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    Arctic Blast 001 Group 5

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    Connor
    1) The document records transactions from August 1-31 for a new business involving cash, inventory, expenses, and payables. 2) On August 1, the business received $50,000 cash for stock, $60,000 from a note payable, and purchased inventory, supplies, equipment and paid initial expenses and deposits. 3) Throughout the month, the business recorded sales, cost of goods sold drawing from inventory, and paid expenses and amounts owed.

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    Arctic Blast 001 Group 5

    Uploaded by

    Connor
    9 views13 pages
    1) The document records transactions from August 1-31 for a new business involving cash, inventory, expenses, and payables. 2) On August 1, the business received $50,000 cash for stock, $60,000 from a note payable, and purchased inventory, supplies, equipment and paid initial expenses and deposits. 3) Throughout the month, the business recorded sales, cost of goods sold drawing from inventory, and paid expenses and amounts owed.

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    1) The document records transactions from August 1-31 for a new business involving cash, inventory, expenses, and payables. 2) On August 1, the business received $50,000 cash for stock, $60,000 from a note payable, and purchased inventory, supplies, equipment and paid initial expenses and deposits. 3) Throughout the month, the business recorded sales, cost of goods sold drawing from inventory, and paid expenses and amounts owed.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    9 views13 pages

    Arctic Blast 001 Group 5

    Uploaded by

    Connor
    1) The document records transactions from August 1-31 for a new business involving cash, inventory, expenses, and payables. 2) On August 1, the business received $50,000 cash for stock, $60,000 from a note payable, and purchased inventory, supplies, equipment and paid initial expenses and deposits. 3) Throughout the month, the business recorded sales, cost of goods sold drawing from inventory, and paid expenses and amounts owed.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    of 13

    Transaction Date Accounts Debit

    #1-1 Aug. 1 Cash 50,000


    Common Stock
    #1-2 Aug. 1 Rent Deposit 2,500
    Rent Expense 2,500
    Cash
    #1-3 Aug. 1 Cash 60,000
    Notes Payable
    #1-4 Aug. 1 Prepaid Insurance 2,400
    Cash
    #1-5 Aug. 1 Office Supplies 300
    Accounts Payable
    #1-6 Store Equipment 79,400
    Cash
    Accounts Payable
    #1-7 Aug. 1 Office Equipment 9,000
    Cash
    #1-8 Aug. 1 Franchise 0
    Accounts Payable
    #1-9 Aug. 1 Utility & Phone Deposits 350
    Cash
    #1-10 Aug. 1 Advertising Expense 396
    Cash
    #1-11 Aug. 1 Scoops Inventory 2376
    Novelties Inventory 569
    Accounts Payable
    #1-12 Aug. 5 Cash 2990
    Sales - Scoops
    Sales - Novelties
    Aug. 5 COGS - Scoops 278
    COGS - Novelties 51
    Scoops Inventory
    Novelties Inventory
    #1-13 Aug. 10 Accounts Payable 2945
    Cash
    #1-14 Aug. 11 Accounts Payable 300
    Cash
    #1-15 Aug. 12 Cash 5976
    Sales - Scoops
    Sales - Novelties
    Aug. 12 COGS - Scoops 556
    COGS - Novelties 102
    Scoops Inventory
    Novelties Inventory
    #1-16 Aug. 15 Scoops Inventory 834
    Novelties Inventory 154
    Accounts Payable
    #1-17 Aug. 16 Office Supplies 76
    Accounts Payable
    #1-18 Aug. 19 Cash 7471
    Sales - Scoops
    Sales - Novelties
    Aug. 19 COGS - Scoops 695
    COGS - Novelties 128
    Scoops Inventory
    Novelties Inventory
    #1-19 Aug. 22 Telephone Expense 61
    Cash
    #1-20 Aug. 22 Scoops Inventory 695
    Novelties Inventory 129
    Accounts Payable
    #1-21 Aug. 25 Accounts Payable 988
    Cash
    #1-22 Aug. 26 Cash 8966
    Sales - Scoops
    Sales - Novelties
    Aug. 26 COGS - Scoops 834
    COGS - Novelties 154
    Scoops Inventory
    Novelties Inventory
    #1-23 Aug. 26 Scoops Inventory 834
    Novelties Inventory 154
    Accounts Payable
    #1-24 Aug. 26 Salary & Wages Payable 7483
    Cash
    FIT Payable
    SIT Payable
    Social Security Tax Payable
    Medicare Taxes Payable
    Aug. 26 Payroll Tax Expense 843
    Social Security Tax Payable
    Medicare Taxes Payable
    SUTA Payable
    FUTA Payable
    #1-25 Aug. 31 Cash 4485
    Sales - Scoops
    Sales - Novelties
    COGS - Scoops 417
    COGS - Novelties 77
    Scoops Inventory
    Novelties Inventory
    Credit

    50,000

    5,000

    60,000

    2,400

    300

    10,000
    69,400

    9,000

    350

    396

    2945

    2574
    416

    278
    51

    2945

    300

    5148
    828

    556
    102

    988

    76

    6435
    1036

    695
    128

    61

    824

    988

    7772
    1244

    834
    154

    988

    5788
    748
    374
    464
    109

    464
    109
    210
    60

    3861
    624
    417
    77
    J/E Cash J/E J/E Accounts Payable J/E
    #1-1 50,000 300 #1-5
    5000 #1-2 69,400 #1-6
    #1-3 60,000 0 #1-8
    2400 #1-4 2975 #1-11
    10,000 #1-6 #1-13 2975
    9,000 #1-7 #1-14 300
    350 #1-9 998 #1-16
    396 #1-10 76 #1-17
    #1-12 3094 832 #1-20
    2945.25 #1-13 #1-21 998
    300 #1-14 997.9 #1-23
    #1-15 6183 205 #1-27
    #1-18 7730 62 #1-29
    61 #1-19
    988.02 #1-21
    #1-22 9327
    5778.1 #1-24
    #1-25 4641 Salary & Wages Payable
    2500 #1-31 #1-24 7483
    648 #1-26

    Interest Payable
    750 #1-32

    FIT Payable
    748.3 #1-24
    SIT Payable
    Scoops Inventory 374.15 #1-24
    #1-11 2400
    280.8 #1-12
    24 #1-13
    624 #1-15 Social Security Tax Payable
    #1-16 842 463.95 #1-24
    701.67 #1-18 463.95 #1-24
    #1-20 702
    8.42 #1-21
    842.4 #1-22
    #1-23 842.4 Medicare Taxes Payable
    421.2 #1-25 108.5 #1-24
    108.5 #1-24

    FUTA Payable
    Novelties Inventory 59.86 #1-24
    #1-11 575
    52 #1-12
    5.75 #1-13
    103.5 #1-15 SUTA Payable
    #1-16 156 209.52 #1-24
    129.92 #1-18
    #1-20 130
    1.56 #1-21
    156.1 #1-22 Notes Payable
    #1-23 155.5 60,000 #1-3
    78 #1-25
    Office Supplies
    #1-5 300
    #1-17 76
    106 #1-28

    Prepaid Insurance
    #1-4 2400
    2400 #1-33

    Rent Deposit
    #1-2 2500

    Utility & Phone Deposits


    #1-9 350

    Office Equipment
    #1-7 9,000

    Store Equipment
    #1-6 79,400
    Accumulated Depreciation

    Franchise
    #1-8 0
    0 0
    J/E Capital Stock J/E
    50,000 #1-1

    Sales Scoops
    2574 #1-12
    5148 #1-15
    6435 #1-18
    7772 #1-22
    3861 #1-25

    Sales Novelties
    520 #1-12
    1035 #1-15
    1295 #1-18
    1555 #1-22
    780 #1-25

    COGS-Scoops
    #1-12 280.8
    #1-15 624
    #1-18 701.67
    #1-22 842.4
    #1-25 421.2
    COGS-Novelties
    #1-12 52
    #1-15 103.5
    #1-18 129.92
    #1-22 156.1
    #1-25 78

    Wages Expense
    #1-26 648

    Telephone Expense
    #1-19 61
    #1-29 62

    Advertising Expense
    #1-10 396

    Rent Expense
    #1-2 2500
    #1-31 2500

    Utility Expense
    #1-27 205

    Supplies Expense
    #1-28 106

    Depreciation Expense

    Interest Expense
    #1-32 750

    Insurance Expense
    #1-33 2400

    Payroll Tax Expense


    #1-24 841.83

    Amortization Expense-Franchise
    #1-30

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