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Income Statement Accounts Sales Revenue Salaries Expense Wages Expense and Interest Expense a The owner opened a business account and deposited $60000 in the bank b The owner borrowed and

Income Statement Accounts

Sales Revenue, Salaries Expense, Wages Expense, and Interest Expense.

a. The owner opened a business account and deposited $60,000 in the bank.

b. The owner borrowed and deposited $30,000 on a note payable to the bank.

c. The owner paid one year of rent in advance on the restaurant space, $18,000 cash.

d. The owner purchased equipment $46,000; $16,000 in cash and the balance on account.

e. Furnishings were purchased for $30,400 cash.

f. The owner purchased $3,200 of food inventory on account and paid $3,800 cash for beverage inventory.

g. The owner purchased supplies for $2,650 cash.

h. The owner purchased $3,800 of food inventory on account.

i. The owner paid $2,700 for a one-year liability and casualty insurance policy.

j. Employees were paid wages of $12,800 and salaries of $2,400.

k. Sales revenue for the first month was $42,800; 90% cash, 8% credit cards, and 2% on accounts receivable.

l. The owner paid $16,600 on accounts payable.

m. The owner paid $8,000 on note payable, plus interest of $960.

Journalize each transaction and then post each transaction to a general ledger; prepare an unadjusted trial balance for the month ended March 31, 2006.

 

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how much is the balance of credit account when you prepare an unadjusted tril balance for the month ended.

how much is the balance of debit account when you prepare an unadjusted trail balance for the month ended.

how much is the balance of cash account when you prepare an unadjusted trail balance for the month ended.

 

May 14 2020 View more View Less

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