Prepare a balance sheet for the month ended march 31

Assignment Help Accounting Basics

Reference no: EM131812530

- Prepare a balance sheet for the month ended March 31 (there are no prior balances in any of the accounts).

- Prepare an income statement for the month of March (there are no prior balances in any of the accounts). Do not be concerned with income taxes for the March statements.

Journal Entries
Date	Particulars	Dr. Amt.	Cr. Amt.

1	Cash Dr.	25,000
	To Notes Payable		25,000

2	Cash Dr.	100,000
	To Common Stock		100,000

3	Building Dr.	250,000
	To Cash		50,000
	To Loan Payable - Mortgage		200,000

4	Equipment Dr.	15,000
	To Cash		15,000

5	Inventory Dr.	18,500
	To Accounts Payable		18,500

6	Supplies Dr.	2,500
	To Cash		2,500

7.a	Cash Dr.	15,000
	To Sales		15,000

7.b	Cost of Goods Sold Dr.	7,000
	To Inventory		7,000

8	Inventory Dr.	9,300
	To Cash		5,000
	To Accounts Payable		4,300

9	Supplies Exp. Dr.	600
	To Supplies		600

10.a	Accounts Receivables Dr.	16,000
	To Sales		16,000

10.b	Cost of Goods Sold Dr.	9,000
	To Inventory		9,000

11	Cash Dr.	8,000
	To Accounts Receivables		8,000

12	Interest Exp. Dr.	1,000
	To Interest Payable		1,000

13	Wages Exp. Dr.	7,000
	To Wages Payable		7,000

14	Utilities Exp. Dr.	900
	To Utilities Payable		900

15	Insurance Exp. Dr.	400
	To Cash		400

16	Depreciation Exp. Dr.	800
	To Accumulated Depreciation		800

17	Advertising Exp. Dr.	1,100
	To Advertising Exp. Payable		1,100

18	Telephone Exp. Dr.	600
	To Telephone Exp. Payable		600

Reference no: EM131812530

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