You have decided to take your experience working with Jones Surf Shop and Pacific Surfboard and star
is Playtime, inc. Playtime's primary business is buying and selling swingsets. The following balance wer
August.
Playtime, Inc Trial Balance 30-Jul
Account Title Debit
Accounts Payable
Accounts Receivable 27,800
Accumulated Depreciation
Advertising Expense 8,950
Cash 198,375
Common Stock
Cost of Goods Sold 157,890
Depreciation Expense 7,D00
Equipment 80,000
Interest Expense 4,361
Interest Payable
Inventory 89,576
Notes Payable
Rent Expense 57,400
Retained Earnings
Revenue
Salaries Expense 125,300
Salaries Payable
Sales Tax Payable
Supplies 7,8€i5
Supplies Expense 12,489
Unearned Revenue
Utility Expense 6,850
During the month of August, Playtime experienced the following events - help them create the journal
A. August 1 - Purchased inventory on account for $57,750 - Terms are 10/2 Net 20
August 1, Inventory
Accounts Payable
To record goods purchased on credit
,h Jones Surf Shop and Pacific Surfboard and star
nd selling swingsets. The following balance wer
rial Balance 30-Jul
Credit
$ 35,619
$ 11,000
$ 50,000
$ 141,742
$ 244,852
$ 278,950
$
$ 12,793
$ 8,900
following events - help them create the journal
7,750 - Terms are 10/2 Net 20
57,75
ts Payable 0
urchased on credit
, B August 1 - Collected $23,850 of cash from customers on account
Date Description
August 1, Cash
Accounts Receivable
To record cash collected from customers on o‹
S30,000 of cash from the local bank by signing a 90-day note on August 20.
August 1 - Borrowed
C principal and interest will be paid in full in 90 days
Date Description
August 1, Cash
Notes Payable
To record loan borrowed from bank via 90-do
D August 5 - Purchased equipment on account for $3,500, payment due Net 30.
Date Oescription
August 5, Equipment
Accounts Payable
To record equipment purchased on credit
E. August 7 - Received $7500 for custom order not yet built
Date Description
August 7, Cash
Unearned Revenue
To record advance payment received for custc
F. August 7 - Pays a $850 utility bill with cash
August 7, Utility Expense
Cash
, Debit
###
Oebit
###
ue Net 30.
Oebit
3,500
Debit
S 7,500
85
0
is Playtime, inc. Playtime's primary business is buying and selling swingsets. The following balance wer
August.
Playtime, Inc Trial Balance 30-Jul
Account Title Debit
Accounts Payable
Accounts Receivable 27,800
Accumulated Depreciation
Advertising Expense 8,950
Cash 198,375
Common Stock
Cost of Goods Sold 157,890
Depreciation Expense 7,D00
Equipment 80,000
Interest Expense 4,361
Interest Payable
Inventory 89,576
Notes Payable
Rent Expense 57,400
Retained Earnings
Revenue
Salaries Expense 125,300
Salaries Payable
Sales Tax Payable
Supplies 7,8€i5
Supplies Expense 12,489
Unearned Revenue
Utility Expense 6,850
During the month of August, Playtime experienced the following events - help them create the journal
A. August 1 - Purchased inventory on account for $57,750 - Terms are 10/2 Net 20
August 1, Inventory
Accounts Payable
To record goods purchased on credit
,h Jones Surf Shop and Pacific Surfboard and star
nd selling swingsets. The following balance wer
rial Balance 30-Jul
Credit
$ 35,619
$ 11,000
$ 50,000
$ 141,742
$ 244,852
$ 278,950
$
$ 12,793
$ 8,900
following events - help them create the journal
7,750 - Terms are 10/2 Net 20
57,75
ts Payable 0
urchased on credit
, B August 1 - Collected $23,850 of cash from customers on account
Date Description
August 1, Cash
Accounts Receivable
To record cash collected from customers on o‹
S30,000 of cash from the local bank by signing a 90-day note on August 20.
August 1 - Borrowed
C principal and interest will be paid in full in 90 days
Date Description
August 1, Cash
Notes Payable
To record loan borrowed from bank via 90-do
D August 5 - Purchased equipment on account for $3,500, payment due Net 30.
Date Oescription
August 5, Equipment
Accounts Payable
To record equipment purchased on credit
E. August 7 - Received $7500 for custom order not yet built
Date Description
August 7, Cash
Unearned Revenue
To record advance payment received for custc
F. August 7 - Pays a $850 utility bill with cash
August 7, Utility Expense
Cash
, Debit
###
Oebit
###
ue Net 30.
Oebit
3,500
Debit
S 7,500
85
0
