Schrute Farms purchases $75,000 in beet seed and fertilizer (supplies) for the upcoming year on account....

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Schrute Farms purchases $75,000 in beet seed and fertilizer (supplies) for the upcoming year on account. Schrute Farms purchases a new tractor to till the soil after cousin Mose accidently plows right into a tourist bus. The new tractor costs $150,000 and Schrute Farms finances the purchase through a 5-year note. Schrute Farms hires some local high schoolers to help harvest beets and pays them $300 in cash. Schrute Farms receives a $1,000 deposit from two agritourists from New York City looking to get the full Schrute Beet farming experience next month. The farm pays the local TV station, WNEP, $500 in cash to air Schrute Farms' self-defense and weapons seminar commercial. Schrute Farms holds its first self-defense and weapons seminar. Total sales for the seminar were $3,000. $1,700 of the sales were in cash and the rest were on account. Schrute Farms issues 1,000 additional shares of its $1 par value common stock for $3,000. The farm makes a $60,000 payment on accounts payable. Schrute Farms purchase a 1-year insurance policy for $5,000 cash. The farm collects $600 in accounts receivable from customers. Schrute Farms declares a $750 dividend. The dividend will be paid next month. erfores transaction analysis for at of the current year tramactions for Schrute Farms (1-31) OTE de NOT expect the cells to change blue after you enter data in the cells ( Assets 3 3 A 1 E T . . 10 11 Acourts A.L. Annen Recrival Pred Imunira Payable Uneamed Dividend feveru N Additional Paid Equity Seminar Revenue Wag Enter each transaction as a joumal entry into Schrute Farms general joumal, then use the next tab to update each account balance in the general ledger on the next tab. Ref 1 10 11 General Journal Acocunt Debit Credit pdate each account balance in the general ledger for Schrute Farms based on the the journal entries from the previous tab. WOTE: do NOT expect the cells to change blue after you enter data in the cells (like most problems do) 110 ED 88 En B IB 125,000 $5,000 Cash Equipment 0 Notes Payable M ED Dividends 15,000 BB EB Accounts Receivable Accounts Payable Ba ED Common Stock General Ledger Seminar Revenue S DD EB 0 5,000 0 BB EB 80 ED 500 Supplies Unearned Revenue BB EB 5,000 Additiona Paid-in Capital 88 EB Wages Expense 0 95,000 BB ED 88 Prepaid Insurance 0 Dividends Payable EB Retained Earnings BB 0 60,500 ER Advertising Expense Prepare an income statement for Schrute Farms for the year ended December 31, 20XX Schrute Farms $ $ Prepare a statement of retained earnings for Schrute Farms for the year ended December 31, 20XX. Schrute Farms $ $ Prepare a balance sheet for Schrute Farms for the year ended December 31, 20XX. Schrute Farms Schrute Farms purchases $75,000 in beet seed and fertilizer (supplies) for the upcoming year on account. Schrute Farms purchases a new tractor to till the soil after cousin Mose accidently plows right into a tourist bus. The new tractor costs $150,000 and Schrute Farms finances the purchase through a 5-year note. Schrute Farms hires some local high schoolers to help harvest beets and pays them $300 in cash. Schrute Farms receives a $1,000 deposit from two agritourists from New York City looking to get the full Schrute Beet farming experience next month. The farm pays the local TV station, WNEP, $500 in cash to air Schrute Farms' self-defense and weapons seminar commercial. Schrute Farms holds its first self-defense and weapons seminar. Total sales for the seminar were $3,000. $1,700 of the sales were in cash and the rest were on account. Schrute Farms issues 1,000 additional shares of its $1 par value common stock for $3,000. The farm makes a $60,000 payment on accounts payable. Schrute Farms purchase a 1-year insurance policy for $5,000 cash. The farm collects $600 in accounts receivable from customers. Schrute Farms declares a $750 dividend. The dividend will be paid next month. erfores transaction analysis for at of the current year tramactions for Schrute Farms (1-31) OTE de NOT expect the cells to change blue after you enter data in the cells ( Assets 3 3 A 1 E T . . 10 11 Acourts A.L. Annen Recrival Pred Imunira Payable Uneamed Dividend feveru N Additional Paid Equity Seminar Revenue Wag Enter each transaction as a joumal entry into Schrute Farms general joumal, then use the next tab to update each account balance in the general ledger on the next tab. Ref 1 10 11 General Journal Acocunt Debit Credit pdate each account balance in the general ledger for Schrute Farms based on the the journal entries from the previous tab. WOTE: do NOT expect the cells to change blue after you enter data in the cells (like most problems do) 110 ED 88 En B IB 125,000 $5,000 Cash Equipment 0 Notes Payable M ED Dividends 15,000 BB EB Accounts Receivable Accounts Payable Ba ED Common Stock General Ledger Seminar Revenue S DD EB 0 5,000 0 BB EB 80 ED 500 Supplies Unearned Revenue BB EB 5,000 Additiona Paid-in Capital 88 EB Wages Expense 0 95,000 BB ED 88 Prepaid Insurance 0 Dividends Payable EB Retained Earnings BB 0 60,500 ER Advertising Expense Prepare an income statement for Schrute Farms for the year ended December 31, 20XX Schrute Farms $ $ Prepare a statement of retained earnings for Schrute Farms for the year ended December 31, 20XX. Schrute Farms $ $ Prepare a balance sheet for Schrute Farms for the year ended December 31, 20XX. Schrute Farms

Answer rating: 100% (QA)

Ref Account Debit Credit 1 Supplies Increase Asset 75000 Cash Decrease Asset 75000 2 Equipment Incre... View the full answer