Just need help with c, d, and e

Learning Case #3 Chapter 3 THIS IS A CONTINUATION OF LC 2B. Hawking, Inc. had the following activities occur in the current year: 6. 7. 8. 9. Purchased $189,000 of inventory on account. Earned $536,000 worth of sales revenue, receiving 85% in cash. Incurred selling expenses of $210,000, paying half in cash and still owing the rest. Incurred $33,000 in interest expense to be paid at the beginning of next year. Required a) Show the effects of the above transactions on the accounting equation. Use the transaction number for the date. b) Prepare journal entries for each transaction. Post journal entries to the general ledger/T-accounts, summarize accounts, and find balances. d) Prepare an unadjusted trial balance. Match your numbers to the prepared financial statements: Income Statement, Retained Earnings Statement, and Balance Sheet. Chapter 3 Learning Case General Ledger Accounts Cash Date Credit Balance Debit 700,000 1. 2. Description Common Stock sale |Building Equipment purchase Short-term investment purchase Short-term investment sale 200,000 10,000 3. 5. 5,000 Accounts Receivable Date Description Debit Credit Balance Debit Credit Balance Short-Term Investments Date Description 3. Short-term investment purchase 5. Short-term investment sale 10,000 5,000 Inventory Date Description Debit Credit Balance PPE-Buildings Date Description 2. Building purchase Debit Credit Balance 175,000 PPE-Equipment Date Description 2. Equipment purchase Credit Balance Debit 80,000 Accounts Payable Date Description Debit Credit Balance Interest Payable Date Description Debit Credit Balance Note Payable Date Description 2. Building/Equipment purchase Debit Balance Credit 55,000 Common Stock Date Description 1. Common Stock sale Debit Credit Balance 700,000 Dividends Date Description Debit Credit Balance Retained Earnings Date Description Debit Credit Balance Sales Revenue Date Description Debit Credit Balance Interest Expense Date Description Debit Credit Balance Selling Expenses Date Description Debit Credit Balance Chapter 3 Learning Case Unadjusted Trial Balance Debit Credit Account Cash Accounts Receivable Short-Term Investments Inventory PPE-Buildings PPE-Equipment Accounts Payable Interest Payable Note Payable Common Stock Dividends Retained Earnings Sales Revenue Selling Expense Interest Expense Financial Statements $536,000 Income Statement Revenues: Expenses: Selling Expenses Interest Expense Net Income (210,000) (33,000) $293,000 Retained Earnings Statement Beginning RE $0 Add: Net Income 293,000 Less: Dividends 0 Ending RE $293.000 Balance Sheet Assets Current Assets Cash Accounts Receivable ST Investments Inventory Total Current Assets $845,600 80,400 5,000 189,000 $1,120,000 Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Interest Payable Total Current Liabilities Long-Term Liabilities Note Payable Total Liabilities $294,000 33,000 $327,000 $55,000 $382,000 PPE Buildings Equipment Less: Acc. Dep Total PPE Total Assets $175,000 80,000 0 $255,000 $1,375,000 Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $700,000 293,000 $993,000 $1,375,000