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Samual Wright owned and managed a franchise of Atlanta Espresso, Incorporated. The company's balance sheet accounts had the following balances on September 1, 20X0, the beginning of a fiscal year. (Click the icon to view the balance sheet accounts and balances.) Requirements 1. Prepare journal entries for each transaction. 2. Enter the September 1 balances in T-accounts in a general ledger, then post the journal entries to the ledger. Key your postings by transaction letter 3. Prepare an income statement for September and a balance sheet as of September 30, 20X0. Summarized transactions for September were as follows: (Click the icon to view the summarized transactions.) 1 Data Table Requirement 1. Prepare journal entries for each transaction. (Record debits first, then credits. Explanations are not required.) a. Acquisitions of merchandise inventory on account, $49,500. Accounts Debit Credit Atlanta Espresso Balance Sheet Accounts, September 1, 20X0 a. Cash $ 3,100 25,100 77,000 b. Sales for cash, $37,500. Accounts receivable Merchandise inventory Prepaid rent Store equipment Accumulated depreciation, store equipment 4,000 20,600 Accounts Debit Credit S 3,600 b 47,000 Accounts payable Paid-in capital 29,800 49,400 Retained earnings $ 129,800 $ 129,800 Davmonte to creditore 021 0nn Choose from any list or enter any number in the input fields and then continue to the next question. Print Done i Summarized transactions for September were: - X a. Acquisitions of merchandise inventory on account, S49,500. b. Sales for cash, $37,500. C. Payments to creditors, $31,000. d. Sales on account, $40,000. e. Advertising in newspapers, paid in cash, $3,100. f. Cost of goods sold, $42,000. g. Collections on account, $31,500. h. Miscellaneous expenses paid in cash, $7,700. i. Wages paid in cash, $9,500 j Entry for rent expense. (Rent was paid quarterly in advance, $6,000 per quarter. Payments were due on February 1, May 1, August 1, and November 1.) k. Depreciation of store equipment, $200. Print Done c. Payments to creditors, $31,000. Accounts Debit Credit C. d. Sales on account, $40,000. Accounts Debit Credit d. e. Advertising in newspapers, paid in cash, $3,100. Accounts Debit Credit e f. Cost of goods sold, $42,000. Accounts Debit Credit f. g. Collections on account, $31,500. Accounts Debit Credit 9 h. Miscellaneous expenses paid in cash, $7,700. Accounts Debit Credit h. i. Wages paid in cash, $9,500. Accounts Debit Credit i. j. Entry for rent expense. (Rent was paid quarterly in advance, $6,000 per quarter. Payments were due on February 1, May 1, August 1, and November 1.) Accounts Debit Credit j. k. Depreciation of store equipment, $200. Accounts Debit Credit k. Cash Accounts Payable Advertising Expense Accounts Receivable Paid-in Capital Depreciation Expense Merchandise Inventory Retained Earnings Miscellaneous Expense Prepaid Rent Sales Rent Expense Store Equipment Cost of Goods Sold Wages Expense Accum. Depr., Store Equip Begin by preparing the income statement for September. (Leave any unused cells blank. Use a minus sign or parentheses for a net loss.) Atlanta Espresso Income Statement For the Month Ended September 30, 20X0 Deduct expenses Net income (loss) Prepare a balance sheet as of September 30, 20X0. Begin by preparing the assets section, then complete the balance sheet by preparing the liabilities and stockholders' equity section. (Leave any unused cells blank.) Atlanta Espresso Balance Sheet September 30, 20X0 Assets Liabilities and Stockholders' Equity Liabilities Total liabilities Stockholders' equity Total stockholders' equity Total assets Total liabilities and stockholders' equity

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