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

Date General Journal Debit Credit (7-1) Cash 300000 Owner's capital 300000 (To record capital invested) (7-2) Truking 100000 Cash 100000 (To record purchase a trucking) (7-3) Supplies 10000 Accounts payable-Home Depot 10000 (To record supplies purchased on account) (7-5) Accounts receivable-Aaron Judse 200000 Sales revenue 200000 (To record sales on account) (7-7) Accounts payable-Home Depot 10000 Cash 10000 (To record payment on account) (7-8) Cash 200000 Accounts receivable-Aaron Judse 200000 (To record collection on account) (7-31) Salaries expense 10000 Cash 10000 (To record salary paid) (7-31) Rent expense 20000 Cash 20000 (To record rent paid) Cash Accounts Receivable (7-1) 300000 (7-2) 100000 (7-5) 200000 (7-8) 200000 (7-8) 200000 (7-7) 10000 (7-31) 10000 (7-31) 20000 Bal. 360000 Bal. 0 Supplies Trucking (7-3) 10000 (7-2) 100000 Bal. 10000 Bal. 100000 Accounts Payable Owners' Capital (7-7) 10000 (7-3) 10000 (7-1) 300000 Bal. 0 Bal. 300000 Sales Revenue Salaries Expense (7-5) 200000 (7-31) 10000 Bal. 200000 Bal. 10000 Rent Expense (7-31) 20000 Bal. 20000 Tessa Trucking Trial Balance As of July 31 Account Debit Credit Cash 360000 Supplies 10000 Truking 100000 Owner's capital 300000 Sales revenue 200000 Salaries expense 10000 Rent expense 20000 Total $ 500000 500000 Tessa Trucking Income Statement For the Month Ended July 31 Revenue: Sales revenue 200000 Expense: Salaries expense 10000 Rent expense 20000 Total expense 30000 Net income 170000 Tessa Trucking Statement of Owner's Equity For the Month Ended July 31 Balance, July 1 0 Add: Capital invested 300000 Net income 170000 470000 Balance, July 31 470000 Tessa Trucking Balance Sheet July 31 Assets Cash 360000 Supplies 10000 Trucking 100000 Total assets 470000 Liabilities and Owner's Equity Owner's capital 470000 Total liabilities and owner's equity 470000

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