Question

create an extern journal entry, general ledger and trial balance for the following

The November 30 trial balance is for reference only. The amounts posted are the beginning balances in the December general ledger. Luxury Pet Goods Trial Balance Trial Balance November 30, 2017 Credit Debit 12,200 114,910 175,100 17,200 Cash Accounts receivable Inventory Supplies Prepaid insurance Land Building Equipment Accumulated depreciation Account payable Interest payable Wages payable Income taxes payable 12,000 150,000 350,000 115,000 80,500 74,700 0 0 0 16,500 Unearned revenue 200,000 430,100 Note payable (due Oct 1 2019) Capital Withdrawals 998,710 Sales revenue 651,200 178,000 5,000 0 Cost of goods sold Wages expense Advertising expense Supplies expense 11,000 3,000 5,900 0 Rent expense Insurance expense Utilities expense Depreciation expense 0 Interest expense 0 Income tax expense 1,800,510 1,800,510 Totals Trial Bal General Ledger

Answer 1

1. In the books of Luxury Pet Goods Boutique :

Entry	Account	Debit	Credit
		$	$
a.	Accounts Receivable	90,790
	Sales Revenue		90,790
b.	Cost of Goods Sold	59,200
	Inventory		59,200
c.	Cash	88,200
	Accounts Receivable		88,200
d.	Wages Expense	8,500
	Cash		8,500
e.	Inventory	20,000
	Accounts Payable		20,000
f.	Advertising Expense	2,000
	Accounts Payable		2,000
g.	Rent Expense	1,000
	Cash		1,000
h.	Accounts Payable	25,000
	Cash		25,000
i.	Withdrawals	35,000
	Cash		35,000

2.

Cash
Beg. bal.	12,200	d.	8,500
c.	88,200	g.	1,000
		h.	25,000
		i.	35,000
End. bal.	30,900
Accounts Receivable
Beg. bal.	114,910	c.	88,200
a.	90,790
End. bal.	117,500
Inventory
Beg. bal.	175,100	b.	59,200
e.	20,000
End. bal.	135,900
Supplies
Beg. bal.	17,200
Prepaid Insurance
Beg. bal.	12,000
Land
Beg. bal.	150,000
Building
Beg. bal.	350,000
Equipment
Beg. bal.	115,000
Accumulated Depreciation
		Beg. bal.	80,500
Accounts Payable
h.	25,000	Beg. bal.	74,700
		e.	20,000
		f.	2,000
		End. bal.	71,700
Unearned Revenue
		Beg. bal.	16,500
Note Payable
			200,000
Capital
			430,100
Withdrawals
Beg. bal.	0
i.	35,000
End. bal.	35,000
Sales Revenue
		Beg. bal.	998,710
		a.	90,790
		End. bal.	1,089,500
Cost of Goods Sold
Beg. bal.	651,200
b.	59,200
End. bal.	710,400
Wages Expense
Beg. bal.	178,000
d.	8,500
End. bal.	186,500
Advertising Expense
Beg. bal.	5,000
f.	2,000
End. bal.	7,000
Rent Expense
Beg. bal.	11,000
g.	1,000
End. bal.	12,000

3.

Luxury Pet Goods Boutique Trial Balance December 31, 2017
Account Titles	Debit	Credit
	$	$
Cash	30,900
Accounts Receivable	117,500
Inventory	135,900
Supplies	17,200
Prepaid Insurance	12,000
Land	150,000
Building	350,000
Equipment	115,000
Accumulated Depreciation		80,500
Accounts Payable		71,700
Interest Payable		0
Wages Payable		0
Income Taxes Payable		0
Unearned Revenue		16,500
Note Payable		200,000
Capital		430,100
Withdrawals	35,000
Sales Revenue		1,089,500
Cost of Goods Sold	710,400
Wages Expense	186,500
Advertising Expense	7,000
Supplies Expense	0
Rent Expense	12,000
Insurance Expense	3,000
Utilities Expense	5,900
Depreciation Expense	0
Interest Expense	0
Income Tax Expense	0
Totals	$ 1,888,300	$ 1,888,300