,440+$4,700)                                                         $12,140

c. (1) Net Income = $5,140

c. (2) Stockholders' equity = $16,140

Explanation:

c. (1) Net Income

Income = Revenue - Expenses

             = $12,140 -  $5,500 - $1,500

             = $5,140

c. (2) Stockholders' equity

Stockholders' equity = Capital + Income

                                   = $11,000 + $5,140

                                   = $16,140

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