E 6-1
Accounts Receivable 121
Note Payable 281
Mark Lancaster, Capital 311
Mark Lancaster, Withdrawals 321
Depreciation Expense 531
Assets, Current Assets, and Revenues are headings and would not be assigned an account number.
(10 min.)
E 6-2Total assets = $95,000 ($31,600 + $63,400)
Owner’s equity = $13,600 ($8,600 ! $2,000 + $28,000 ! $21,000)
Total liabilities = $81,400 ($95,000 ! $13,600)
Long-term liabilities = $40,300 ($81,400 ! $41,100)
(5 min.)
E 6-3Annual depreciation = B9 / C3
(5 min.)
E 6-4(10 min.)
E 6-5|
Cash Receipts Journal |
|||||||||
|
DATE |
DEBITS |
CREDITS |
COST OF GOODS SOLD DR. INVENTORY CR. |
||||||
|
CASH |
SALES DISCOUNTS |
ACCOUNTS RECEIVABLE |
SALES REVENUE |
OTHER ACCOUNTS |
|||||
|
ACCOUNT TITLE |
POST. REF. |
AMOUNT |
|||||||
|
May |
16 |
911.40 |
18.60 |
930.00 |
L. Ewald |
T |
|||
|
19 |
676.20 |
13.80 |
690.00 |
E. Lovell |
T |
||||
|
24 |
300.00 |
300.00 |
190.00 |
||||||
|
30 |
4,100.00 |
________ |
4,100.00 |
______ |
T. Ross |
T |
___________ |
||
|
31 |
5,987.60 |
32.40 |
5,720.00 |
300.00 |
Totals |
190.00 |
|||
6,020 6,020
(5-10 min.)
E 6-6Posting Reference Actual Reference
a 111
b 512
c 112
d …………………………. 511
e T
f T
g 113
h 521
i T
j x