Olympus, Inc.
Balance Sheet
October 31, 2024
Assets
Cash
$ 44,000
Accounts Receivable
70,500
Supplies
13,500
Land
50,000
Total Assets
$178,000
Liabilities & Stockholders' Equity
Accounts Payable
$ 31,500
Common Stock
45,500
Retained Earnings
101,000
Total Liabilities & Stockholders' Equity $178,000
Required:
1. Create T-accounts. Place the beginning balances in each account.
2. Record the necessary journal entries for November.
3. Post these entries to the appropriate T-account.
4. Prepare a Trial Balance.