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Chart of Accounts for Techno Engineering Supplies Company Assets: 101       Cash 105       Accounts Receivable 110       Note...

Chart of Accounts for Techno Engineering Supplies Company

Assets:

101       Cash

105       Accounts Receivable

110       Note Receivable

115       Inventory

120       Prepaid Insurance

125       Warehouse Building

130       Equipment

Liabilities:

201       Account Payable

205       Note Payable

210       Wages Payable

215       Loan Payable

220       Interest Payable

Owners’ Equity:

301       Capital Stock

310       Dividends

Revenues:

401       Sales Revenue

405       Interest Revenue

Expenses:

501       Cost of Goods Sold

505       Wages Expense

510       Utilities Expense

515       Insurance Expense

520       Income Tax Expense

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Assume the following: Revolution Store had the following transactions:

Jan-01          Issued capital stock for $980,000.

Jan-01          Purchased a Packaging Equipment for $25,000 with a useful life of 10 years and a Salvage value of $1,500.

Jan-01          Purchased an Insurance Policy (1 year) for $35,000.

Jan-03          Purchased a Truck, paying $10,000 in cash and issuing a note of $20,000.

Jan-05          Purchased $20,000 of inventory on account.

Jan-07          Sold inventory costing $5,000 for $50,000 on account.

Jan-11          Paid $1,000 for inventory purchased on account (from Jan-05).

Jan-15          Collect $15,550 of accounts receivable from customers (from Jan-07).

Jan-17          Paid utility bills totaling $500.

Jan-23          Paid wages for $9,000.

Jan-25          Collect $300 in bank interest.

Jan-30          Paid $2,500 due to income taxes.

Jan-31          Adjust the Insurance account and depreciation expense at the end of the month.

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***Required:

-Record the above transactions in General Journal (Journal Entries).

-Record the transactions in General Ledger format (T-Accounts).

-Prepare a Trial Balance for Techno Engineering Company.

-Prepare Income Statement.

-Prepare Retained Earnings Statement.

-Prepare Balance Sheet.

-Prepare a Cash Flow Statement

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Homework Answers

Answer #1
Items Debit Credit
1 cash 980000
Share Capital 980000
2 Purchase 25000
Cash 25000
3 prepaid insurance exp 35000
Cash 35000
4 truck 30000
cash 10000
Note Payble 20000
5 inventory 20000
ac payble 20000
6 cash 50000
inventory 50000
accounts receivable 45000
7 ac payble 1000
cash 1000
8 cash 15550
accounts receivable 15550
9 utility bills exp 500
cash 500
10 Wages 9000
cash 9000
11 Cash 300
bank interest 300
12 income tax exp 2500
cash 2500
13 Insurance exp
prepaid insurance exp
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