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2 years ago

Below are the transactions for Ute Sewing Shop for March, the first month of operations.

Business

1 answer:

otez555 [7]2 years ago

8 0

Answer:

Part 1

March 1

Debit : Cash $1,400

Credit : Common Stock $1,400

March 3

Debit : Equipment $1,100

Credit : Note Payable $1,100

March 5

Debit : Rent Expense $440

Credit : Cash $440

March 7

No Entry

March 12

Debit : Supplies $114

Credit : Accounts Payable $114

March 15

Debit : Cash $640

Credit : Service Revenue $640

March 19

Debit : Cash $540

Credit : Deferred Revenue $540

March 25

Debit : Deferred Revenue $540

Credit : Service Revenue $540

March 30

Debit : Utilities Expense $79

Credit : Cash $79

March 31

Debit : Dividends $70

Credit : Cash $70

Part 2 and Part 3

Cash : Debit = $1,400 + $640 + $540 Credit = $440 + $79 + $70, Balance = 1,991 Debit

Common Stock : Debit = Credit = $1,400 , Balance = 1,400 Credit

Equipment : Debit = $1,100 Credit = , Balance = 1,110 Debit

Note Payable : Debit = Credit = $1,100 , Balance = 1,100 Credit

Rent Expense : Debit = $440 Credit = , Balance = $440 Debit

Supplies : Debit = $114 Credit = , Balance = $144 Debit

Accounts Payable : Debit = Credit = $114 , Balance = $114 Credit

Service Revenue : Debit = Credit = $640 + $540 , Balance = $1,180 Credit

Deferred Revenue : Debit = $540 Credit = $540 , Balance = $ 0

Utilities Expense : Debit = $79 Credit = , Balance = $79 Debit

Dividends : Debit = $70 Credit = , Balance = $70 Debit

Part 4

Sewing Shop

Trial balance as at March 31

Debit Credit

Cash $ 1,991

Common Stock $1,400

Equipment $1,110

Note Payable $1,100

Rent Expense $440

Supplies $144

Accounts Payable $114

Service Revenue $1,180

Deferred Revenue $ 0 $0

Utilities Expense $79

Dividends $70

Totals $3,864 $3,864

Explanation:

To successfully tackle the question, follow the steps :

Record journal entries
Post the Journals to Ledger Accounts
Find the Ledger Account Balances
Prepare a Trial Balance

The Trial Balance is used to check mathematical accuracy. It is a list of Debit and Credit extracted from Balances from the Ledger Accounts.

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