- Jan 1: Debit Accounts Payable $12,000; Credit Cash $12,000.
- Jan 1: Debit Cash $30,000; Credit Accounts Receivable $30,000.
- Jan 1: Debit Cash $120,000; Credit Notes Payable $120,000.
- Feb 1: Debit Inventory $60,000; Credit Cash $24,000; Credit Accounts Payable $36,000.
- Mar 1: Debit Taxes Payable $10,000; Credit Cash $10,000.
- Apr 1: Debit Utilities Expense $4,000; Credit Cash $4,000.
- May 1: Debit Cash $20,000; Credit Common Stock $20,000.
- June 1: Debit Cash $84,000; Debit Accounts Receivable $36,000; Credit Sales Revenue $120,000.
- June 1: Debit Cost of Goods Sold $30,000; Credit Inventory $30,000.
- July 1: Debit Inventory $28,000; Credit Cash $11,200; Credit Accounts Payable $16,800.
- Aug 1: Debit Dividends $14,000; Credit Cash $14,000.
- Sept 1: Debit Cash $77,000; Debit Accounts Receivable $33,000; Credit Sales Revenue $110,000.
- Sept 1: Debit Cost of Goods Sold $32,000; Credit Inventory $32,000.
- Nov 1: Debit Prepaid Insurance $3,000; Credit Cash $3,000.
- Dec 1: Debit Land $50,000; Credit Common Stock $50,000.
- Dec 20: Debit Cash $20,000; Credit Accounts Receivable $20,000.
- Dec 31: Debit Notes Payable $20,000; Debit Interest Expense $12,000; Credit Cash $32,000.
- Dec 31: Debit Wages Expense $2,000; Credit Wages Payable $2,000.
- Dec 31: Debit Rent Expense $28,000; Credit Cash $28,000.
- Dec 31: Debit Depreciation Expense - Vehicles $18,000; Credit Accumulated Depreciation - Vehicles $18,000.
- Dec 31: Debit Depreciation Expense - Equipment $15,000; Credit Accumulated Depreciation - Equipment $15,000.
- Dec 31: Debit Insurance Expense $250; Credit Prepaid Insurance $250.
- Dec 31: Debit Income Tax Expense $29,775; Credit Income Taxes Payable $29,775.
Parent Tip: Review the logic above to help your child master the concept of accounting worksheet problems.
