Record the following transactions in the journal and post them to the ledger. Pr

Question

Record the following transactions in the journal and post them to the ledger. Prepare a trial balance, and income statement, and owner equity statement and a balance sheet. Tessa's trucking began business on July 1 and had the following transactions. Tessa's trucking is a sole proprietorship (7-1)tessa taylor contributed $300,000 cash to tessa trucking "tt". The contribuation was made in cash. (7-2) tt punchased a trucking for $100,000cash (7-3)tt purchased supplies from home depot on account for $10,000 (7-5) tt moved aaron judges to new York and billed him $200,000 (7-7) tt paid the home depot account payable from (7-3)S10,000 in cash (7-8) aaron judse paid his account receivable from(7-5) $200,000) in cash (7-31) paid salary in cash$10,000 (7-31)paid rent in cash$20,000

Explanation / Answer

Tessa's Trucking ( tt) Journal entries Date Account's tittle Debit $ Credit $ 1-Jul Cash           300,000 Tessa's Capital              300,000 2-Jul Truck           100,000 Cash              100,000 3-Jul Supplies             10,000 Accounts Payable                10,000 5-Jul Accounts Receivable           200,000 Service Revenue              200,000 7-Jul Accounts Payable             10,000 Cash                10,000 8-Jul Cash           200,000 Accounts Receivable              200,000 31-Jul Salaries and Wages Expenses             10,000 Cash                10,000 31-Jul Rent expenses             20,000 Cash                20,000 Tessa's Trucking ( tt) Trial Balance Account's tittle Debit $ Credit $ Cash           360,000 Supplies             10,000 Truck           100,000 Tessa's Capital              300,000 Service Revenue              200,000 Salaries and Wages Expenses             10,000 Rent expenses             20,000 TOTAL           500,000              500,000 Tessa's Trucking ( tt) Income Statement $ $ Service Revenue              200,000 Less: Operating expenses; Salaries and Wages Expenses             10,000 Rent expenses             20,000 Total operating expenses                30,000 Net income ( $ 200,000 - $ 30,000 )              170,000 Tessa's Trucking ( tt) Balance Sheet Equity and liabilities; $ Tessa's Capital           300,000 Retained Earnings ( Net income )           170,000 TOTAL           470,000 Assests; Truck           100,000 Cash           360,000 Supplies             10,000 TOTAL           470,000

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