The accounting cycle? Help please?

Accounting T accounts help please?

  • 1. Prepare a T-Account and record transactions for each account in transactions below 2. Create an Income Statement and Balance Sheet from the activities you have recorded Transactions 6/28/10 Issued common stock for $130,000. 6/30/10 Purchased automatic book shelving equipment for $6,000 in cash. The equipment is expected to last 4 years and have no residual value. 6/30/10 Purchased a really cool cash register for $50,000, to be paid in December of 2012. This equipment is expected to have no residual value after its 5 year life. 6/30/10 Paid $7,500 in cash to purchase 100 books for Accounting Students before the semester began. 6/30/10 Paid $15,000 in cash to purchase 100 books for Physics Students. 6/30/10 Paid $24,000 for 6 months rent paid in advance. 7/4/10 Stewart, a savvy student, purchased 40 Physics Books for $200 each, in the hopes that the Bookstore would run out and the student could charge a premium to other students needing the text. This was a credit sale. 7/5/10 Samantha, another student, thought this was a great idea and purchased 36 Physics books for $200 each and also 20 Accounting Books for $100 each. This was a credit sale. 7/6/10 Professor Berley purchased 68 Accounting Books for $100 each. This was a credit sale. 7/15/10 Paid our employees wages. Employees worked 400 hours at $12.50 per hour. 7/16/10 Stewart paid $8,000 on his account. 7/16/10 Professor Berley paid $6,800 on her account. 7/17/10 Sam paid $7,140 on her account. 7/18/10 Purchased 88 Accounting Books for $6,600, on account. 7/18/10 Purchased 76 Physics Books for $11,400 on account. 7/28/10 Paid $6,600, on our account with the Accounting Book Company (Wiley). 7/28/10 Paid $11,400 on our account with the Physics Book Company (McGraw-Hill). 7/31/10 Accrue rent expense for the month 7/31/10 Accrue depreciation expense on the automatic book shelving equipment 7/31/10 Accrue depreciation expense on the cash register 7/31/10 Accrue wage expenses for the second half of the month. Employees again worked 400 hours at $12.50 per hour.

  • Answer:

    Hahahahahahahaha yeah right. Try posting smaller bits maybe. Ur not even trying. I'm doing u a favor if u truely want to learn.

Walter M at Yahoo! Answers Visit the source

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