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Solid Footing Accounting Homework Answers

General Journal Date Account Debit Credit Feb 01 Retained Earnings 3,000 Cash - Big Bank 3,000 Pay Feb. rent Feb 04 Cash - Big Bank 53,000 Retained Earnings 53,000 Retained Earnings 10,000 Inventory 10,000 Sell inventory to customer for cash Feb 07 Retained Earnings 13,000 Cash - Little Bank 13,000 Pay wages Feb 15 Accounts Receivable 75,000 Retained Earnings 75,000 Retained Earnings 14,000 Inventory 14,000 Sell inventory to customer on credit Feb 18 Cash - Little Bank 30,000 Accounts Receivable 70,000 Retained Earnings 100,000 Retained Earnings 21,000 Inventory 21,000 Feb 22 Inventory 14,000 Cash - Big Bank 14,000 Purchase inventory for cash Feb 27 Retained Earnings 23,000 Cash - Little Bank 23,000 Pay wages Feb 28 Retained Earnings 375 Interest Payable - Big Bank 375 Accrue Interest due to Big Bank Feb 28 Retained Earnings 200 Interest Payable - Little Bank 200 Accrue Interest due to Little Bank Problem 3-1 Solution-- OverPriced Jeans, Inc. Rips-Off Its First Customers

Unformatted text preview: Balance 0 Jan 01 10,000 Jan 10 35,000 Jan 20 15,000 Jan 25 10,000 Ending Balance 20,000 Inventory Dr. Cr. Beg. Balance 0 Jan 20 55,000 Ending Balance 55,000 Equipment Dr. Cr. Beg. Balance 0 Jan 02 35,000 Jan 25 10,000 Ending Balance 45,000 Problem 2-1 Solution (continued) Trial Balance Account Name Debit Credit Cash - Big Bank 40,000 Cash - Little Bank 20,000 Inventory 55,000 Equipment 45,000 Note Payable - Big Bank 75,000 Note Payable - Little Bank 35,000 Common Stock 50,000 Total 160,000 160,000 Problem 2-1 Solution (continued) OverPriced Jeans, Inc. Balance Sheet as of January 31, 2011 Assets: Cash - Big Bank $40,000 Cash - Little Bank 20,000 Inventory 55,000 Equipment 45,000 Total Assets $160,000 Liabilities: Note Payable - Big Bank $75,000 Note Payable - Little Bank 35,000 Total Liabilities 110,000 Equity: Common Stock 50,000 Total Equity 50,000 Total Liabilities & Equity $160,000 Problem 2-1 Solution (continued)...
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