Answer To: ACC 310 Spring 2006 Practice Case ACC 310 Whited 2021 Accounting Practice Set This case is designed...
Narasimhaswamy answered on Jun 29 2021
Date
Account Name/GL Account #
Debit
Credit
1/1
Cash
950,000
Common stock
950,000
1/1
Cash
2,000,000
Note Payable
2,000,000
1/1
Inventory
150,000
Accounts payable
150,000
1/1
Rent Expense
240,000
Prepaid Rent
240,000
Cash
480,000
1/1
Supplies
10,000
Cash
10,000
20/1
Account payable
150,000
Cash
150,000
10/2
Cash
30,000
Sales Revenue
30,000
10/2
Account Receivables
21,340
Sales
21,340
15/3
Purchases
170,000
Cash
170,000
30/4
Cash
30,000
Sales Revenue
30,000
30/6
Land
2,00,000
Buildings
8,00,000
Cash
200,000
Notes Payable @12%
800,000
1/7
Interest Expense
80,000
Cash
80,000
1/9
Cash
60,000
Rent Revenue
40,000
Unearned Rent
20,000
1/10
Equipment
30,000
Notes payable
30,000
1/10
Insurance Expense
3,000
Prepaid Insurance
9,000
Cash
12,000
14/10
Account Receivables
97,000
Sales Revenue
97,000
30/10
Cash
48,500
Account Receivables
48,500
1/12
Common stock
95,000
Loss on purchase of common stock
25,000
Cash
120,000
15/12
Dividend Expense
18,000
Dividend Payable
18,000
15/12
Bad Debt Expense
48,500
Account Receivables
48,500
20/12
Supplies
13,000
Cash
13,000
25/12
Account Receivables
29,100
Sales
29,100
31/12
Cash
200,000
Sales
200,000
31/12
Interest expense
48,000
Interest Payable
48,000
31/12
Utilities Expense
25000
Utilities Payable
25000
31/12
Depreciation Expense -...