Wolverine Incorporated had the following trial balance at the beginning of Apni
ID: 2333895 • Letter: W
Question
Wolverine Incorporated had the following trial balance at the beginning of Apni Accounts Cash Accounts Receivable Supplies Equipment Accounts Payable Notes Payable Debits Credits $2,800 900 3,600 9 100 $2 200 3. Post each transaction to the appropriate T-accounts and calculate the balance of each account at april 30 (Hint: make sure to include the balance at the beginning of April in each T-account) 4. Prepare a trial balance as of April 30. 3 600 9 000 1600 Common Stock Retained Earnings The following transactions occur in April. April 1 Issue common stock in exchange for $15 000 cash Aoul 2 Purchase equipment with a nong term note for $4,500 from Hooser Corporation April 4 Purchase supplies for $1,500 on account April 10 Provide services to customers on account for $9 000 April 15 Pav c April 20 PAy employees $2.300 for the first haif of the month Apnit 22 Provide services to customers for $11,500 cash April 24 Pay $1.300 on the note from Hoosier Corporation April 26 Collect $7.100 on account from customers April 28 Pay $1,700 to the local ubility company for April gas and electricity April 30 Pay $3 200 rent for the Apri n account $1,200 Required: 1. Recoid each transaction (It no entry is required tor a transaction/event, select "No journal entry required" in the first account neld.)Explanation / Answer
Answer 1. Journal Entry Date Particulars Dr. Amt. Cr. Amt. 1-Apr Cash 15,000.00 Common Stock 15,000.00 (To record the issue of common stock) 2-Apr Equipment 4,500.00 Notes Payable (Long Term) 4,500.00 (To record the purchase of equipment) 4-Apr Supplies 1,500.00 Accounts Payable 1,500.00 (To record the purchase of supplies) 10-Apr Accounts Receivable 9,000.00 Service Revenue 9,000.00 (To record the service revenue) 15-Apr Accounts Payable 1,200.00 Cash 1,200.00 (To record the cash paid) 20-Apr Salaries & Wages Expense 2,300.00 Cash 2,300.00 (To record the salaries paid) 22-Apr Cash 11,500.00 Service Revenue 11,500.00 (To record the service revenue) 24-Apr Notes Payable 1,300.00 Cash 1,300.00 (To record the cash paid) 26-Apr Cash 7,100.00 Accounts Receivable 7,100.00 (To record the cash received) 28-Apr Utilities Expense 1,700.00 Cash 1,700.00 (To record the gas & electricity expenses) 30-Apr Rent Expense 3,200.00 Cash 3,200.00 (To record the rent expenses) Answer 2. Cash Accounts Receivable Supplies Bal. 2,800.00 1,200.00 15-Apr Bal. 900.00 7,100.00 26-Apr Bal. 3,600.00 1-Apr 15,000.00 2,300.00 20-Apr 10-Apr 9,000.00 4-Apr 1,500.00 22-Apr 11,500.00 1,300.00 24-Apr 26-Apr 7,100.00 1,700.00 28-Apr 3,200.00 30-Apr End. Bal. 26,700.00 End. Bal. 2,800.00 End. Bal. 5,100.00 Equipment Accounts Payable Notes Payable Bal. 9,100.00 Bal. 2,200.00 Bal. 3,600.00 2-Apr 4,500.00 15-Apr 1,200.00 1,500.00 4-Apr 24-Apr 1,300.00 4,500.00 2-Apr End. Bal. 13,600.00 End. Bal. 2,500.00 End. Bal. 6,800.00 Common Stock Retained Earnings Service Revenue Bal. 9,000.00 Bal. 1,600.00 9,000.00 10-Apr 15,000.00 1-Apr 11,500.00 22-Apr End. Bal. 24,000.00 End. Bal. 1,600.00 End. Bal. 20,500.00 Salaries & Wages Expense Utilities Expense Rent Expense 20-Apr 2,300.00 28-Apr 1,700.00 30-Apr 3,200.00 End. Bal. 2,300.00 End. Bal. 1,700.00 End. Bal. 3,200.00 Answer 3. WOLVERINE INC. Trial Balance As on April 30 Accounts Title Debits Credits Cash 26,700.00 Accounts Receivable 2,800.00 Supplies 5,100.00 Equipment 13,600.00 Accounts Payable 2,500.00 Notes Payable 6,800.00 Common Stock 24,000.00 Retained Earnings 1,600.00 Service Revenue 20,500.00 Salaries & Wages Expense 2,300.00 Utilities Expense 1,700.00 Rent Expense 3,200.00 Total 55,400.00 55,400.00
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