Accounting and Finance Foundations

Unit 7

Accounting and Finance Foundations Unit 7: Financial Statements 578

Financial Statements

Chapter 18

Student Assignment

Electron Games

Ledger Account Balances

For Year Ended December 31, 20XX

DEBIT CREDIT

Cash 24,490

Petty Cash 500

Accounts Receivable 11,230

Merchandise Inventory -12/31/20XX 251,320

Supplies - Office 1,720

Supplies - Store 2,980

Prepaid Insurance 2,640

Accounts Payable 11,280

Sales Tax Payable 2,080

John Forbes, Capital 245,540

John Forbes, Drawing 43,550

Sales 355,760

Sales Returns & Allowances 23,500

Purchases 187,500

Advertising Expense 6,520

Credit Card Fee Expense 3,430

Insurance Expense 3,190

Miscellaneous Expense 2,550

Rent Expense 21,600

Supplies Expense - Office 4,670

Supplies Expense - Store 3,860

Utilities Expense 3,770

Merchandise Inventory - 1/1/20XX 266,960

599,020 614,660

Comprehensive Financial Statement Problems 18.3.4 (cont’d)