How do you post/create the Trial Balance for the following entries? I also need

ID: 2441514 • Letter: H

Question

How do you post/create the Trial Balance for the following entries? I also need to know how to create the Income Statement and the Balance Sheet. I'm not sure how much clear I can be. I need to create the financial statements mentioned above for the month of Oct.

4 Issued Check 605 for $1,050 to Cinco Supply Co. for supplies. 4 Issued Check 606 for $8,594.60 to Modern Style, a creditor, in payment of Invoice 5671 ($8,770), less a cash discount of $175.40 5 Collected $1,700 on account from Will Stefan, a credit customer. 5 Issued Check 607 for salaries accrued on September 30, $4,084. 5 Accepted a return of merchandise from Ian Phelps. The merchandise was originally sold on Invoice 241, dated October 3; issued credit memo 18 for $630, which includes sales tax of $30. 5 Issued Check 608 for $1,666 to Fashion Threads, a creditor, in payment of Invoice 3292 ($1,700), less a cash discount of $34 6 Had cash sales of $18,600 plus sales tax of $930 during October 1 - 6. 8 Received a check from James Highley, a credit customer, for $832 to pay the balance he owes. Sold merchandise on account for $2,050 plus sales tax of $102.50 to Erin Brunston, Invoice #242. Issued Check 609 for $1,445 to pay Central City Journal for a newspaper advertisement that appeared in October. 9 10

Explanation / Answer

Oct 4 Cinco Supplies ---- debit 1050

Bank Account ------ cedit 1050

Oct 4 Modern style Account-------debit 8770

Discount Account----------credit 175.40

bank Account-------------- credit 8594.6

Oct 5 Bank --------- 1700

will Stefan ----- credit 1700

Oct 5 Outstanding salaries ----- debit 4084

bank------ credit 4084

Oct 5 Sales return ------ Debit 600

sales tax payble --- debit 30

Ian Phelps ------- credit 630

Oct 5 Fashion Threads -----Debit 1700

discount ----- credit 34

bank ---------- credit 1666

Oct 6 Cash ------ debit 19530

sales ----- credit 18600

sales tax payable ------- 930

Oct 8 Bank ----- debit 832

James Highley ---- credit 832

Oct 9 Erin brunstan ------ debit 2152.50

sales ------------------ credit 2050

sales tax payable ----------- credit 102.50

Oct 10 Advertisement-----------debit 1445

bank --------------------------- credit 1445

Oct 11 Purchases ------------debit 4820

Fashion Star -------------- credit 4820

Oct 12 Freight charges ------------debit 375

Bank ----------------------- credit 375

Oct 13 Cash --------- debit 12915

sales ---------- credit 12300

sales tax payable --------- credit 615

Oct 15 James Highley ---------- debit 2037

sales ----------------- credit 1940

sales tax payable ---------- credit 97

Oct 16 Purchases ------------ debit 6420

Bank -------- credit 6420

Oct 16 Bank ------------- debit 510

Ian Phelps credit 510

Oct 16 Fashion Star ----------- debit 4820

discount ---------------- credit 96.40

Bank -------------------- credit 4723.6

Oct 18 Drawings ---------- debit 7200

Bank ---------------- credit 7200

Oct 20 Cash ---------- debit 14175

sales -------- credit 13500

sales tax payable ----------- credit 675

Trial Balance

cash

Freight charges

Drawings

Purchases

Debtors

Sales return

46620

1445

375

7200

11240

4189.5

600

sales tax payable

Discount Received

Bank Overdraft

Sales

Outstanding salaries

Creditors

1774.5

305.8

32516.2

48390

4084

510

Debit Balances Amt Credit Balances Amt