Preparing a trial balance-accounts in the ledger

Reference no: EM13136541

Robert and Chip organized Chipper Corporation on January 1, 2008. Each of these owners invested $100,000 cash and received shares of stock. Below are selected transactions that were completed during January 2008:

(1) Owner's invested $100,000 each to start the business.

(2) Prepaid three (3) months rent for $15,000 ($5,000 each month).

(3) Purchased equipment by signing a $75,000 note payable for $50,000 and paying the remainder in cash.

(4) Purchased two service vehicles for $24,000 each, paid $20,000 cash.

(5) Purchased $1,000 of supplies on account.

(6) Sales revenue on account was $85,000.

(7) Paid expenses of $48,000.

(8) Collected $42,000 from customers on account.

(9) Paid $2,000 on the note payable for the equipment and $1000 for the note payable for the service vehicles.

Record each transaction in journal form and post to the appropriate accounts in the ledger. Prepare a Trial Balance for January 31, 2008.

Reference no: EM13136541

Questions Cloud

Describing terrorist attack on the uss cole : Discuss the possible operational actions that could have taken place on board the USS COLE . How would you implement the four phases of disaster response?

How many milliliters of 4.21 m naoh are needed : How many milliliters of 4.21 M NaOH are needed to completely neutralize 76.9 mL of 0.340 M H3PO4?

Administration and politics dichotomy : The issues of politics and administration dichotomy first raised by Woodrow Wilson continue to generate debate among scholars of public administration in modern time.

How many milliliters of boiling water are required : How many milliliters of boiling water are required to dissolve 25g of phthalic acid? If the solution were cooled to 14oC, how many grams of phthalic acid would you recrystallize out?

Preparing a trial balance-accounts in the ledger : Record each transaction in journal form and post to the appropriate accounts in the ledger. Prepare a Trial Balance for January 31, 2008.

What amount should be recorded for depreciation : At the beginning of the machine's sixth year it was recognized the machine had three years of remaining life instead of five and that at the end of the remaining three years its salvage value would be $1,600. What amount should be recorded for dep..

Public policy and stakeholders responsibilities : List at least four stakeholders that may be included in the development of a policy plan. How would you rate the stakeholders' responsibilities throughout the development and life of a policy?

Probability that single car chosen at random travel tunnel : Under ordinary traffic conditions. What is the probability that a single car chosen at random will travel through the tunnel in 10 minutes?

Determine number of bromine molecules present in the flask : A flask contains 0.430 of liquid bromine, . Determine the number of bromine molecules present in the flask

User Account

All Pages