Sweet Dreams Chocolatiers Ltd. began operations on January 1,2016. During its first year, the following transactionsoccurred: 1.Issued common shares for $200,000 cash. 2.Purchased $475,000 of inventory onaccount. 3.Sold inventory on account for $640,000. Theoriginal cost of the inventory that was sold was $380,000. 4.Collected $580,000 from customers onaccount. 5.Paid $430,000 to suppliers for the inventorypreviously purchased on account. 6.Bought a delivery vehicle for $36,000cash. 7.Paid $26,000 for rent, including $2,000related to the next year. 8.Incurred $20,000 of operating expenses, ofwhich $18,000 was paid. 9.Recorded $2,000 of depreciation on thevehicle. 10.Declared and paid dividends of $6,000. Required a. Prepare journal entries to record each of the abovetransactions. b. Create T accounts and post the journal entries to the Taccounts. c. Prepare a December 31, 2016, trial balance. . . .
https://proficientwriters.net/wp-content/uploads/2020/04/logo-300x60.png 0 0 Paul https://proficientwriters.net/wp-content/uploads/2020/04/logo-300x60.png Paul2020-09-27 16:30:242020-09-27 16:30:24Sweet Dreams Chocolatiers Ltd. began operations on January 1,2016. During its first year, the follow