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m170-18 - Section C - Assignment 4
m170-18 - Section C - Assignment 4
Problem 4-3
Journal for Luft corporation
Account LF Debit Credit
Inventory 1300
Account payable 1300
Wages 730
Cash 730
Cash 1940
Sales 1940
accounts receivable 1810
Sales 1810
overhead and other expenses 900
a
Cash 900
a
Cash 1510
Accounts receivable 1510
Accounts payable 1720
Cash 1720
Cash 650
deferred revenue 650
Cash 200
note payable 200
CGS 1280
inventory 1280
depriciation 300
Accumulated depriciation 300
Problem 4-4
Debit + Cash and equivalents Credit-
OB 119115
CB 119115
Total 119115 Total 119115
Debit + Store equipment Credit-
OB 215000 Depriciation 12750
CB 202250
Total 215000 Total 215000
Balance Sheet
Assets Liabilities
Current Assets: Current Liabilities:
Cash and Other 119115 Accounts Payable 118180
Merchendise In 397690 Notes Payable 143000
Supplies Invent 5210 Acrued Interest 3730
Prepaid Insuran 33590 Accrued Sales salari 3575
d Interest Reciev 390 Total Current Liabilti 268485
Amount Recieva 162500 Long term Liabilties 0
Total Current A 718495 Owner's Equity
Non Current Assets: Retained Earnings 314960
d
beginning 1730
purchases 1300
ending inv 1750
CGS #NAME?
Debit + Accounts Receivable Credit-
OB 2160 Collection AR 1510
Sales reve 1810
CB 2460
Total 3970 Total 3970
CB 6200
Total 6200 Total 6200
proft 258305
Total 985360 Total 985360
CB $88,970
CB $88,110 $88,970
$88,860 $88,860
Insurance expense
Prepaid insurance Debit Credit
Debit Credit Prepaid in $7,125 Transfer
OB $12,430 Insurance ex $7,125 to IS
CB $5,305 $7,125
$12,430 $12,430
Sales discount
Debit Credit
Miscellaneous general expense Debit give $3,340 Transfer
Debit Credit to IS
Debit given $18,930 Transfer to $18,930 $3,340
IS
$18,930 $18,930
Note payable
Debit Credit
Interest expense OB
Debit Credit
Debit given $7,100 $7,965 CB $88,500
Accrued expe $865 Transfer to $88,500
IS
$7,965 $7,965
Accrued expense
Debit Credit
Cost of goods sold OB
Debit Credit Interest e
Merchandise $6,04,783 Transfer to $6,04,783 Sales salar
inventory IS CB $3,205
$6,04,783 $6,04,783 $3,205
Selling expense
Debit Credit
Retained earnings Debit give $10,880 Transfer
Debit Credit to IS
OB $33,500 $10,880
From
income $2,58,305
CB $2,91,805 statement
$2,91,805 $2,91,805
BALANCESHEET
ASSET
CA
cash 88110
prepaid ins 5305
NCA
store equip 70970
acc dep -21559 49411
CB $1,27,430
$88,970 $1,27,430 $1,27,430
expense Depreciation
Credit Debit Credit
$13,603 Accumulated $10,139 Transfer $10,139
depreciation to IS
$13,603 $10,139 $10,139
expense Accumulated depreciation
Credit Debit Credit
$7,125 OB $11,420
Depreciati $10,139
CB $21,559
$7,125 $21,559 $21,559
CB $1,00,000
$88,500 $1,00,000 $1,00,000
expense Sales
Credit Debit Credit
$0 Credit give$9,88,700
$865
Transfer to IS
$2,340 $9,88,700
owners fund
owners equ 100000
retained ea 33500
add. Retain 258305 391805