On each item below, list the related debit and credit records for each entry. Be sure to indent to the left for one side and to the right for the other.
If a Debit is the entry….indent on the left…
If the entry is a Credit item…indent to the right
For example…..I get an investor to fund my business with $100,000 in cash. The entry would be:
Cash $100,000. —– so this is the cash coming into my back acct…so a debit increases my acct
Investor Capital $100,000….this is the recognition as the investor $ added as credit
BELOW ARE YOU ENTRIES…try to locate where each item goes with a debit or credit entry:
- Our business sales $65,000 worth of hay products and will collect cash in 30days, so we sold the hay on account.
- Our business collected the sales of $65,000 in cash paid in 30 days.
- Our business has to pay for the land lease (rent) for this coming year and pays the cost of $20 per acre for the 1,000-acre lease in cash.
- Our business decides to pay for the fertilize next to use next year and have it delivered to get a good price but will pay the cost on account to pay in 60 days. The cost is $25,000 to pay later.
- In 90 days, we pay the cost of the fertilizer account ($25,000), but have to pay $25,200 since they charged us a $200 interest cost.
- Using the above records and the space below, develop a balance sheet that shows how the debits and credits equal. Hint, you may be better to show each entry in and out of the balance sheet, then total the values for each category (Asset, Liab. And Equity)
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