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  • LLS-Chapter 3: Operating Decisions and The Income Statement

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    This document contains a T-account summary of the transactions for Traveling Gourmet, Inc. during March. It shows increases and decreases to the company's asset, liability, and equity accounts as well as revenue and expense accounts. The accounting equation remains balanced throughout the period as total assets equal total liabilities plus stockholders' equity. Key transactions include the company receiving $101,500 in contributed capital, obtaining a $360,000 building and $288,000 mortgage, and generating $11,900 in food sales revenue and $4,200 in catering sales revenue.

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    E3-13

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    This document contains a T-account summary of the transactions for Traveling Gourmet, Inc. during March. It shows increases and decreases to the company's asset, liability, and equity accounts as well as revenue and expense accounts. The accounting equation remains balanced throughout the period as total assets equal total liabilities plus stockholders' equity. Key transactions include the company receiving $101,500 in contributed capital, obtaining a $360,000 building and $288,000 mortgage, and generating $11,900 in food sales revenue and $4,200 in catering sales revenue.

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    26 views1 page

    LLS-Chapter 3: Operating Decisions and The Income Statement

    Uploaded by

    choivicky
    This document contains a T-account summary of the transactions for Traveling Gourmet, Inc. during March. It shows increases and decreases to the company's asset, liability, and equity accounts as well as revenue and expense accounts. The accounting equation remains balanced throughout the period as total assets equal total liabilities plus stockholders' equity. Key transactions include the company receiving $101,500 in contributed capital, obtaining a $360,000 building and $288,000 mortgage, and generating $11,900 in food sales revenue and $4,200 in catering sales revenue.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as XLS, PDF, TXT or read online from Scribd
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    LLS- Chapter 3: Operating Decisions and the Income Statement

    Vicky Choi
    Buad280(#14517)
    Professor Ogneva
    9/5/2012

    E3-13*
    Traveling Gourment, Inc. (March)
    T Accounts:
    Assets
    Cash
    beg. 0
    a. 80,000
    c. 50,000
    e. 2,600
    f. 11,900

    b. 72,000
    d. 10,830
    h. 363
    i. 6,280
    j. 600
    k. 70,000
    bal. 15,573

    Accounts Receivable(A/R)
    beg. 0
    a. 2,000
    e. 1,600

    Supplies
    beg. 0
    a. 1,200

    Equipment
    beg. 0
    a. 5,300
    a. 13,000
    k. 50,000

    Building
    b. 360,000
    k. 20,000

    bal. 3,600

    bal. 1,200

    bal. 68,300

    bal. 380,000

    Liabilities
    Accounts Payable(A/P)
    beg. 0
    g. 420

    Notes Payable
    beg. 0
    c. 50,000

    bal. 420
    Stockholder's Equity
    Contributed Capital/Common Stock
    beg. 0
    a. 101,500
    bal. 101,500

    Mortgage Payable
    beg. 0
    b. 288,000

    bal. 50,000

    bal. 288,000

    Retained Earnings
    beg. 0
    j. 600
    bal. 600

    Revenues
    Food Sales Revenue
    beg. 0
    f. 11,900

    Catering Sales Revenue


    beg. 0
    e. 4,200

    bal. 11,900

    bal. 4,200

    Expenses
    Supplies Expense
    beg. 0
    d. 10,830

    Utilities Expense
    beg. 0
    g. 420

    Wages Expense
    beg. 0
    i. 6,280

    Fuel Expense
    beg. 0
    h. 363

    bal. 10,830

    bal. 420

    bal. 6,280

    bal. 363

    Notes:
    Accounting Equation is Balanced
    A = L+ SE
    437,527= 338,420 + 99,107
    Yellow=
    Cyan=

    Normal Debit Balance (Assets, Expenses)


    Normal Credit Balance (Liabilities, Stockholder's Equity, Revenues)

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