Reference no: EM13836747
The Debit and Credit Framework
Analyze each of the following transactions of World Wide Webster and prepare the journal entry required to record the related transaction.
(a) Stockholder invests $10,000 into the business in exchange for 10,000 shares of $1 par value common stock.
(b) Borrow $15,000 signing a note payable to the bank that is due in three months.
(c) Acquire a $20,000 worth of equipment for cash
(d) Purchase $300 worth of supplies on credit.
(e) Company pays off $300 Accounts Payable.
(f) Company pays for and receives $600 worth of supplies.
(g) Company acquires and receives $1,000 worth of equipment
Posting to T-Accounts
Post the JEs and determine the EBs of each of the following T-accounts. All accounts have $0 BBs.
PREPARING A TRIAL BALANCE (TB)
Use the ending balances from the T-accounts to prepare a TB for W.W. Webster as of Dec. 31, 2014.
World Wide Webster Trial Balance At December 31, 2014
PREPARING A BALANCE SHEET
Use the balances from the TB to prepare a B/S for World Wide Webster as of December 31, 2014.
World Wide Webster Balance Sheet At December 31, 2014
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