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Sagot :
To solve this problem, we will follow these steps:
1. Record Each Transaction:
- November 1: Issue common stock in exchange for [tex]$12,300 cash. - November 2: Purchase equipment with a long-term note for $[/tex]2,800 from Spartan Corporation.
- November 4: Purchase supplies for [tex]$1,200 on account. - November 10: Provide services to customers on account for $[/tex]8,300.
- November 15: Pay creditors on account, [tex]$1,000. - November 20: Pay employees $[/tex]2,300 for the first half of the month.
- November 22: Provide services to customers for [tex]$10,300 cash. - November 24: Pay $[/tex]1,120 on the note from Spartan Corporation.
- November 26: Collect [tex]$6,300 on account from customers. - November 28: Pay $[/tex]1,090 to the local utility company for November gas and electricity.
- November 30: Pay [tex]$4,389 rent for November. 2. Post Each Transaction to T-Accounts and Calculate Balances at November 30 (incorporating the initial balances): - Cash: Initial Balance $[/tex]2,500
- Nov 1: cash + [tex]$12,300 = $[/tex]14,800
- Nov 15: cash - [tex]$1,000 = $[/tex]13,800
- Nov 20: cash - [tex]$2,300 = $[/tex]11,500
- Nov 22: cash + [tex]$10,300 = $[/tex]21,800
- Nov 24: cash - [tex]$1,120 = $[/tex]20,680
- Nov 26: cash + [tex]$6,300 = $[/tex]26,980
- Nov 28: cash - [tex]$1,090 = $[/tex]25,890
- Nov 30: cash - [tex]$4,389 = $[/tex]21,501
- Accounts Receivable: Initial Balance [tex]$530 - Nov 10: accounts receivable + $[/tex]8,300 = [tex]$8,830 - Nov 26: accounts receivable - $[/tex]6,300 = [tex]$2,530 - Supplies: Initial Balance $[/tex]630
- Nov 4: supplies + [tex]$1,200 = $[/tex]1,830
- Equipment: Initial Balance [tex]$8,700 - Nov 2: equipment + $[/tex]2,800 = [tex]$11,500 - Accounts Payable: Initial Balance $[/tex]1,650
- Nov 4: accounts payable + [tex]$1,200 = $[/tex]2,850
- Nov 15: accounts payable - [tex]$1,000 = $[/tex]1,850
- Notes Payable: Initial Balance [tex]$3,300 - Nov 2: notes payable + $[/tex]2,800 = [tex]$6,100 - Nov 24: notes payable - $[/tex]1,120 = [tex]$4,980 - Common Stock: Initial Balance $[/tex]6,300
- Nov 1: common stock + [tex]$12,300 = $[/tex]18,600
- Retained Earnings: Initial Balance [tex]$1,110 (no transactions affect this during the period) 3. Prepare a Trial Balance as of November 30: - Assets: - Cash: $[/tex]21,501
- Accounts Receivable: [tex]$2,530 - Supplies: $[/tex]1,830
- Equipment: [tex]$11,500 - Liabilities: - Accounts Payable: $[/tex]1,850
- Notes Payable: [tex]$4,980 - Equity: - Common Stock: $[/tex]18,600
- Retained Earnings: [tex]$1,110 4. Total of Trial Balance: - Debits (Assets Total): $[/tex]21,501 + [tex]$2,530 + $[/tex]1,830 + [tex]$11,500 = $[/tex]37,361
- Credits (Liabilities + Equity Total): [tex]$1,850 + $[/tex]4,980 + [tex]$18,600 + $[/tex]1,110 = [tex]$26,540 Finally, consolidating everything, we get the following final balances: - Cash: $[/tex]21,501
- Accounts Receivable: [tex]$2,530 - Supplies: $[/tex]1,830
- Equipment: [tex]$11,500 - Accounts Payable: $[/tex]1,850
- Notes Payable: [tex]$4,980 - Common Stock: $[/tex]18,600
- Retained Earnings: [tex]$1,110 Ensuring the trial balance matches: - Total Assets: $[/tex]37,361
- Total Liabilities and Equity: [tex]$26,540 These values confirm the balances and the trial balance as of November 30 for Blackhawks Incorporated: \begin{tabular}{|c|c|c|c|} \hline \multicolumn{4}{|c|}{ BLACKHAWKS INCORPORATED } \\ \hline & Trial Balance & & \\ \hline Accounts & Debits & Credits \\ \hline Cash & \$[/tex]21,501 & \\
\hline Accounts Receivable & \[tex]$2,530 & \\ \hline Supplies & \$[/tex]1,830 & \\
\hline Equipment & \[tex]$11,500 & \\ \hline Accounts Payable & & \$[/tex]1,850 \\
\hline Notes Payable & & \[tex]$4,980 \\ \hline Common Stock & & \$[/tex]18,600 \\
\hline Retained Earnings & & \[tex]$1,110 \\ \hline Totals & \$[/tex]37,361 & \$26,540 \\
\hline
\end{tabular}
1. Record Each Transaction:
- November 1: Issue common stock in exchange for [tex]$12,300 cash. - November 2: Purchase equipment with a long-term note for $[/tex]2,800 from Spartan Corporation.
- November 4: Purchase supplies for [tex]$1,200 on account. - November 10: Provide services to customers on account for $[/tex]8,300.
- November 15: Pay creditors on account, [tex]$1,000. - November 20: Pay employees $[/tex]2,300 for the first half of the month.
- November 22: Provide services to customers for [tex]$10,300 cash. - November 24: Pay $[/tex]1,120 on the note from Spartan Corporation.
- November 26: Collect [tex]$6,300 on account from customers. - November 28: Pay $[/tex]1,090 to the local utility company for November gas and electricity.
- November 30: Pay [tex]$4,389 rent for November. 2. Post Each Transaction to T-Accounts and Calculate Balances at November 30 (incorporating the initial balances): - Cash: Initial Balance $[/tex]2,500
- Nov 1: cash + [tex]$12,300 = $[/tex]14,800
- Nov 15: cash - [tex]$1,000 = $[/tex]13,800
- Nov 20: cash - [tex]$2,300 = $[/tex]11,500
- Nov 22: cash + [tex]$10,300 = $[/tex]21,800
- Nov 24: cash - [tex]$1,120 = $[/tex]20,680
- Nov 26: cash + [tex]$6,300 = $[/tex]26,980
- Nov 28: cash - [tex]$1,090 = $[/tex]25,890
- Nov 30: cash - [tex]$4,389 = $[/tex]21,501
- Accounts Receivable: Initial Balance [tex]$530 - Nov 10: accounts receivable + $[/tex]8,300 = [tex]$8,830 - Nov 26: accounts receivable - $[/tex]6,300 = [tex]$2,530 - Supplies: Initial Balance $[/tex]630
- Nov 4: supplies + [tex]$1,200 = $[/tex]1,830
- Equipment: Initial Balance [tex]$8,700 - Nov 2: equipment + $[/tex]2,800 = [tex]$11,500 - Accounts Payable: Initial Balance $[/tex]1,650
- Nov 4: accounts payable + [tex]$1,200 = $[/tex]2,850
- Nov 15: accounts payable - [tex]$1,000 = $[/tex]1,850
- Notes Payable: Initial Balance [tex]$3,300 - Nov 2: notes payable + $[/tex]2,800 = [tex]$6,100 - Nov 24: notes payable - $[/tex]1,120 = [tex]$4,980 - Common Stock: Initial Balance $[/tex]6,300
- Nov 1: common stock + [tex]$12,300 = $[/tex]18,600
- Retained Earnings: Initial Balance [tex]$1,110 (no transactions affect this during the period) 3. Prepare a Trial Balance as of November 30: - Assets: - Cash: $[/tex]21,501
- Accounts Receivable: [tex]$2,530 - Supplies: $[/tex]1,830
- Equipment: [tex]$11,500 - Liabilities: - Accounts Payable: $[/tex]1,850
- Notes Payable: [tex]$4,980 - Equity: - Common Stock: $[/tex]18,600
- Retained Earnings: [tex]$1,110 4. Total of Trial Balance: - Debits (Assets Total): $[/tex]21,501 + [tex]$2,530 + $[/tex]1,830 + [tex]$11,500 = $[/tex]37,361
- Credits (Liabilities + Equity Total): [tex]$1,850 + $[/tex]4,980 + [tex]$18,600 + $[/tex]1,110 = [tex]$26,540 Finally, consolidating everything, we get the following final balances: - Cash: $[/tex]21,501
- Accounts Receivable: [tex]$2,530 - Supplies: $[/tex]1,830
- Equipment: [tex]$11,500 - Accounts Payable: $[/tex]1,850
- Notes Payable: [tex]$4,980 - Common Stock: $[/tex]18,600
- Retained Earnings: [tex]$1,110 Ensuring the trial balance matches: - Total Assets: $[/tex]37,361
- Total Liabilities and Equity: [tex]$26,540 These values confirm the balances and the trial balance as of November 30 for Blackhawks Incorporated: \begin{tabular}{|c|c|c|c|} \hline \multicolumn{4}{|c|}{ BLACKHAWKS INCORPORATED } \\ \hline & Trial Balance & & \\ \hline Accounts & Debits & Credits \\ \hline Cash & \$[/tex]21,501 & \\
\hline Accounts Receivable & \[tex]$2,530 & \\ \hline Supplies & \$[/tex]1,830 & \\
\hline Equipment & \[tex]$11,500 & \\ \hline Accounts Payable & & \$[/tex]1,850 \\
\hline Notes Payable & & \[tex]$4,980 \\ \hline Common Stock & & \$[/tex]18,600 \\
\hline Retained Earnings & & \[tex]$1,110 \\ \hline Totals & \$[/tex]37,361 & \$26,540 \\
\hline
\end{tabular}
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