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    Case 2-2 Music Mart Balance Sheet 1 Oct

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    Anubhav Jha
    The document contains the general journal entries and balance sheet for Music Mart Inc. for the period ending January 31. The general journal entries record various transactions that impact inventory, cash, accounts receivable, insurance policy, land, mortgage, capital stock, and retained earnings. The balance sheet shows total assets of $46,180 consisting of inventory, cash, land, accounts receivable, and insurance policy. Total liabilities are $20,500 consisting of notes payable, accounts payable, and mortgage. Total stockholder's equity is $25,680 consisting of capital stock and retained earnings.

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    Download as XLSX, PDF, TXT or read online from Scribd

    Case 2-2 Music Mart Balance Sheet 1 Oct

    Uploaded by

    Anubhav Jha
    10K views5 pages
    The document contains the general journal entries and balance sheet for Music Mart Inc. for the period ending January 31. The general journal entries record various transactions that impact inventory, cash, accounts receivable, insurance policy, land, mortgage, capital stock, and retained earnings. The balance sheet shows total assets of $46,180 consisting of inventory, cash, land, accounts receivable, and insurance policy. Total liabilities are $20,500 consisting of notes payable, accounts payable, and mortgage. Total stockholder's equity is $25,680 consisting of capital stock and retained earnings.

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    Music Mart Balance Sheet Case 2-2

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    Case 2-2 Music Mart Balance Sheet 1 Oct.xlsx

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    The document contains the general journal entries and balance sheet for Music Mart Inc. for the period ending January 31. The general journal entries record various transactions that impact inventory, cash, accounts receivable, insurance policy, land, mortgage, capital stock, and retained earnings. The balance sheet shows total assets of $46,180 consisting of inventory, cash, land, accounts receivable, and insurance policy. Total liabilities are $20,500 consisting of notes payable, accounts payable, and mortgage. Total stockholder's equity is $25,680 consisting of capital stock and retained earnings.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    10K views5 pages

    Case 2-2 Music Mart Balance Sheet 1 Oct

    Uploaded by

    Anubhav Jha
    The document contains the general journal entries and balance sheet for Music Mart Inc. for the period ending January 31. The general journal entries record various transactions that impact inventory, cash, accounts receivable, insurance policy, land, mortgage, capital stock, and retained earnings. The balance sheet shows total assets of $46,180 consisting of inventory, cash, land, accounts receivable, and insurance policy. Total liabilities are $20,500 consisting of notes payable, accounts payable, and mortgage. Total stockholder's equity is $25,680 consisting of capital stock and retained earnings.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
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    Music Mart Inc Dr Assets Inventory 4500 5000 -1500 -1700 -750 -850 4700

    Cash

    33250 2300 -1224 -6000 3000 -1000 -6000 1310 25636 24000 -12000 12000 2620 2620 1224 1224

    Land

    Accounts Receivable Insurance Policy

    Total Liabilities and Stock Equity Cr Liabities Notes Payable 12500 -6000 6500 5000 18000 -9000 9000

    Accounts Payable Mortgage (Liability)

    Stockholder's Equity Capital Stock

    25000 -1000 -750 23250

    Retained Earnings

    250 800 920 460 2430

    Asset

    General Journal Debit 1 Inventory 2 Cash Revenue Earned (RE) Inventory 3 Accounts Receivable Inventory Revenue Earned (RE) 4 Insurance Policy (Asset) Cash 5 Land Cash Mortgage (Liability) 6 Cash Mortgage (Liability) Land 7 Goodwill Equity Offer (Liability) 8 Capital Stock Cash 9 Capital Stock Inventory 10 No entry 11 Notes Payable Cash 12 Cash Capital Stock 13 Cash Inventory Revenue Earned (RE) Music Mart Inc Balance Sheet As on Jan 31 Assets Inventory Cash 1310 850 460 11000 11000 -33000 6000 6000 750 750 -33000 1000 1000 6030 26970 33000 3000 9000 12000 24000 6000 18000 1224 1224 2620 1700 920 Credit Accounts Payable 2300 800 1500 Dr 5000 5000 Cr

    4700 25636

    Land Accounts Receivable Insurance Policy Total Assets Liabilities Notes Payable Accounts Payable Mortgage Total Liabilities Stockholder's Equity Capital Stock Retained Earnings Total Equity Total Liabilities and Stock Equity

    12000 2620 1224 46180

    6500 5000 9000 20500

    23250 2430 25680 46180

    Name it as prepaid insurance Current assets are only valued for a period of a year So even for the policy it is valid for a year Change in equity hence the owners are also not getting rich Growth in assets is present but growth in business not there

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