Started the business when it acquired $61,000 cash from the issue of common stock. Paid $21,300 cash to purchase inventory. Sold inventory costing $12,100 for $27,700 cash. Physically counted inventory; had inventory of $7,400 on hand at the end of the accounting period. Required a. Record the events in the T-accounts provided. b. Prepare an income statement and balance sheet.

Part a

Transaction 1

Debit : Cash $61,000

Credit : Common Stock $61,000

Transaction 2

Debit : Merchandise  $21,300

Credit : Cash $21,300

Transaction 3

Debit : Cash  $27,700

Debit : Cost of Sales    $12,100

Credit : Sales Revenue $27,700

Credit : Merchandise   $12,100

Part b

Income Statement for the year

Sales                                                             $27,700

Less Cost of Sales

Opening Stock                              $0

Purchases                                 $21,300

Less Closing Inventory            ($7,400)    ($13,900)

Gross Profit                                                  $13,800

Balance Sheet as at end of the year

ASSETS

Inventory                                                     $7,400

Cash ($61,000 - $21,300 + $27,700)      $67,400

TOTAL ASSETS                                        $74,800

EQUITY AND LIABILITIES

Common Stock                                         $61,000

Net Profit                                                   $13,800

TOTAL EQUITY AND LIABILITIES           $74,800

Explanation:

Step 1 : Journal entries

Tip - there are two or more accounts affected by transactions. Identify these and record the Debit and Credit

Step 2 : Income Statement

The Income Statement accounts for Revenues / Incomes and Expenses. Identify Accounts for these and Record them in this statement.

Step 2 : Balance Sheet

The Balance Sheet accounts for Assets, Liabilities and Equity. Identify Accounts for these and record them in this statement.

metallurgy is your answer

the "study of metals and the process of refining ("

note that it says metal. metallurgy has the word "metal" in it, and so is most likely your answer (and is your answer).

~

i would get some file cabnitsits to store all my documents and paper work, then i would make sure to always keep my desk clean and organzed by using sticky notes to mark a stack of papers. and etc. but mainly i would just stay clean and organized because it will make lfe alot eaisier trust me. hope this !