Problem 3-15: The Goggle Corporation The Balance Sheet for the Goggle Corporatio

Question

Problem 3-15: The Goggle Corporation The Balance Sheet for the Goggle Corporation on December 1, 2018 is reproduced below Goggle Corporation: Balance Sheet as of December 1, 2018 Assets Cash Accounts Receivable Inventory Prepaid Rent Prepaid Insurance Equipment Accum. Depreciation Total Assets 5000 9000 12100 120 0 5000 -800 30420 Liabilities and Owners Equity Accounts Payable Wages Payable Dividends Payable Note Payable Retained Earnings Paid in Capital Total Liabilities & OE 1490 900 700 1440 120 25770 30420

Explanation / Answer

1 Account Receivables 24800 to Revenue 24800 2 Cash 1600 to Revenue 1600 3 COGS 11200 to Inventory 11200 4 Wages Payable 180 to Cash 180 5 Dividend Payable 700 to Cash 700 6 Wages 1600 to Wages Payable 1600 7 Cash 11200 to Account Receivables 11200 8 Rent exp 20 to Prepaid Rent 20 9 Depreciation 500 to Acc Dep 500 10 Note Payable 900 to Cash 900 11 Equipment 8000 to Note Payable 8000 12 Retained Earning 900 Dividend Payable 900 13 Insurance exp 1440 to Cash 1440 14 Inventory 5000 to Account Payable 5000 15 Account Payable 200 to Cash 200 Income Statement Revenue 26400 COGS 11200 Wages 1600 Rent 20 Depreciation 500 Insurance 1440 Net Income 11640 Dividend 900 T/f to retained earning 10740 Balance Sheet Cash 14380 Account Receivables 22600 Inventory 5900 Prepaid Rent 100 Equipment 13000 Acc Depreciation -1300 Account Payable 6290 Wages Payables 2320 Dividend Payable 900 Note Payable 8540 Retained earning 10860 Paid in Capital 25770 Trial Balance Total 54680

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