Problem%204-1 - Problem 4-1 Solution - OverPriced Jeans...

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Date Account Debit Credit Feb. 01 Rent Expense Retained Earnings 3,000 Cash - Big Bank 3,000 Pay rent Feb. 04 Cash - Big Bank 53,000 Sales Revenue Retained Earnings 53,000 Cost of Goods Sold Retained Earnings 10,000 Inventory 10,000 Sale for cash Feb. 07 Wages Expense Retained Earnings 13,000 Cash - Little Bank 13,000 Pay wages Feb. 15 Accounts Receivable 75,000 Sales Revenue Retained Earnings 75,000 Cost of Goods Sold Retained Earnings 14,000 Inventory 14,000 Sale on account Feb. 18 Cash - Little Bank 30,000 Accounts Receivable 70,000 Sales Revenue Retained Earnings 100,000 Cost of Goods Sold Retained Earnings 21,000 Inventory 21,000 Sale for cash and on account Feb. 22 Inventory 14,000 Cash - Big Bank 14,000 Purchase inventory Feb. 27 Wages Expense Retained Earnings 23,000 Cash - Little Bank 23,000 Pay wages Feb. 28 Interest Expense Retained Earnings 375 Interest Payable - Big Bank 375 Interest due big bank for February Feb. 28 Interest Expense Retained Earnings 200 Interest Payable - Little Bank
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This note was uploaded on 07/13/2010 for the course ACC 311 taught by Professor Charrier during the Fall '08 term at University of Texas at Austin.

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Problem%204-1 - Problem 4-1 Solution - OverPriced Jeans...

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