Journal Entries - 6,700 Assets Revenues Software Upgrade Cash 45,500 Sales Rev 1,000 AR 2,200 Total Rev Office Supplies Inv 118,750 Expenses 500

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Journal Entries Debit Credit Cash Cash 99,000 99,000 2,700 Investment 99,000 66,000 48,000 Cash 66,000 33,600 5,000 Investment 66,000 93,800 15,000 Legal Exp 2,700 100,000 Cash 2,700 7,700 Building 5,000 500 Land 43,000 6,000 Cash 48,000 62,000 Dep Exp 2,720 Investment Accum Dep Build/land (SL) 2,720 99,000 Cash 33,600 66,000 Mort. Pay 33,600 Legal Exp Prepaid Renovation 5,000 2,700 Cash 5,000 Building Renovation 20,000 5,000 Prepaid Renovation 5,000 Land Cash 15,000 43,000 Inventory 100,000 Dep Exp AP 100,000 2,720 AP 100,000 1,540 Cash 100,000 Accum Dep Amortization Exp 50,000 2,720 Accum Amort. (SOYD) 50,000 1,540 Equipment 6,700 Mortgage Pay Upgrade 1,000 33,600 Cash 7,700 Prepaid Ren Dep Exp 1,540 5,000 5,000 Accum Dep Equip (SL) 1,540 Renovation Office Supplies 500 20,000 Cash 500 Prepaid Advertise 6,000 Cash 6,000 Inventory 18,750 AP 18,750 Sal Exp 62,000 Cash 62,000 Cash 93,800 AR 2,200 Sales Rev 96,000 Interest Exp 2,900 Interest Pay 2,900
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Equipment Balance Sheet Income Statement
Background image of page 2
Background image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 6,700 Assets: Revenues: Software Upgrade Cash 45,500 Sales Rev 1,000 AR 2,200 Total Rev Office Supplies Inv 118,750 Expenses: 500 Office Supplies 500 Legal Exp Prepaid Adv Prepaid Adv 6,000 Dep Exp 6,000 PPE 75,700 Amortization Exp Salaries Exp Accum Dep-4,260 Salaries Exp 32,000 Accum Am.-50,000 Interest Exp 30,000 Total Assets 194,390 Total Expenses AR Liabilities: Net Loss 2,200 AP 18,750 Sales Rev Mortgage Pay 33,600 96,000 Interest Pay 2,900 Interest Exp Total Liabilities 55,250 2,900 Equity: Interest Pay Investment 165,000 2,900 RE-25860 Inventory Total Lia and Eq 194,390 100,000 18,750 AP 100,000 100,000 18,750 Amortization Exp 50,000 Accum Amort. 50,000 96,000 96,000 2,700 4,260 50,000 62,000 2,900 121,860-25860...
View Full Document

This note was uploaded on 10/31/2010 for the course ACCT 343 taught by Professor Professor during the Spring '10 term at West Virginia University Institute of Technology.

Page1 / 3

Journal Entries - 6,700 Assets Revenues Software Upgrade Cash 45,500 Sales Rev 1,000 AR 2,200 Total Rev Office Supplies Inv 118,750 Expenses 500

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online