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1. What is the ending balance in the accounts listed below given the following transactions: a. RWV borrows $1,100,000 in the form of a note payable. b. RWV purchases land for $250,000. c. RWV builds a building for $750,000. d. RWV orders $7,500 worth of food, which will be paid for later. e. RWV provides services worth $95,000, and will bill for the services later. f. RWV pays salaries to employees totaling $45,000. g. RWV pays $7,500 towards the food it previously ordered. h. RWV uses $5,000 worth of food. i. RWV pays $17,000 of G

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anthougo

Answer:

RWV

Ending Account Balances:

Account Details               Debit     Credit

Notes Payable                              $1,100,000

Cash                           $30,500

Land                           250,000

Building                      750,000

Supplies (Food)             2,500

Accounts Receivable  95,000

Service Revenue                               95,000

Salaries Expense       45,000

Supplies (Food) Exp.   5,000

G                                 17,000

Totals                  $1,195,000      $1,195,000

Explanation:

a) Notes Payable

Account Details         Debit     Credit

Cash                                       $1,100,000

a) Cash Account

Account Details         Debit       Credit

Notes Payable     $1,100,000

Land      (b)                                 $250,000

Building   (c)                                 750,000

Salaries         (f)                              45,000

Supplies (Food)  (g)                         7,500

G (i)                                                 17,000

Balance c/d                                $30,500

b) Land

Account Details         Debit       Credit

Cash                     $250,000

c) Building

Account Details         Debit       Credit

Cash                    $750,000

d) Supplies (Food)

Account Details         Debit       Credit

Accounts Payable    $7,500

Supplies (Food) Expense (h)    $5,000

Balance c/d                               $2,500

Accounts Payable

Account Details         Debit       Credit

Supplies   (d)                           $7,500

Cash (g)                   $7,500

e) Accounts Receivable

Account Details         Debit       Credit

Service Revenue    $95,000

Service Revenue

Account Details         Debit       Credit

Accounts Receivable  (e)        $95,000

f) Salaries Expense

Account Details         Debit       Credit

Cash                       $45,000

h) Supplies (Food) Expense

Account Details         Debit       Credit

Supplies (Food)       $5,000

i) G

Account Details         Debit       Credit

Cash                       $17,000

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