Fido Food Mart General Ledger. Fido\'s Food Mart General Ledger Accounts in Alph

Question

Fido Food Mart General Ledger.
Fido's Food Mart General Ledger Accounts in Alphabetical Order November 30, 20XX Debits Credits Account Title Accounts payable Accounts receivable Accumulated depreciation- Equipment and vehicle Bonds payable (mature 12/31/XX) Cash Common stock (200 shares @ $210/share, par $210) Equipment Inventory Operating expenses Rent expense Retained earnings Sales revenue 25,818 13,012 12,000 20,531 42,000 30,550 44,160 27,340 3,450 0 82,625 E Supplies 1,850 Unearned revenue (gift cards) Vehicle 0 Wages expense Totals 12,250 9,300 162,443 162,443 The account balances at the end of the third month of operations at Fido's Food Mart are shown above in alphabetical order Required: On the last day of the month, the accountant took a look at ledger balances and noticed that a gift card sale was missed. Record the sale of fifteen (15) gift cards valued at $25 each. a. Show the balancing effects on the accounting equation b. Record the journal entry in two-line format using a debit and a credit. c. Show T-accounts with beginning balances, transactions and end balances 1. 2. Prepare an updated unadjusted trial balance that reflects the gift card sale. Be sure to rearrange the accounts to reflect proper ledger order (i.e., assets, liabilities, etc.) 3. Using the updated trial balance prepared in step 2, prepare the following a. Single-step income statement b. Statement of retained earnings c. Classified balance sheet

Explanation / Answer

b. statement of retained earning

Requirement 1 a. Sales will increase by $375, hence receivables will increse by $375 and Equity will also increse by $375.

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