Current Assets 11000 12000 12100 Cash Accounts Receivable Inventory-Guitars Stoc

Question

Current Assets 11000 12000 12100 Cash Accounts Receivable Inventory-Guitars Stockholders' Equity 39003 39005 Retained Earnings 13100 Supplies (string, pics resin) 13200 Shipping Supplies 18000 Prepaid Rent 18100 18200 Revenue 40000 Sales Prepaid Insurance Prepaid Advertising Long-Term Assets Computer Equipment Expenses 50000 60100 Cost of Goods Sold al Expense 17000 Accumulated Depreciation -Computer Equipment 60150 Supplies Expense 15100 Delivery Van 17100Accumulated SuppliesE Insurance Expense Wages Expense 60300 60350 60400 60500 co4OOCredit Card Expense Advertising and Promotion Current Liabilities 20000 Accounts Payable 21100 Note Payable- Wells Fargo Expense Utility Expense Rent Expense 60600 60650 Depreciation Expense-Computer 60675 Bank 21200 Note Payable- Office Mart 23100 Wages Payable 23200 Interest Payable 23300 Sales Tax Payable 23400 Utilities Payable Depreciation Expense-Van Interest Expense 60750 Bank Service Fee Long-Term Liabilities 27000 Mortgage Payable 27100 Notes Payable 31Page

Explanation / Answer

In the books of Ivan's Instrument Center:

Contd.

Transaction / Event Date Account Titles Debit Credit $ $ 1. 1/02/18 No journal entry required 2. 1/02/18 Cash 30,000 Common Stock 30,000 3. 1/03/18 Prepaid Rent 3,400 Cash 3,400 4. 1/03/18 Prepaid Insurance 3,600 Cash 3,600 5. 1/03/18 Computer Equipment 3,000 Note Payable : Office Mart 3,000 6. 1/05 /18 Cash 8,000 Note Payable: Wells Fargo Bank 8,000 7. 1/05/18 Delivery Van 18,000 Cash 18,000 8. 1/06/18 Delivery Van 800 Cash 800 9. 1/06/18 Prepaid Advertising 700 Cash 700 10. 1/08/18 Inventory: Guitars 9,800 Accounts Payable 9,800 11. 1/08/18 Inventory: Violins 7,840 Accounts Payable 7,840 12. 1/13/18 Legal Expense 900 Cash 900 13. 1/18/18 No journal entry required 14. 1/18/18 Supplies ( string, pics, resin) 200 Accounts Payable 200 15. 1/18/18 Shipping Supplies 500 Cash 500 16. 1/18/18 Accounts Receivable 8,303 Sales 7,670 Sales Tax Payable 633 16. 1/18/18 Cost of Goods Sold 4,600 Inventory : Guitars 3,000 Inventory : Violins 1,600 17. 1/18/18 Inventory: Guitars 3,430 Accounts Payable 3,430 18. 1/20/18 Cash 7,450 Sales 7,000 Sales Tax Payable 450 18. 1/20/18 Cost of Goods Sold 3,900 Inventory: Guitars 3,500 Inventory: Violins 400 19. 1/22/18 Accounts Payable 200 Cash 200 20. 1/23/18 Advertising Expense 450 Inventory: Guitars 250 Inventory: Violins 200 21. 1/23/18 Cash 8,303 Accounts Receivable 8,303

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