Posted: September 12th, 2022

Tom’s wear borrows $500 from tom’s mom .

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Tom’s Wear Transactions for 1998 using the rules for Dr and Cr. (5 bonus points)
In class we completed the Tom’s Wear transactions for 1998 and prepared the four financial statements using the accounting equation approach. Please review the solutions posted in canvas before you begin this assignment.
You are required to record the same 1998 transactions and prepare the financial statements using the Dr/Cr approach in conjunction with the general journal and the general ledger.
The 1998 transactions are presented here for your convenience:
The transactions listed below apply to Tom’s Wear.
Transactions for the 1998
Tom contributed $5,000 of his own money to Tom’s wear.
Tom’s Wear borrows $500 from Tom’s mom
.
Tom’s Wear buys 100 T-shirts for $400 cash.
Tom’s Wear pays $50 for advertising.’
Tom’s Wear sells 90 of the T-shirts to friends for cash, $10 each.
Tom’s Wear repays half the debt of plus $5 interest
Tom’s Wear pays a dividend to Tom, the owner, for $100.
Required:
You must download this excel file to complete the items below. Click here to download the worksheet.
Chapter_3_Class_Activity_Dr_Cr_Student_Copy-1.xls Download Chapter_3_Class_Activity_Dr_Cr_Student_Copy-1.xls
Using this worksheet complete the following 5 items below.
Note: the worksheet is linked, and you do not have to change any of the formulas in the worksheet. Once you record the transactions correctly in the general journal the transaction will post to the general ledger, the account balances will generate at the end of the year and post to the worksheet and the financial statements will be completed. Check the financial statements and verify that they are correct before submitting your completed excel file.
Record the above transactions in the General Journal
Post the transactions to the General Ledger
Determine account balances at the end of the year
Prepare the trial balance and complete the worksheet
Prepare the 4 basic financial statements (Income statement, statement of retained earnings, balance sheet and the statement of cash flows)
Example of the above of work —- Copy of Chapter_3_Class_Activity_Dr_Cr_Student_Copy-1.xls

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