Wildcat Corporation began business on January 1, 2021. During January, the following transactions occurred: Required: 1.
Posted: Tue Apr 26, 2022 10:10 am
Wildcat Corporation began business on January 1, 2021.
During January, the following transactions occurred:
Required:
1. Prepare general journal entries to record
each transaction.
2. Post the transactions into the appropriate
T-accounts.
3. Prepare an unadjusted trial balance as of
January 31, 2021.
1 Issued common stock in exchange for $109,000 cash. 2 Purchased inventory on account for $44,000 (the perpetual inventory system is used). 3 Paid an insurance company $3,480 for a one-year insurance policy. Prepaid insurance was debited for the entire amount. 4 Sold merchandise on account for $12,900. 5 The cost of the merchandise was $7,900. 6 Borrowed $39,000 from a local bank and signed a note. Principal and interest at 10% is to be repaid in six months.
Paid employees $6,900 salaries for the first half of the month. 8 Sold merchandise for $10,900 cash. 9 The cost of the merchandise was $6,900. 10 Paid $15,900 to suppliers for the merchandise purchased on January 2. 11 Collected $6,450 on account from customers. 12 Paid $1,000 to the local utility company for January gas and electricity.
Journal entry worksheet < 1 .... 6 7 8 9 10 11 12 13 Paid $4,900 rent for the building. $2,450 was for January rent, and $2,450 for February rent. Prepaid rent and rent expense were debited for their appropriate amounts. Note: Enter debits before credits. General Journal Debit Credit Date Jan 30, 2021
Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Post the transactions into the appropriate T-accounts. (Enter the date of the transaction in the column next to the amount.) Cash Accounts Receivable Beg, bal Beg bal End. bal Enu, bal. Inventory Prepaid insurance Beg, bal Beg bal End, bal End bal Prepaid Rent Accounts Payable Beg. bal. Beg, bal End. bal. Ent. bal. Notes Payable Common Stock Beg, bal Beg bal End. bal End, bal. Sales Revenue Cost of Goods Sold Beg, bal Beg, bal End. bal. End, bal Salarles Expense Rent Expense Beg, bal Beg bal. End. bal Endbal Utilities Expense Beg, bal End, bal
Wildcat Corporation begon business on January 1, 2021. During January, the following transactions occurred: Jan. 1 Issued common stock in exchange for $189.cee cash. 2 Purchased inventory on account for $44.000 (the perpetual inventory system is used). 4 Paid an insurance company $3,480 for a one year insurance policy. Prepaid insurance was debited for the entire amount. 18 Sold merchandise on account for $12,928. The cost of the nerchandise was $7,909. 15 Borrowed $39,983 from a local bank and signed a note. Principal and interest at 18% is to be repaid in six months. 28 Paid employees $6,980 salaries for the first half of the month. 22 Sold merchandise for $18,900 cash. The cost of the merchandise was $6,928. 24 Paid $15.900 to suppliers for the merchandise purchased on January 2. 26 Collected $6,458 on account fron customers. 28 Paid $1,ese to the local utility company for January gas and electricity. 30 Paid $4,930 rent for the building. $2,458 was for January rent, and $2,458 for February rent. Prepaid rent and rent expense were debited for their appropriate amounts. Required: 1. Prepare general joumel entries to record each transaction. 2. Post the transactions into the appropriate T-occounts. 3. Prepare an unsdjusted trial balance ss of January 31, 2021 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare an unadjusted trial balance as of January 31, 2021. WILDCAT CORPORATION Unadjusted Trial Balance January 31, 2021 Account Title Debita Credits Total < Required 2 Road
During January, the following transactions occurred:
Required:
1. Prepare general journal entries to record
each transaction.
2. Post the transactions into the appropriate
T-accounts.
3. Prepare an unadjusted trial balance as of
January 31, 2021.
- Wildcat Corporation Began Business On January 1 2021 During January The Following Transactions Occurred Required 1 1 (40.46 KiB) Viewed 27 times
- Wildcat Corporation Began Business On January 1 2021 During January The Following Transactions Occurred Required 1 2 (31.03 KiB) Viewed 27 times
- Wildcat Corporation Began Business On January 1 2021 During January The Following Transactions Occurred Required 1 3 (42.46 KiB) Viewed 27 times
- Wildcat Corporation Began Business On January 1 2021 During January The Following Transactions Occurred Required 1 4 (78.82 KiB) Viewed 27 times
- Wildcat Corporation Began Business On January 1 2021 During January The Following Transactions Occurred Required 1 5 (54.29 KiB) Viewed 27 times
Paid employees $6,900 salaries for the first half of the month. 8 Sold merchandise for $10,900 cash. 9 The cost of the merchandise was $6,900. 10 Paid $15,900 to suppliers for the merchandise purchased on January 2. 11 Collected $6,450 on account from customers. 12 Paid $1,000 to the local utility company for January gas and electricity.
Journal entry worksheet < 1 .... 6 7 8 9 10 11 12 13 Paid $4,900 rent for the building. $2,450 was for January rent, and $2,450 for February rent. Prepaid rent and rent expense were debited for their appropriate amounts. Note: Enter debits before credits. General Journal Debit Credit Date Jan 30, 2021
Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Post the transactions into the appropriate T-accounts. (Enter the date of the transaction in the column next to the amount.) Cash Accounts Receivable Beg, bal Beg bal End. bal Enu, bal. Inventory Prepaid insurance Beg, bal Beg bal End, bal End bal Prepaid Rent Accounts Payable Beg. bal. Beg, bal End. bal. Ent. bal. Notes Payable Common Stock Beg, bal Beg bal End. bal End, bal. Sales Revenue Cost of Goods Sold Beg, bal Beg, bal End. bal. End, bal Salarles Expense Rent Expense Beg, bal Beg bal. End. bal Endbal Utilities Expense Beg, bal End, bal
Wildcat Corporation begon business on January 1, 2021. During January, the following transactions occurred: Jan. 1 Issued common stock in exchange for $189.cee cash. 2 Purchased inventory on account for $44.000 (the perpetual inventory system is used). 4 Paid an insurance company $3,480 for a one year insurance policy. Prepaid insurance was debited for the entire amount. 18 Sold merchandise on account for $12,928. The cost of the nerchandise was $7,909. 15 Borrowed $39,983 from a local bank and signed a note. Principal and interest at 18% is to be repaid in six months. 28 Paid employees $6,980 salaries for the first half of the month. 22 Sold merchandise for $18,900 cash. The cost of the merchandise was $6,928. 24 Paid $15.900 to suppliers for the merchandise purchased on January 2. 26 Collected $6,458 on account fron customers. 28 Paid $1,ese to the local utility company for January gas and electricity. 30 Paid $4,930 rent for the building. $2,458 was for January rent, and $2,458 for February rent. Prepaid rent and rent expense were debited for their appropriate amounts. Required: 1. Prepare general joumel entries to record each transaction. 2. Post the transactions into the appropriate T-occounts. 3. Prepare an unsdjusted trial balance ss of January 31, 2021 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare an unadjusted trial balance as of January 31, 2021. WILDCAT CORPORATION Unadjusted Trial Balance January 31, 2021 Account Title Debita Credits Total < Required 2 Road