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Summary The following is a list of account balances for Pick-A-Pet, Incorporated, as of June 30, Y $7.99   Add to cart
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Summary The following is a list of account balances for Pick-A-Pet, Incorporated, as of June 30, Y
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The following is a list of account balances for Pick-A-PThe following is a list of account balances for Pick-A-Pet, Incorporated, as of June 30, Year 3: Accounts Payable $ 370, 800 Accounts Receivable 85, 000

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  • October 13, 2024
  • 5
  • 2024/2025
  • Summary

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The following is a list of account balances for Pick-A-Pet, Incorporated, as of

June 30, Year 3: Accounts Payable $ 370, 800 Accounts Receivable 85, 000

Cash 741, 600 Common Stock 689, 100 Equipment 62, 000 Logo and

Trademarks 425, 200 Notes Payable 270, 700 Retained Earnings 119, 700

Software 136, 500 The company entered into the following transactions during

July, Year 3. Stockholders contribute $480,000 cash for additional ownership

shares and the company borrows $240,000 in cash from a bank to buy new

equipment at a later date. No other transactions took place during July, Year 3.

Required: a. Prepare a classified balance sheet for the company at June 30, Year

3. b. Show the effects of the July transactions on the basic accounting equation.

c. Prepare the journal entries that would be used to record the transactions.




Answer & Explanation


To address the requirements, let's break down each part:

, a. Classified Balance Sheet as of June 30, Year 3


Assets


 Current Assets:


o Cash: $741,600


o Accounts Receivable: $85,000


 Non-current Assets:


o Equipment: $62,000


o Software: $136,500


o Logo and Trademarks: $425,200


Total Assets:

= Current Assets + Non-current Assets

= ($741,600 + $85,000) + ($62,000 + $136,500 + $425,200)

= $826,600 + $623,700

= $1,450,300


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