Record these transactions of the Weber Inc. company by recording the debit and credit entries directly...

 

 

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Record these transactions of the Weber Inc. company by recording the debit and credit entries directly in the T-accounts. Use the date for each transaction to identify the entries, placing the date in the left-hand cell and the amount in the right-hand cell on the appropriate side of the T-account. Then determine the balance of each account using the starting balances as shown, and write Balance' (or 'Bal') next to it, in the left-hand cell on the appropriate side. a. April 2: Kimberly Fisher (a shareholder), received share capital in Weber Inc., after investing $70,000 cash and $20,000 worth of supplies in Weber Inc. b. April 3: Weber Inc. rented machinery to a customer on credit; $1,000. c. April 4: Weber Inc. purchased $300 of supplies on credit. d. April 6: The bill for the $1,000 advertising campaign that ran last week was received today and paid. e. April 7: Weber Inc. used $100 cash and $600 credit to purchase $700 of supplies. f. April 8: A client rented equipment for $600 cash. g. April 11: Weber Inc. returned $100 of defective supplies today that were originally purchased for cash. h. April 12: Weber Inc. paid $600 towards the bill from transaction (e). i. April 13: Weber Inc. received $700 towards payment for the services provided in transaction (b). j. April 14: $100 of supplies purchased on credit in transaction (c) were found to be defective. They were returned. Cash 31/Mar 35,000 Prepaid Insurance 31/Mar 1,200 Dividends 31/Mar 3,200 Accounts Receivable 31/Mar 1,500 Accounts Payable 31/Mar 6,500 Rent Earned 31/Mar 6,500 Supplies 31/Mar 1,700 Share Capital 31/Mar 30,900 Advertising Expense 31/Mar 1,300 Record these transactions of the Weber Inc. company by recording the debit and credit entries directly in the T-accounts. Use the date for each transaction to identify the entries, placing the date in the left-hand cell and the amount in the right-hand cell on the appropriate side of the T-account. Then determine the balance of each account using the starting balances as shown, and write Balance' (or 'Bal') next to it, in the left-hand cell on the appropriate side. a. April 2: Kimberly Fisher (a shareholder), received share capital in Weber Inc., after investing $70,000 cash and $20,000 worth of supplies in Weber Inc. b. April 3: Weber Inc. rented machinery to a customer on credit; $1,000. c. April 4: Weber Inc. purchased $300 of supplies on credit. d. April 6: The bill for the $1,000 advertising campaign that ran last week was received today and paid. e. April 7: Weber Inc. used $100 cash and $600 credit to purchase $700 of supplies. f. April 8: A client rented equipment for $600 cash. g. April 11: Weber Inc. returned $100 of defective supplies today that were originally purchased for cash. h. April 12: Weber Inc. paid $600 towards the bill from transaction (e). i. April 13: Weber Inc. received $700 towards payment for the services provided in transaction (b). j. April 14: $100 of supplies purchased on credit in transaction (c) were found to be defective. They were returned. Cash 31/Mar 35,000 Prepaid Insurance 31/Mar 1,200 Dividends 31/Mar 3,200 Accounts Receivable 31/Mar 1,500 Accounts Payable 31/Mar 6,500 Rent Earned 31/Mar 6,500 Supplies 31/Mar 1,700 Share Capital 31/Mar 30,900 Advertising Expense 31/Mar 1,300

Answer rating: 100% (QA)

Step1 To record the transactions of Weber Inc by recording the debit and credit entries directly in the Taccounts we will use the following steps 1 Create a Taccount for each account that is affected ... View the full answer