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3 years ago

The following transactions occur in November.

Business

1 answer:

Nastasia [14]3 years ago

8 0

Answer:

Required 1.

November 1

Cash $11,800 (debit)

Common Shares $11,800 (credit)

November 2

Equipment $2,300 (debit)

Note Payable $2,300 (credit)

November 4

Supplies $1,200 (debit)

Trade Payable $1,200 (credit)

November 10

Trade Receivable $7,800 (debit)

Revenue $7,800 (credit)

November 15

Trade Payable $1,000 (debit)

Cash $1,000 (credit)

November 20

Salaries and Wages $1,800 (debit)

Cash $1,800 (credit)

November 22

Cash $9,800 (debit)

Revenue $9,800 (credit)

November 24

Note Payable $920 (debit)

Cash $920 (credit)

November 26

Cash $5,800 (debit)

Trade Receivable $5,800 (credit)

November 28

Utilities $1,000 (debit)

Cash $1,000 (credit)

November 30

Rent $3,800 (debit)

Cash $3,800 (credit)

Required 2.

T - Account Balances

Cash = $18,800 (debit)

Common Shares = $11,800 (credit)

Equipment = $2,300 (debit)

Note Payable = $1,380 (credit)

Supplies = $1,200 (debit)

Trade Payable = $200 (credit)

Trade Receivable = $2,000 (debit)

Revenue = $17,600 (credit)

Salaries and Wages = $1,800 (debit)

Utilities = $1,000 (debit)

Rent = $3,800 (debit)

Explanation:

T - Account Balance Calculations :

Cash = $11,800 - $1,000 - $1,800 + $9,800 - $920 + $5,800 - $1,000 - $3,800 = $18,800 (debit)

Common Shares = $11,800 (credit)

Equipment = $2,300 (debit)

Note Payable $2,300 - $920 = $1,380 (credit)

Supplies = $1,200 (debit)

Trade Payable $1,200 - $1,000 = $200 (credit)

Trade Receivable $7,800 - $5,800 = $2,000 (debit)

Revenue $7,800 + $9,800 = $17,600 (credit)

Salaries and Wages = $1,800 (debit)

Utilities = $1,000 (debit)

Rent = $3,800 (debit)

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