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    CusIIEcLQjSrCCBHCxI0sA Week 1 Comprehensive Example Worksheet 2

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    harsh.chopra700

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    CusIIEcLQjSrCCBHCxI0sA Week 1 Comprehensive Example Worksheet 2

    Uploaded by

    harsh.chopra700
    7 views3 pages

    Original Title

    CusIIEcLQjSrCCBHCxI0sA e00a9516bd7c4f7baba34d24a090a5f1 Week 1 Comprehensive Example Worksheet 2

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    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    7 views3 pages

    CusIIEcLQjSrCCBHCxI0sA Week 1 Comprehensive Example Worksheet 2

    Uploaded by

    harsh.chopra700

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 3

    Weston's Western Wear opens for business on July 1 and the following transactions/adjusting entries occur during

    then form an income statement and balance sheet for the month of July.

    1 Stockholders contributed $240 in cash in exchange for common stock


    2 On July 1, signed a 1-year lease on a warehouse, paying $60 cash in occupancy for 12 months
    3 On July 1, acquired warehouse equipment for $100. A cash down payment of $40 was made and a note pa
    4 On July 1, paid $24 cash for a 2-year insurance policy covering fire, casualty, and related risks
    5 Acquired assorted merchandise for $35 cash
    6 Acquired assorted merchandise for $190 on open account
    7 Total sales were $200, of which $30 were for cash
    8 Cost of inventory sold was $160
    9 Rent expense was recognized for the month of July
    10 Depreciation expense of $2 was recognized for the month
    11 Insurance Expense was recognized for the month
    12 Collected $35 from credit customers
    13 Disbursed $80 to trade creditors.

    Record the transactions in the accounting equation then form an income statement and balance sheet from

    Assets
    Accounts
    Cash Receivable Inventory Prepaid Rent
    Beg. Bal. 0 0 0 0
    1
    2
    3
    4
    5
    6
    7
    8
    9
    10
    11
    12
    13
    Ending Bal. 0 0 0 0
    usting entries occur during the month of July. Record the transactions in the accounting equation

    y for 12 months
    40 was made and a note payable was signed for the balance.
    nd related risks

    ent and balance sheet from the aggregated transactions.

    = Liabilities +

    Prepaid Insurance PP&E = Accounts Payable Notes Payable


    0 0 = 0 0
    =
    =
    =
    =
    =
    =
    =
    =
    =
    =
    =
    =
    =
    0 0 = 0 0
    Stockholders' Equity

    Common stock Retained earnings


    0 0

    0 0

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