In T-account form, set up the balances for the following account for Watson Limited at January1 20X1.
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Question:
In T-account form, set up the balances for the following account for Watson Limited at January1 20X1. For each transaction (a - g), make the appropriate journal entry and post each entry to the proper T-accounts. Following these two steps, prepare an unadjusted trial balance at month-end.
Cash $120, Notes Receivable 40,
Merchandise Inventory 200,
f. The plot of land costing $60,000 was sold for $60,000.
- Merchandise Inventory
- Cash
- Accounts Payable
- Cash
- Land
- Cash
- g. An additional 800 common shares were sold for $125 per share.
- Common Shares
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