Super Pharma Company had the following transactions: 1. Issued capital stock for $935,000. 2. Purchased of...
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Super Pharma Company had the following transactions: 1. Issued capital stock for $935,000. 2. Purchased of inventory for $35,000 paying $15,000 and signing a note for the difference. 3. Paid $32,000 for electrical power bill. 4. Sold inventory costing $11,000 for a total sales price of $35,000. 5. Performed a service receiving $12,500 immediately and $2,500 to be collected. 6. Purchased a new Packaging Machine for $2,525 on account. Required: A. Record the above transactions in Journal Entries. B. Record the above transactions in T-Accounts C. Prepare a Trial Balance for Super Vaccine Company. D. Prepare the Income Statement, Statement of Retained Earnings, and Balance Sheet. Super Pharma Company had the following transactions: 1. Issued capital stock for $935,000. 2. Purchased of inventory for $35,000 paying $15,000 and signing a note for the difference. 3. Paid $32,000 for electrical power bill. 4. Sold inventory costing $11,000 for a total sales price of $35,000. 5. Performed a service receiving $12,500 immediately and $2,500 to be collected. 6. Purchased a new Packaging Machine for $2,525 on account. Required: A. Record the above transactions in Journal Entries. B. Record the above transactions in T-Accounts C. Prepare a Trial Balance for Super Vaccine Company. D. Prepare the Income Statement, Statement of Retained Earnings, and Balance Sheet.
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A Journal Entrees Account Title Debit Credit Cash Account Dr 935000 To Common stock 935000 inventory Account Dr 35000 To Cash 15000 To Notes Payables ... View the full answer
Related Book For
Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1133161646
7th Edition
Authors: Gary A. Porter, Curtis L. Norton
Posted Date:
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