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    Tran Thanh Thao
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    The document contains accounting records for a company over a period of time including: 1) A balance sheet and income statement with T-accounts showing debits and credits to various accounts like cash, PP&E, raw materials, equity, and revenues. 2) Transactions are recorded from June 1st to August 20th including purchases of raw materials and PP&E, sales of finished goods generating revenues, and expenses like cost of goods sold and utilities. 3) By August 20th, the company has $4400 cash, PP&E, raw materials on hand, owes $250 in trade payables, and has $3000 in equity.

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    The document contains accounting records for a company over a period of time including: 1) A balance sheet and income statement with T-accounts showing debits and credits to various accounts like cash, PP&E, raw materials, equity, and revenues. 2) Transactions are recorded from June 1st to August 20th including purchases of raw materials and PP&E, sales of finished goods generating revenues, and expenses like cost of goods sold and utilities. 3) By August 20th, the company has $4400 cash, PP&E, raw materials on hand, owes $250 in trade payables, and has $3000 in equity.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    7 views7 pages

    Exercise Pre Solution

    Uploaded by

    Tran Thanh Thao
    The document contains accounting records for a company over a period of time including: 1) A balance sheet and income statement with T-accounts showing debits and credits to various accounts like cash, PP&E, raw materials, equity, and revenues. 2) Transactions are recorded from June 1st to August 20th including purchases of raw materials and PP&E, sales of finished goods generating revenues, and expenses like cost of goods sold and utilities. 3) By August 20th, the company has $4400 cash, PP&E, raw materials on hand, owes $250 in trade payables, and has $3000 in equity.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    of 7

    Daybook

    Balance Sheet Income Statement


    Date Account Debit Credit Date
    1 Jun 2015 Equity 3000 26 Jun
    1 Jun 2015 Cash 3000 26 Jun
    10 Jun 2015 PP&E 1000 26 Jun
    10 Jun 2015 Cash 1000 20 Aug
    12 Jun 2015 Raw Materials 500 20 Aug
    12 Jun 2015 Cash 250 20 Aug
    12 Jun 2015 Trade Payables 250 20 Aug
    26 Jun Raw Materials 400
    26 Jun Cash 1200
    26 Jun Cash 150
    15 Jul Raw Materials 900
    15 Jul Cash 900
    20 Aug Cash 2700
    20 Aug Raw Materials 900
    20 Aug Cash 200
    20 Aug PP&E 100
    Income Statement
    Account Debit Credit
    Cost of goods sold 400
    Revenues 1200
    Utility expenses 150
    Revenues 2700
    Cost of goods sold 900
    Utility expenses 200
    Depreciation 100
    T-accounts
    Balance Sheet
    Assets Liabilities & Equity

    Cash Equity
    3000 1000 3000
    1200 250
    2700 150
    900
    200

    PP&E Trade Payables


    1000 100 250

    Raw Materials
    500 400
    900 900
    Income Statement
    Assets Liabilities & Equity

    Cost of goods sold Revenue


    400 1200
    900 2700

    Utility expenses
    150
    200

    Depreciation
    100
    Income Statement

    Income Statement
    Revenues
    Cost of Goods sold
    Gross Profit
    Utility Expense
    D&A
    Net Income
    Balance Sheet

    As of 20th August 2015

    Assets
    Cash 4400 Trade Payables
    PP&E
    Raw Materials Equity
    Liabilities & Equity

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