Dannilynn Davis Decorators began business on July 1st, and had the following transactions: 7-1: Dannilynn Davis...
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Dannilynn Davis Decorators began business on July 1st, and had the following transactions: 7-1: Dannilynn Davis Contributed $400,000, cash to DDD in exchange for equity. 7-2: DDD purchased supplies on account $20,000 7-3: DDD provided Tara Taylor with decorating services and received $200,000, cash. 7-5: DDD paid salaries in cash $30,000 7-6: DDD provided decorating services to Bella Barnes and billed her $300,000. 7-7: DDD paid the accounts payable for the supplies in cash, $20,000. 7-8: Dannilynn Davis withdrew $50,000, cash from DDD. 7-10: DDD purchased a truck for $80,000 and signed a notes payable. 7-15: Bella Barnes paid her Accounts receivable in cash, $200,000. 7-20: DDD paid rent in cash $50,000. Required: Record the transactions in the Journal, post them to the ledger, prepare a trial balance, an income statement, an owner's equity statement, and a balance sheet. Dannilynn Davis Decorators began business on July 1st, and had the following transactions: 7-1: Dannilynn Davis Contributed $400,000, cash to DDD in exchange for equity. 7-2: DDD purchased supplies on account $20,000 7-3: DDD provided Tara Taylor with decorating services and received $200,000, cash. 7-5: DDD paid salaries in cash $30,000 7-6: DDD provided decorating services to Bella Barnes and billed her $300,000. 7-7: DDD paid the accounts payable for the supplies in cash, $20,000. 7-8: Dannilynn Davis withdrew $50,000, cash from DDD. 7-10: DDD purchased a truck for $80,000 and signed a notes payable. 7-15: Bella Barnes paid her Accounts receivable in cash, $200,000. 7-20: DDD paid rent in cash $50,000. Required: Record the transactions in the Journal, post them to the ledger, prepare a trial balance, an income statement, an owner's equity statement, and a balance sheet.
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Explanation Financial Statement Financial Statement includes Income Statement Statement of Owners Eq... View the full answer
Related Book For
Introduction to Financial Accounting
ISBN: 978-0133251036
11th edition
Authors: Charles Horngren, Gary Sundem, John Elliott, Donna Philbrick
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