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3)Posting to T-Accounts For each of the transactions, post the effects to the appropriate T-accounts and determine ending account balances
3)Posting to T-Accounts For each of the transactions, post the effects to the appropriate T-accounts and determine ending account balances. Show a beginning balance of zero. a) Borrowed $3,940 from a local bank on a note due in six months. b) Received $4,630 cash from investors and issued common stock to them. c) Purchased $1,000 in equipment, paying $200 cash and promising the rest on a note due in one year. d) Paid $300 cash for supplies. e) Bought and received $700 of supplies on account. Labs Equity Accounts Payble Common Stock Cath A O 3.940 O. Begal Beg bol Regal 46.10 Erdal Endbal 4,610 Endbal Supplies Note Paves Deal Endbal LA) GO Endbal 4. Report a Classified Balance Sheet Given the transactions in the same problem, prepare a classified balance sheet for AA Corp as of January 31 AA Corp Balance Sheet Al January 31 Assets Current Assets: Llabilities Current Liabiles Total Current Assets Total Current Liables Stockholders' Equity Total Assets $10,070 Total Liabiles & Stockholders' Equity
Expert Solution
ANSWER
Q 3. POSTING TO T ACCOUNTS
|
CASH A/C |
|||
|
Beg. Bal |
0 |
(c) |
200 |
|
(a) |
3,940 |
(d) |
300 |
|
(b) |
4,630 |
End Bal |
8,070 |
|
8,570 |
8,570 |
||
|
SUPPLIES A/C |
|||
|
Beg. Bal |
0 |
||
|
(d) |
300 |
||
|
(e) |
700 |
||
|
|
End Bal |
1,000 |
|
|
1,000 |
1,000 |
||
|
EQUIPMENT A/C |
|||
|
Beg. Bal |
0 |
||
|
(c) |
1,000 |
||
|
End Bal |
1,000 |
||
|
1,000 |
1,000 |
|
Accounts Payable |
|||
|
Beg Bal |
0 |
||
|
(e) |
700 |
||
|
End Bal |
700 |
||
|
700 |
700 |
||
|
Notes Payable |
|||
|
Beg Bal |
0 |
||
|
(a) |
3,940 |
||
|
(c) |
800 |
||
|
End Bal |
4,740 |
||
|
4,740 |
4,740 |
||
|
Common Stock |
|||
|
Beg Bal |
0 |
||
|
(b) |
4,630 |
||
|
End Bal |
4,630 |
||
|
4,630 |
4,630 |
||
Q 4. REPORT A CLASSIFIED BALANCESHEET
|
Assets |
Liabilities |
||
|
Current Assets |
Current Liabilities |
||
|
Cash |
8,070 |
Note payable |
4,740 |
|
Supplies |
1,000 |
Accounts Payable |
700 |
|
Total Current assets |
9,070 |
Total Current Liabilities |
5,440 |
|
|
|||
|
Non Current Assets |
Stockholders Equity |
|
|
|
Equipment |
1,000 |
Common Stock |
4,630 |
|
|
|||
|
Total Assets |
$ 10,070 |
Total Liabilities & Equity |
$ 10,070 |
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