Answer:
<u>TRIAL BALANCE:</u>
Debit Credit
Cash 79600
AR 7500
Supplies 400
slaries expense 3100
op- expense 16100
supplies expense 1600
dividends 2000
Account Payable 3000
saalaries expense 3100
Unearned Revenue 5100
Common Stock 60000
Service revenue 39100
110300 110300
Explanation:
We have to record eahc time an accoutn is used and once we got all transactions we determiante the balance
Cash
Debit Credit
60000
8200
28500
15100
2000
<u>96700 17100</u>
<em>79600</em>
AR
Debit Credit
36000
<u> 28500</u>
7500
Supplies
Debit Credit
2000
<u> 1600</u>
400
salaries expense op- expense supplies expense
Debit Credit Debit Credit Debit Credit
3100 16100 1600
Account Payable
Debit Credit
2000
16100
15100
<u>15100 18100 </u>
3000
Salaries Payable
Debit Credit
3100
Unearned Revenue
Debit Credit
8200
<u>3100 </u>
5100
Common Stock
Debit Credit
60000
Service revenue
Debit Credit
36000
<u> 3100 </u>
39100
Then we construct the trial balance which all these account balance.
Answer:
Solo exchange.
Explanation:
Solo exchange is a type of market exchange where there is a short time horizon for the customer-salesperson relation or interaction. This exchange is conflicting in nature, involving a bargain system.
It involves no bonds or any interest in the other party. Consisting of a simple transaction, this short term interaction involves the parties caring about their interests. So, when Adam bought the items from a small store that will never be revisited constitutes a form of solo transaction.
Answer: Sales for the period is $6,100
Explanation:
1. The purchases for the period was posted into a wrong account which is supply expenses.
We have to adjust that entry by:
DR: Purchases. $4,800
CR: Supplies Exp. $4,800
Being wrong posting of purchases for the period.
2. Sales for the period:
Opening inventory $3,500
Purchases. $4,800
Closing Inventory. ($2,200)
Sales. $6,100
DR: Bank $6,100
CR: Sales. $6,100
Being sales for the month of july
Answer:
A debit to raw material of $95,000
Explanation:
Raw material inventory is an asset, due to debit nature of this account an addition in the raw material will require a debit entry in this account and credit to cash / account payable.
The journal entry for purchase of raw material is as follow
General Ledger Dr. Cr.
Raw Material Inventory $95,000
Cash / Account Payable $95,000