Flynt Freedman opened Flynt’s Brew, Inc., on March 1, 2010, selling gourmet coffees, teas, and desserts. Flynt contributed $5,500 in exchange for common stock to start the business. Record the following transactions into T-accounts for Flynt’s. Calculate the account balances and prepare an unadjusted trial balance at March 31, 2010.
1. On March 1, the company purchased $2,750 of inventory from the supplier with cash.
2. The company purchased equipment for $350 cash on March 15.
3. On March 30, the company paid $500 for operating expenses.
4. By the end of the month, the company had earned sales revenue of $6,500 by selling $2,000 of inventory. Cash sales were $6,000 and a local business who purchased items for a conference still owed Flynt’s $500.

  • CreatedSeptember 01, 2014
  • Files Included
Post your question