29 Jun Question PROBLEM 1 – JOURNAL ENTRIES AND ACC
Question
PROBLEM 1 – JOURNAL ENTRIES AND ACCOUNT BALANCES
On January 1, 2006, the Brian Toole Company Inc. had the following account balances in its accounting system. (all the below balances are normal balances)
Account Debit Credit
Cash 300
Accounts recivable 1,200
Inventory Tools 13,000
Machinery 22,000
Accumulated Depreciation -5,500
Land 8,000
Accounts Payable 2,000
Taxes Payable 1,500
Long term Note Payable 12,000
Common Stock 10,000
Retained Earnings 13,500
39,000 39,000
The following transactions occurred during the month of January 2006.
a. The entire beginning inventory of tools was sold to customers for $22,000 cash
b. All outstanding taxes were paid in full.
c. $600 was collected from customers accounts receivables.
d. $1,000 was paid on the accounts payable.
e. New inventory was acquired on account for $8,500.
f. Wages were incurred for employees totaling $3,000 and $2,500 of this was paid in cash.
g. Depreciation expense of $2,000 was recorded on the machinery.
h. The note Payable incurrs interest at 12% and the interest was not paid in cash
i. Dividends of $1,000 were paid to stockholders
REQUIRED:
A. Provide Account Balances as indicated.
1. Total Assets
2. Total Liabilities
3. Total Stockholders equity
4. Total Net Income
5. Total Ending Retained earning
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