Post the followingtransactions to the T-Accounts, then prepare 12/31/2006Balance Sheet, Income Statement, Statement of...Post...

80.2K

Verified Solution

Question

Accounting

Post the followingtransactions to the T-Accounts, then prepare 12/31/2006
Balance Sheet, Income Statement, Statement ofRetained Earnings, and
Statement of Cash Flow.
1/7/06 Collected $80,000 on Accounts Receivable
1/15/06 Sold an additional 100,000 shares at $5 pershare
2/1/06 Made a sale of $90,000 on account. Cost ofinventory sold was $65,000
2/15/06 Bought merchandise inventory for $70,000 cash
3/1/06 Paid vendors $16,000 cash on Accounts Payable
6/30/06 Made payment of $25,000 on Notes Payable
7/1/06 Purchased $10,000 worth of store equipment forCash.
11/30/06 Made a sale of merchandise for $50,000 cash whichreduced inventory $30,000
12/15/06 Declared and paid a $20,000 dividend toshareholders
12/31/06 Recorded $3,000 Rent Income from UnearnedIncome
12/31/06 Recorded Depreciation for year on equipment of$1,000
12/31/06 Recorded expiration of 1-year prepaid rent expensefor $2,000
12/31/06 Sold equipment for $1,000 cash which cost $1,000when purchased new.
The equipment was sold before recording anydepreciation

Answer & Explanation Solved by verified expert

4.5 Ratings (722 Votes)

Cash Date Transaction Debit Transaction Credit 172006 Accounts receivable 80000 1152006 Common stock 500000 2152006 Inventory 70000 312006 Accounts payable 16000 6302006 Notes Payable 25000 712006 Store Equipment 10000 11302006 Sales 50000 12152006 Dividend 20000 12312006 Store Equipment 1000 Ending Balance 490000 TOTAL 631000 TOTAL 631000 Accounts receivable Date Transaction Debit Transaction Credit 172006 Cash 80000 212006 Sales 90000 See Answer

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member

Transcribed Image Text

In: AccountingPost the followingtransactions to the T-Accounts, then prepare 12/31/2006Balance Sheet, Income Statement, Statement of...Post the followingtransactions to the T-Accounts, then prepare 12/31/2006Balance Sheet, Income Statement, Statement ofRetained Earnings, andStatement of Cash Flow.1/7/06Collected $80,000 on Accounts Receivable1/15/06Sold an additional 100,000 shares at $5 pershare2/1/06Made a sale of $90,000 on account. Cost ofinventory sold was $65,0002/15/06Bought merchandise inventory for $70,000 cash3/1/06Paid vendors $16,000 cash on Accounts Payable6/30/06Made payment of $25,000 on Notes Payable7/1/06Purchased $10,000 worth of store equipment forCash.11/30/06Made a sale of merchandise for $50,000 cash whichreduced inventory $30,00012/15/06Declared and paid a $20,000 dividend toshareholders12/31/06Recorded $3,000 Rent Income from UnearnedIncome12/31/06Recorded Depreciation for year on equipment of$1,00012/31/06Recorded expiration of 1-year prepaid rent expensefor $2,00012/31/06Sold equipment for $1,000 cash which cost $1,000when purchased new.The equipment was sold before recording anydepreciation

Post the followingtransactions to the T-Accounts, then prepare 12/31/2006
	Balance Sheet, Income Statement, Statement ofRetained Earnings, and
	Statement of Cash Flow.

1/7/06	Collected $80,000 on Accounts Receivable

1/15/06	Sold an additional 100,000 shares at $5 pershare

2/1/06	Made a sale of $90,000 on account. Cost ofinventory sold was $65,000

2/15/06	Bought merchandise inventory for $70,000 cash

3/1/06	Paid vendors $16,000 cash on Accounts Payable

6/30/06	Made payment of $25,000 on Notes Payable

7/1/06	Purchased $10,000 worth of store equipment forCash.

11/30/06	Made a sale of merchandise for $50,000 cash whichreduced inventory $30,000

12/15/06	Declared and paid a $20,000 dividend toshareholders

12/31/06	Recorded $3,000 Rent Income from UnearnedIncome

12/31/06	Recorded Depreciation for year on equipment of$1,000

12/31/06	Recorded expiration of 1-year prepaid rent expensefor $2,000

12/31/06	Sold equipment for $1,000 cash which cost $1,000when purchased new.
	The equipment was sold before recording anydepreciation