Income Statement Accounts Sales Revenue Salaries Expense Wages Expense and Int

Income Statement Accounts Sales Revenue Salaries Expense Wages Expense and Interest Expense. a. The owner opened a business account and deposited $60000 in the bank. b. The owner borrowed and deposited $30000 on a note payable to the bank. c. The owner paid one year of rent in advance on the restaurant space $18000 cash. d. The owner purchased equipment $46000; $16000 in cash and the balance on account. e. Furnishings were purchased for $30400 cash. f. The owner purchased $3200 of food inventory on account and paid $3800 cash for beverage inventory. g. The owner purchased supplies for $2650 cash. h. The owner purchased $3800 of food inventory on account. i. The owner paid $2700 for a one-year liability and casualty insurance policy. j. Employees were paid wages of $12800 and salaries of $2400. k. Sales revenue for the first month was $42800; 90% cash 8% credit cards and 2% on accounts receivable. l. The owner paid $16600 on accounts payable. m. The owner paid $8000 on note payable plus interest of $960. Journalize each transaction and then post each transaction to a general ledger; prepare an unadjusted trial balance for the month ended March 31 2006.

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