ONLY THE THIRD PICTURE HAS TO BE ANSWERED... PICTURES 1 AND 2 ARE EARLIER PARTS
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ONLY THE THIRD PICTURE HAS TO BE ANSWERED... PICTURES 1 AND 2 ARE EARLIER PARTS OF THAT QUESTION... FINANCIAL ACCOUNTING! THANKYOU!
Questions 6-8 (of 8) Save & Exits Exercise 2-19 Record transactions, post to T-accounts, and prepare a trial balance (LO2-4, 2-5, 2-6) The following information applies to the questions displayed below Green Wave Company plans to own and operate a storage rental facility. For the first month of operations, the company has the following transactions. 1. January 1 Issue 10,000 shares of common stock in exchange for $28,000 in cash. 2. January 5 Purchase land for $17,000. A note payable is signed for the full amount. 3. January 9 Purchase storage container equipment for $7,600 cash. 4. January 12 Hire three employees for $1,600 per month 5. January 18 Receive cash of $11,600 in rental fees for the current month. 6. January 23 Purchase office supplies for $1,600 on account. 7. January 31 Pay employees $4,800 for the first month's salaries. References Section Break Exercise 2-19 Record transactions, post to T-accounts, and prepare a trial balance (LO2-4, 2-5, 2-6) value: 0.34 points Required informaExplanation / Answer
Green Wave Company
T Accounts
Green Wave Company
T - Accounts
Cash
Date
Debit
Credit
Balance
1-Jan
Beginning Balance
1-Jan
Common Stock
$28,000
$28,000
9-Jan
Equipment
$7,600
$20,400
18-Jan
Service Revenue
$11,600
$32,000
31-Jan
Salaries Expense
$4,800
$27,200
Ending Balance
$39,600
$12,400
$27,200
Supplies
Date
Description
Debit
Credit
Balance
1-Jan
Beginning Balance
23-Jan
Accounts Payable
$1,600
$1,600
Ending Balance
$1,600
$1,600
Land
Date
Description
Debit
Credit
Balance
1-Jan
Beginning Balance
5-Jan
Note Payabler
$17,000
$17,000
31-Jan
Ending Balance
$17,000
$17,000
Equipment
Date
Description
Debit
Credit
Balance
1-Jan
Beginning Balance
9-Jan
Cash
$7,600
$7,600
31-Jan
Ending Balance
$7,600
$7,600
Common Stock
Date
Description
Debit
Credit
Balance
1-Jan
Beg. Balance
1-Jan
Cash
$28,000
$28,000
31-Jan
Ending Balance
$28,000
$28,000
Accounts Payable
Date
Description
Debit
Credit
Balance
1-Jan
Beg. Balance
23-Jan
Supplies
$1,600
$1,600
31-Jan
Ending Balance
$1,600
$1,600
Notes Payable
Date
Description
Debit
Credit
Balance
1-Jan
Beg. Balance
5-Jan
Land
$17,000
$17,000
31-Jan
Ending Balance
$17,000
$17,000
Service Revenue
Date
Description
Debit
Credit
Balance
18-Jan
Cash
$11,600
$11,600
31-Jan
Ending Balance
$11,600
$11,600
Salaries Expense
Date
Description
Debit
Credit
Balance
31-Jan
Cash
$4,800
$4,800
31-Jan
Ending Balance
$4,800
$4,800
Trial Balance
Trial Balance
Accounts
Debit
Credit
Cash
$27,200
Land
$17,000
Equipment
$7,600
Supplies
$1,600
Salaries Expense
$4,800
Accounts Payable
$1,600
Notes Payable
$17,000
Common Stock
$28,000
Service Revenue
$11,600
Totals
$58,200
$58,200
Green Wave Company
T - Accounts
Cash
Date
Debit
Credit
Balance
1-Jan
Beginning Balance
1-Jan
Common Stock
$28,000
$28,000
9-Jan
Equipment
$7,600
$20,400
18-Jan
Service Revenue
$11,600
$32,000
31-Jan
Salaries Expense
$4,800
$27,200
Ending Balance
$39,600
$12,400
$27,200
Supplies
Date
Description
Debit
Credit
Balance
1-Jan
Beginning Balance
23-Jan
Accounts Payable
$1,600
$1,600
Ending Balance
$1,600
$1,600
Land
Date
Description
Debit
Credit
Balance
1-Jan
Beginning Balance
5-Jan
Note Payabler
$17,000
$17,000
31-Jan
Ending Balance
$17,000
$17,000
Equipment
Date
Description
Debit
Credit
Balance
1-Jan
Beginning Balance
9-Jan
Cash
$7,600
$7,600
31-Jan
Ending Balance
$7,600
$7,600
Common Stock
Date
Description
Debit
Credit
Balance
1-Jan
Beg. Balance
1-Jan
Cash
$28,000
$28,000
31-Jan
Ending Balance
$28,000
$28,000
Accounts Payable
Date
Description
Debit
Credit
Balance
1-Jan
Beg. Balance
23-Jan
Supplies
$1,600
$1,600
31-Jan
Ending Balance
$1,600
$1,600
Notes Payable
Date
Description
Debit
Credit
Balance
1-Jan
Beg. Balance
5-Jan
Land
$17,000
$17,000
31-Jan
Ending Balance
$17,000
$17,000
Service Revenue
Date
Description
Debit
Credit
Balance
18-Jan
Cash
$11,600
$11,600
31-Jan
Ending Balance
$11,600
$11,600
Salaries Expense
Date
Description
Debit
Credit
Balance
31-Jan
Cash
$4,800
$4,800
31-Jan
Ending Balance
$4,800
$4,800
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