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ABC Carpet Template for Financial Acctg Step 2 Step 3 Step 4Report Step 5Report Comp NameNetflix B Posting to T Accounts"piggy bank" CSummarizing on Trial Balance as at Nov 30,2016 DIncome...

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ABC Carpet
        Template for Financial Acctg                        Step 2                        Step 3                Step 4    Report            Step 5    Report
        Comp Name    Netflix                B        Posting to T Accounts    "piggy bank"            C    Summarizing on Trial Balance as at Nov 30,2016            D    Income Statement or Profit and Loss statement                E. Preparing Financial Statements
        Month    March XXXXXXXXXX    Step 1    Jan 1 "transaction" - John susbcribe to Netflix. 8.99                T Accounts                    Trial Balance    Debit    Credit        For the Period Ending March 31                A. Balance Sheet as of March 31,2017
    A    Recording transactions/ Passing Journal Entries            Cash/Bank    8.99        Date    Cash/Bank    Debit    Credit    Net Balance        Step 3                Sales    A    23.98        Assets    =    Liabilities
                Exchange?    Subscription fee    8.99            Description                    Month Ended Jan 2022                Less: Cost of Sales    B    xx
        Date    Journal Entries    Debit    Credit    Business        Jan 1    Subscription fee - Sales (JK)    8.99                                Gross Profit    C = A-B    xx
        Saturday, January 01, 2022    Cash/Bank    $ 8.99        Transaction        Jan 1    Subscription renewal ( Sahil)    14.99                                Expenses    D            Computer    10,000
        Language    Subscription fee (revenue)        $ 8.99    2 accounts impacted                                                Rent        xx
                $ 8.99    $ 8.99                                                    Advertising etc        xx
        Thursday, March 02, 2017    Jan 2 - Mr Sahil renwed subscriotion for family plan 14.99            Transaction
            Cash/Bank    $ XXXXXXXXXX
            Subscription fee (revenue)        $ XXXXXXXXXX                                                                            Shares Capital    10,000
                $ XXXXXXXXXX    $ XXXXXXXXXX                                                                            Add - Net profit
        Saturday, March 04, 2017                                                                                Balance sheet balances    $ 10,000        $ 10,000
                                                                        Total Expenses    D
                                                                        Net profit    Gross Profit - Expenses    XX
        Thursday, March 09, 2017                            total    23.98    - 0    23.98    DR    Cash    23.98            E    E= C-D
                                    Subscription fee (Revenue)    Debit    Credit    Net Balance
                                Jan 1    Cash/Bank (JK)        8.99
                                Jan-22    Cash/Bank (Sahil)        14.99
        March 11,2017                                - 0    23.98     XXXXXXXXXX    CR    Subscription Sales Revenue        23.98    
                                    A/P    Debit    Credit    Net Balance
                                    Opening Balance                DR    Computer at Netflix    10,000.00
        March 15,2017
                                                                                        
                                                    CR    Share capital (Sale of shares in stock exchange)        10000
                                        - 0    - 0    5,500.00    CR    A/P
        March 16,2017                            A/R    Debit    Credit    Net Balance
                                    Opening Balance    300.00
        March 19,2017
                                        300.00    - 0    300.00    DR    A/R
        March 22,2017                            Revenue    Debit    Credit    Net Balance
        March 24,2017                                    - 0    4,000.00    CR    Revenue
                                    Vacuum    Debit    Credit    Net Balance
        March 28,2017
                                        - 0    - 0    - 0    DR    Vacuum    - 0
                                    Salaries    Debit    Credit    Net Balance
        March 29,2017
                                        - 0    - 0    - 0    DR    Salaries
                                    Vaccum Repair    Debit    Credit    Net Balance
        March 31,2017
        March 31,2017                                - 0    - 0    500.00    DR    Vacuum Repai
                                    Heat Bill    Debit    Credit    Net Balance        
        March 31,2017                                - 0    - 0    100.00    DR    Heat Bill
                                    Telephone Bill    Debit    Credit    Net Balance
                                        - 0        50.00    DR    Telephone Bill
                                    Interest    Debit    Credit    Net Balance
                                        - 0        75.00    DR    Interest
                                    Dividends    Debit    Credit    Net Balance
                                        - 0        700.00    DR    Dividends
                                    Bank Loan    Debit    Credit    Net Balance
                                    Opening Bal        2,000.00
                                            2,000.00
                                    Shares    Debit    Credit    Net Balance
                                    Opening Bal        100
                                        - 0
                                    Retained earnings    Debit    Credit
                                    Opening Balance        5,700            Balances!    10,023.98    10,023.98
        
        
        
Answered Same DayMar 09, 2022

Solution

Prince answered on Mar 09 2022
74 Votes
ABC Carpet
        Template for Financial Acctg                        Step 2                        Step 3                Step 4    Report            Step 5    Report
        Comp Name                    B        Posting to T Accounts    "piggy bank"            C    Summarizing on Trial Balance as at Oct 31,2016            D    Income Statement or Profit and Loss statement                E. Preparing Financial Statements
        Month    October 31, 2016    Step 1                    T Accounts                    Trial Balance    Debit    Credit        For the Period Ending Oct 31                A. Balance Sheet as of Oct 31,2016
    A    Recording transactions/ Passing Journal Entries                        Date    Cash/Bank    Debit    Credit    Net Balance        Step 3                Net Sales    A    22,084        Assets    =    Liabilities
                                    Description                    Cash/Bank    30,800            Less: Cost of Sales    B    20,677.30
        Date    Journal Entries    Debit    Credit    Business        Oct-16    Cardinal, Capital    20,000.00                Acconts Payable        27,360        Gross Profit    C = A-B    1,406.32        Cash/Bank    30,800    Acconts Payable    27360
        Saturday, October 01, 2016    Cash    $ 20,000                Oct-16    Prepaid Rent        2,700.00            Accounts Receivable    7,466            Expenses    D            Accounts Receivable    7,466
            Cardinal, Capital        $ 20,000            Oct-16    Cleaning Expense        280.00            Book Purchases    21,202            Cleaning Expense        280        Delivery Truck    18,600
                                Oct-16    Acconts Payable        4,184.60            Cleaning Expense    280            Salary Expense        920        Prepaid Rent    2,700
                                Oct-16    Book Sales    2,420.00                Delivery Truck    18,600
        Saturday, October 01, 2016    Prepaid Rent    $ 2,700                Oct-16    Book Sales    1,047.00                Prepaid Rent    2,700
            Cash        $ 2,700            Oct-16    Account Receivable    2,791.04                Salary Expense    920                                    Cardinal, Capital    32000
                                Oct-16    Salary Expense        920.00            Sales Return & Allowances    312                                    Add - Net profit    206
                                Oct-16    Account Receivable    2,415.70                Sales Discount    208                            Balance sheet balances    $ 59,566        $ 59,566
        Monday, October 03, 2016    Book Purchases    $ 4,270                Oct-16    Acconts Payable        1,475.10            Book Sales        22,604
            Acconts Payable        $ 4,270            Oct-16    Book Purchases        3,200.00            Cardinal, Capital        32,000        Total Expenses    D    1200
                                Oct-16    Book Sales    940.00                Purchases Discount        163        Net profit    Gross Profit - Expenses
        Monday, October 03, 2016    Accounts Receivable    $ 2,465                Oct-16    Book Sales    2640.12                Purchases Return & Allowances        362.00        E    E= C-D    206.32
            Book Sales        $ 2,465            Oct-16    Account Receivable    2363.76
                                Oct-16    Cardinal, Capital    12,000.00
                                Oct-16    Acconts Payable        3,057.60
        Friday, October 07, 2016    Accounts...
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