Complete these exercises and practice problems. Check your answers after you finish.
Green Hills Riding Stable, Incorporated, had the following balance sheet on 2010 June 30:
|GREEN HILLS RIDING STABLE, INCORPORATED
Balance sheet 2010 June 30
|Liabilities and Stockholders' Equity|
|Total stockholders' equity||12,100|
|Total liabilities and stockholders' equity||$52,900|
a. Prepare the journal entries to record the transactions for July 2010.
|103||Accounts Receivable||402||Horse Boarding Fees Revenue|
|130||Land||404||Riding and Lesson Fees Revenue|
|200||Accounts Payable||513||Feed Expense|
|201||Notes Payable||540||Interest Expense|
|300||Capital Stock||568||Miscellaneous Expense|
c. Prepare a trial balance.
Source: Textbook Equity, https://learn.saylor.org/pluginfile.php/41229/mod_resource/content/8/AccountingPrinciples.pdf
This work is licensed under a Creative Commons Attribution-NoDerivatives 4.0 License.