Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Finance & Accounting (https://www.askmehelpdesk.com/forumdisplay.php?f=411)
-   -   Accounting Entries in T-accounts (https://www.askmehelpdesk.com/showthread.php?t=246149)

  • Aug 6, 2008, 05:10 PM
    rionne1
    Accounting Entries in T-accounts
    a. Purchased inventory on account for $130,000
    b. Sold goods for $100,00 cash. The goods originally cost $65,000.
    c. Paid $27,000 cash for employee wages.
    d. Paid $12,500 cash for advertising.
    e. Sold goods for $25,000 cash and $60,000 on account (a total of $85,000). The goods originally cost $57,000
    f. Collected cash of $47,000 from the $60,000 receivable on account; the remaining $13,000 to be collected later.
    g. Paid cash of $55,000 on the $130,000 payable on account; the remaining $75,000 is expected to be paid later.
    h. Paid cash dividends of $8,5000

    Add the two cash account balances together to get the total balance. Construct a trial balance.

    Thank you so much for your help.
  • Oct 18, 2008, 05:22 PM
    pready

    First you need to set up T-accounts for all of your accounts.

    Post the transactions to the T-accounts.

    Compute the ending Balance in the T-accounts

    Do the Trial Balance. Debits = Credits

  • All times are GMT -7. The time now is 11:41 PM.