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The document records transactions for a company involving authorized and subscribed capital stock, sales, purchases, expenses, and fixed asset acquisitions. It shows debits and credits to various cash, receivable, payable, capital stock, expense and asset accounts. Overall it tracks the company's cash flows and ensures debits and credits are equal.

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BSA3Tagum Marilet
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© © All Rights Reserved
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118 views

Key Answer

The document records transactions for a company involving authorized and subscribed capital stock, sales, purchases, expenses, and fixed asset acquisitions. It shows debits and credits to various cash, receivable, payable, capital stock, expense and asset accounts. Overall it tracks the company's cash flows and ensures debits and credits are equal.

Uploaded by

BSA3Tagum Marilet
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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Cash in bank

Dr Cr
Unissued capital stock 5,000,000
Authorized capital stock 5,000,000
To record authorized capital stock

Subscription receivable 1,040,000


Subscribed capital stock 1,000,000
Premium on capital stock 40,000

Cash in bank 700,000 700,000


Subscription receivable 700,000

Subscibed capital stock 600,000


Unissued capital stock 600,000

Cash in bank 2,080,000 2,080,000


Unissued capital stock 2,000,000
Premium on capitaal stock 80,000
(120000-40000)

Petty cash fund 1,000


Cash in bank 1,000 1,000

Accounts receivable 1,252,000


Sales 1,252,000

Sales 1,800
Cash 1,800 1,800

Sales returns and allowances 3,000


Accounts receivable 3,000

Cash in bank 870,000 870,000


Accounts receivable 870,000

Cash in bank 643,000 643,000


Sales 643,000
(1,895,000-1,252,000)

Purchases 1,257,000
Freight-in 18,300
Accounts payable 834,000
Cash in bank 441,300 441,300
(1,257,000 +18,300 -834,000)

Cash in bank 2,400 2,400


Purchase returns and allowances 2,400
Acconts payable 618,000
Purchase discounts 4,500
Cash in bank 613,500 613,500

Marketing expense 296,000


General and administrative expense 304,000
Cash in bank 600,000 600,000

Cash in bank 12,700 12,700


Commision income 12,700

Prepaid insurance 2,400


Cash in bank 2,400 2,400

Land 200,000
Building 1,800,000
Furniture and fixture 120,000
Office equipment 80,000
Store equipment 100,000
Cash in bank 2,300,000 2,300,000

4,308,100 3,960,000
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