Account No. ACCOunt Name Assets Cash Accounts Receivable Racing Supplies Prepaid

Question

Account No. ACCOunt Name Assets Cash Accounts Receivable Racing Supplies Prepaid Rent Race Car Accumulated Depreciation, Race Car Racing Equipment Accumulated Depreciation, Racing Equipment Liabilities Accounts Payable Dividends Payable Income Taxes Payable Stockholders' Equity Common Stock Retained Earnings Dividends Income Summary 113 115 151 152 155 156 211 213 215 311 361 371 399 evenues Fees Revenue Expenses Salary Expense Advertising Expense Miscellaneous Expense Income Taxes Expense 411 511 515 523 551

Explanation / Answer

Sep-16 Dividend $        85.00 Dividend payable $        85.00 (To record dividend declared) Oct-15 Dividend payable $        85.00 Cash $        85.00 Sep-17 Cash $ 1,620.00 Fees revenue $ 1,620.00 (To record fee received ) Sep-17 Accounts payable $     440.24 Cash $     440.24 (To record payment of invoice# 386) Sep-18 Racing equipment $ 1,771.99 Accounts payable $ 1,771.99 (To record purchase of racing equipment on account) Sep-18 Cash $     600.00 Accounts receivable $     600.00 (To record partial collection of Sep 10 receivable) Sep-19 Racing supplies $     187.05 Accounts payable $     187.05 (To record purchase of supplies on account) Sep-20 Accounts receivable $ 1,170.00 Fees revenue $ 1,170.00 (To record fee earned) Sep-20 Advertising expenses $     156.28 Cash $     156.28 (To record cash paid for newspaper advt.) Sep-21 Cash $     700.00 Accounts receivable $     700.00 (To record final collection of Sep 10 receivable) Sep-21 Racing supplies $     158.42 Cash $     158.42 (To record purchase of supplies for cash)

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