90.2K

Verified Solution

Link Copied!

Assume the following: Infinity Engineering Company had the following transactions: Jan-01 Issued capital stock for $975,000. Jan-01 Purchased a Packaging Equipment for $21,000 Jan-03 Purchased a Machine, paying $9,000 in cash and issuing a note of $20,500. Jan-05 Jan-07 Jan-11 Jan-15 Jan-17 Jan-23 Jan-25 Jan-30 Purchased $26,000 of inventory on account. Sold inventory costing $4,500 for $55,000 on account. Paid $1,300 for inventory purchased on account (from Jan-05). Collect $15,650 of accounts receivable from customers (from Jan-07). Paid utility bills totaling $3,000. Paid wages for $11,000. Collect $3,500 in bank interest. Paid $12,570 due to income taxes. Required: A. Record the above transactions in General Journal (Journal Entries). B. Record the transactions in General Ledger format (T-Accounts). C. Prepare a Trial Balance for Techno Engineering Company.

Assume the following: Infinity Engineering Company had the following transactions: Jan-01Jan-01Jan-03Jan-05Jan-07Jan-11Jan-15Jan-17Jan-23Jan-25Jan-30Issuedcapitalstockfor$975,000.PurchasedaPackagingEquipmentfor$21,000PurchasedaMachine,paying$9,000incashandissuinganoteof$20,500.Purchased$26,000ofinventoryonaccount.Soldinventorycosting$4,500for$55,000onaccount.Paid$1,300forinventorypurchasedonaccount(fromJan-05).Collect$15,650ofaccountsreceivablefromcustomers(fromJan-07).Paidutilitybillstotaling$3,000.Paidwagesfor$11,000.Collect$3,500inbankinterest.Paid$12,570duetoincometaxes. Required: A. Record the above transactions in General Journal (Journal Entries). B. Record the transactions in General Ledger format (T-Accounts). C. Prepare a Trial Balance for Techno Engineering Company

Answer & Explanation Solved by verified expert

See Answer