You are to journalize this, then convert it to a ledger, and then do a trial balance
Question:
You are to journalize this, then convert it to a ledger, and then do a trial balance
March | |
1 | Started business by investing $20,000 |
2 | Borrowed $25,000 from the Hazzard County Mafia to be paid back with vigorish (which is interest on the loan) |
3 | Bought the General Lee ( a 69 Charger) for $5,000 from Bo Duke |
4 | Bought gas and new tires for the car $1000 |
5 | Hire Crazy Cooter Davenport to tune the General Lee $2,000 |
6 | Invested in sour mash and all the fixins to make moonshine. $5000 (will make 500 servings) |
6 | Bought 500 mason jars with lids for $500 |
7 | Bought an old still and fixed it up $10,000 will pay Uncle Jessie in a few weeks |
8 | Pay Luke and Daisy $1000 each to help mix up the first batch. |
9 | Testing out the General Lee and Sheriff Roscoe P Coltrane gives me a speeding ticket - $250 |
10 | Sell my first batch of Kentucky Lightning -- 300 jars for $30 each |
10 | Deputy Enos Straight witnesses the sale so I pay him a bribe of $200 |
11 | The Hazzard Mafia wants their first payment. They give me a choice: break my legs or give them $2,000 towards the $25,000 owed plus $2,000 vig. I pay them the $4000 |
12 | Word has gotten around about how good Chris’s Kentucky Moonshine is so Boss Hogg buys all of my remaining stock of 200 jars for $40 each. He pays me half in cash and the rest he will pay in a few days |
13 | I buy another batch of fixins for $5000 and 500 jars for $500 |
14 | Flash eats up $100 of fixins and barfs on 20 jars which I throw away |
15 | Pay Bo $1000 to drive the General Lee, and give 30 jars of ‘shine’ to Daisy to help mix up the batch |
16 | Pay Enos another bribe of $250 |
17 | Sell 400 jars to the ‘Balladeer” Waylon Jennings for $50 each. |
18 | Pay the KY Mafia another $5000. $3000 on the loan and $2,000 vigorish |
1 Journalize
2) Post in the ledger
3) Do a trial balance
Expert Answer:
Trial Balance Sl No Account Debit Credit 1 Capital 20000 2 Borrowed from Hazzard Mafia 25000 3 Bought a 69 charger 5000 4 Gas New tires for car 1000 5 Hire Crazy Cooter Davenport 2000 6 Investment in ... View the full answer
