Accounting and Finance Foundations

Unit 7

Accounting and Finance Foundations Unit 7: Financial Statements 575

Financial Statements

Chapter 18

A to Z Auto Parts

Ledger Account Balances

For Year Ended December 31, 20XX

DEBIT CREDIT

Cash 23,780

Petty Cash 300

Accounts Receivable 9,624

Merchandise Inventory - 12/31/20XX 215,420

Supplies - Office 1,480

Supplies - Store 2,554

Prepaid Insurance 2,286

Accounts Payable 9,666

Sales Tax Payable 1,788

Craig Payne, Capital 212,800

Craig Payne, Drawing 37,350

Sales 286,500

Sales Returns & Allowances 1,700

Purchases 160,700

Advertising Expense 5,580

Credit Card Fee Expense 2,940

Insurance Expense 2,700

Miscellaneous Expense 2,398

Rent Expense 18,000

Supplies Expense - Office 4,000

Supplies Expense - Store 3,310

Utilities Expense 3,230

Merchandise Inventory - 1/1/20XX 228,820

Comprehensive Financial Statement Problems 18.3.4 (cont’d)

Student Assignment