One Product Corp (OPC) Incorporated at the beginning of last year The balances o

Question

One Product Corp (OPC) Incorporated at the beginning of last year The balances on its postclosing trnial balance prepared on December 31, at the end of its first year of operations, were: $ 19500 8.250 885 12.060 1,600 25,000 2.400 Cash Accounts Recelvable Allowance for Doubtful Accounts Inventory Prepald Rent Equipment Accumulated Depreciation Accounts Payable Sales Tax Payable FICA Payable Withheld Income Taxes Payable Salaries and Wages Payable Unemployment Tax Payable Unearned Revenue Interest Payable Note Payable (long-term) Common Stock Additional Paid-in Capital, Common Retained Earnings Treasury Stock 500 600 500 1,600 300 4,500 495 22,000 13.300 19.210 4.120 4,000

Explanation / Answer

In the books of One Product Corp. :

Transation / Event Date Account Titles Debit Credit $ $ 15. 1/27 Accounts Receivable 4,770 Sales 4,500 Sales Tax Payable 270 Cost of Goods Sold 1,910 Inventory 1,910 16. 1/29 Unearned Revenue 3,750 Sales 3,750 Cost of Goods Sold 1,575 Inventory 1,575 17. 1/30 Cash 81,420 Discount on Bonds Payable 8,580 Bonds Payable 90,000 18. 1/31 Depreciation Expense ( $ 10,000 / 50,000 miles x 1,900 miles) 380 Accumulated Depreciation : Truck 380 19. 1/31 Bad Debt Expense 656 Allowance for Doubful Accounts 656 20. 1/31 Rent Expense 1,600 Prepaid Rent 1,600 21 1/31 Salaries and Wages Expense 2,000 FICA Payable 150 Withholding Taxes Payable 250 Salaries and Wages Payable 1,600 1/31 Payroll Tax Expense 200 FICA Payable 150 Unemployment Taxes Payable 50 22. 1/31 Income Tax Expense 3,750 Income Taxes Payable 3,750

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