Assume the following: Lomo Engineering Company had the following transactions: Jan-01 Issued capital stock for $965,000. Jan-01 Purchased a Packaging Equipment for $20,000. Jan-01 Purchased an Insurance Policy (1 year) for $30,000. Jan-03 Purchased a Machine, paying $15,000 in cash and issuing a note of $20,000. Jan-05 Purchased $28,000 of inventory on account. Jan-07 Sold inventory costing $6,000 for $50,000 on account. Jan-11 Paid $2,000 for inventory purchased on account (from Jan-05). Jan-15 Collect $12,550 of accounts receivable from customers (from Jan-07). Jan-17 Paid utility bills totaling $1,500. Jan-23 Paid wages for $13,000. Jan-25 Collect $8,000 in bank interest. Jan-30 Paid $12,590 due to income taxes. Required: Record the above transactions in General Journal (Journal Entries). Record the transactions in General Ledger format (T-Accounts). Prepare a Trial Balance for Techno Engineering
Assume the following: Lomo Engineering Company had the following transactions:
Jan-01 Issued capital stock for $965,000.
Jan-01 Purchased a Packaging Equipment for $20,000.
Jan-01 Purchased an Insurance Policy (1 year) for $30,000.
Jan-03 Purchased a Machine, paying $15,000 in cash and issuing a note of
$20,000.
Jan-05 Purchased $28,000 of inventory on account.
Jan-07 Sold inventory costing $6,000 for $50,000 on account.
Jan-11 Paid $2,000 for inventory purchased on account (from Jan-05).
Jan-15 Collect $12,550 of accounts receivable from customers (from Jan-07).
Jan-17 Paid utility bills totaling $1,500.
Jan-23 Paid wages for $13,000.
Jan-25 Collect $8,000 in bank interest.
Jan-30 Paid $12,590 due to income taxes.
Required:
- Record the above transactions in General
Journal (Journal Entries). - Record the transactions in General Ledger format (T-Accounts).
- Prepare a
Trial Balance for Techno Engineering
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