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most create T-accounts and Journal Entries

52 BBBB, Inc. Balance Sheet December 31, 2019 Liabilities Assets Current Liabilities $ 18,600 28.000 46,600 Current Assets $ 151,000 8000 159,000 Taxes Payable Note Payable-Land Total Current Liabilities Cash Merchandise Inventory Total Current Assets Long-Term Liabilities 100.000 146,600 Fixed Assets Note Payable-Bank Total Liabilities Land 30,000 Other Assets Security Deposit owners Equity $ 5,.000 Common Stock Retained Earnings Total Owners Equity Total Liabilities and 43409 8400 Owners Equity $195.000 Total Assets $ 195,000 During 2020 the company Purchased 15,000 biffs at $8 each. Paid $100,000 cash and will pay $20,000 next year. Sold 11,000 biffs at $20 each Paid the $28,000 note on the land plus $2,000 interest Paid rent of $12,000 Paid salaries of $36,000 Issued 100 shares of common stock for $10,000 on June 1st On December 31, bought a truck for $40,000, cash. On December 31, paid $50,000 on the note payable to bank and $10,000 interest. Paid 2018 taxes Tax rate is 30% and 2020 taxes will be paid in 2021. THE KEY TOGETTING THROUGH HARDTIMES ISSIMPLE LEFT FOOT, RIGHT FOOT, REPEAT
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Question is about BBBB inc asking for Journal Entries and T AccountsPlease hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you. Journal Entries: T Accounts Event Debit Credit Cash Note Payable Bank Deblt Credit Credit 120,000 Beginning Balance $151,000 1 220,000 3 S10,000 4 50,000 Beginning Balance $100,000 Accounts Payable Cash S 20,000 S 100,D00 30,000 12,000 36,000 40,000 78,600 Ending Balane S 50,000 (purchased inventory, paid partially) Common Stock 5220,000 Credit Beginning Balance 5,000 Ending Balance $ 15,000 Sales Revenue S220,000 Being biffs sold-assurning on cosh Ending Balance 84,400 $10,000 Cost of Goods Sold $88,000 Merchandise Invento Debit Merchandise Inventory being cost of goods sold recorded) 110008 S 88,000 Credit Sales Revenue ning Balance $ 8,000 2 88,000 Credit $120,000 Note Payable Interest Expense $ 28,000 Ending Balance $ 10,000 Ending Balance 220,000 Cash being note poyable along interest paid) Rent Expense S 30,000 Land Debit Credit Cost of Goods Sold inning Balance S 30,000 Credit S 12,000 S 88,000 88,000 Cash S 12,000 Ending Balance 30,000 rent Ending Balance Truck Salarles Expense $36,000 Dehit Credit Cash S 36,000 40,000 Credit salaries pald) Ending Balace 40,000 10,000 12,000 Cash Ending Balance Common Stock $ 10,000 g shares issued Debit Credit Rent Expense Beginning Balance$6,000 Credit Fixed Asset-Truck S40,000 Ending Balance 6,000 (being truck purchased) Ending Balance 12,000 Accounts Payable Note Payable Interest Expense Credit Balance Debit Debit Credit $60,000 20,000 (being note payable along interest paid Ending Balance 20,000 Ending Balance 36,000 Taxes P S18,600 Debit Credit (being tax of previous year paid) $ 18,600 Beginning Balance $ 18,600 Ending Balance tax expense for current year recorded) Note Payable Land Debit Credit $28,000 Be Balance 28,000 Ending Balan$

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