Chrome Fle Edit View History Bookmarks PeopleWindowHelp Hil Connect capter 04 Ho

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Chrome Fle Edit View History Bookmarks PeopleWindowHelp Hil Connect capter 04 Homework Poti com/hm.tpx Question 1 lof 2 Save & Exdt Submt 3000 points The transactions relating to the formation of Blue Co. Stores, Iinc, and its first month of operations folow a The firm was organized and the stockholders investad cash of $8,100 b. The frm borrowed $4,600 from the bank; a short-tem note was signed c Display cases and other store equipment costing $1,800 were purchased for cash. The original Ist price of the d. A store location was rented, and $1,200 was paid for the first month's rent e Inventory of $15,500 was purchased; $8.300 cash was paid to the t During the first week of operations, merchandise that had cost $4,000 was sold for $5,800 cash g A newspaper ad costing $140 was arranged for, it ran during the second week of the store's operations h Additoral ivemory costing $4,250 was purchased, cash of $1,360 was paid, and the balance is due in 30 days L In the last three weeks of the first month, sales totaled $13,250, of which $9.300 was sold on account Employee wages 1or the month totaled S1.900, tese wil be paid dung the frst week of the next mont. K. The firm collected a total of $3,300 from the sales on account recorded in transaction i L The firm paid a total of $4,050 of the amount owed to supplers trom equipment was $1,950, but a discount was received because the seiler was having a sale The ad will be paid for in the nenxt month . The cost of the goods soid totaled $8,000. from transaction e statement, leave the cells blank. Enter decreases to Required: a. Record each transaction in the appropriate columns. (if an transaction Adjustment are not affecting the balance sheet category or income account balances as a negative.) LIABILIT Notes AccountsPaid-in Retained Transaction Accounts Merchandise Inventory Equipment PayablePayable Capital Earnings Revenue-

Explanation / Answer

Part a)

The complete table is provided as below:

_____

Part b)

The completed table is given as follows:

_____

Part c)

The income statement is prepared as below:

_____

Part d)

The completed balance sheet is prepared as follows:

Assets = Liabilities + Stockholder's Equity Transaction Accounts Merchandise Notes Accounts Paid-in Retained Cash + Receivable + Inventory + Equipment = Payable + Payable + Capital + Earnings + Revenue - Expenses a) 8,100 + + + = + + 8,100 + + - b) 4,600 + + + = 4,600 + + + + - c) -1,800 + + + 1,800 = + + + + - d) -1,200 + + + = + + + + - 1,200 e) -8,300 + + 15,500 + = + 7,200 + + + - f) 5,800 + + -4,000 + = + + + + 5,800 - 4,000 g) + + + = + 140 + + + - 140 h) -1,350 + + 4,250 + = + 2,900 + + + - i) 3,950 + 9,300 + -8,000 + = + + + + 13,250 - 8,000 j) + + + = + 1,900 + + + - 1,900 k) 3,300 + -3,300 + + = + + + + - l) -4,050 + + + = + -4,050 + + + - Total $9,050 + $6,000 + $7,750 + $1,800 = $4,600 + $8,090 + $8,100 + 0 + $19,050 - $15,240

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