Question

Cash Supplies Land Equipment (1) 8,400 (4) 11,000 (3) 1,100 (5) 60 (4) 34,000 (7) 3,400...

Cash

Supplies

Land

Equipment

(1)

8,400

(4)

11,000

(3)

1,100

(5)

60

(4)

34,000

(7)

3,400

(2)

10,500

(6)

220

(5)

60

(7)

3,400

Accounts Payable

Note Payable

Common Stock

(6)

220

(3)

1,100

(2)

10,500

(1)

8,400

(4)

23,000

1.

 Prepare the journal entries that served as the sources for the seven transactions. Include an explanation for each entry. As

BurrowsBurrows

moves into the next​ period, how much cash does the business​ have? How much does

BurrowsBurrows

owe in total​ liabilities?

Begin by recording the journal​ entries; start with transaction​ (1). ​(Record debits​ first, then credits. Select the explanation on the last line of the journal entry​ table.)

Journal Entry

Accounts and Explanations

Debit

Credit

1.

Cash

10500

Paid cash on account.

Now record the journal entry for transaction​ (2).

Journal Entry

Accounts and Explanations

Debit

Credit

2.

Now record the journal entry for transaction​ (3).

Journal Entry

Accounts and Explanations

Debit

Credit

3.

Now record the journal entry for transaction​ (4).

Journal Entry

Accounts and Explanations

Debit

Credit

4.

Now record the journal entry for transaction​ (5).

Journal Entry

Accounts and Explanations

Debit

Credit

5.

​Now, record the journal entry for transaction​ (6).

Journal Entry

Accounts and Explanations

Debit

Credit

6.

​Finally, record the journal entry for transaction​ (7).

Journal Entry

Accounts and Explanations

Debit

Credit

7.

As

BurrowsBurrows

moves into the next​ period, how much cash does the business​ have?

The company's cash balance is $

.

How much does

BurrowsBurrows

owe in total​ liabilities?

The company owes $

.
Business   Accounting   
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Homework Answers

Answer #1

Solution:-

Journal entry :

No    Account and Explanation Debit    Credit   
1 Cash 8400
    Common Stock 8400
2 Cash 10500
   Notes payable 10500
3 Supplies 1100
   Account payable 1100
4 Land 34000
    Cash 11000
    Notes payable 23000
5 Cash 60
   Supplies 60
6 Account payable 220
   Cash 220
7 Equipment 3400
   Cash 3400

The company's Ending balance of cash = 4340

Total liabilities = 880+33500 = 34380

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