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Consider the following June actual ending balances and July 31, 2024 budgeted amounts for Oleans:
1 (Click the icon to view the information.)
Prepare a budgeted balance sheet for July 31, 2024. (Hint: It may be helpful to trace the effects of each transaction on the accounting equation to determine the ending balance of each account.)
Complete the accounting equation for the July operating information. (Use a minus sign or parentheses to enter account reductions and contra asset balances and activity. If an input field is not used in
the equation leave it empty; do not enter a zero. Abbreviations used: A/P = Accounts Payable, A/R = Accounts Receivable, Accum. Deprec. = Accumulated Depreciation, Merch. = Merchandise.)
Cash
A/R
Merch.
Inventory
Furniture
(Accum.
Deprec.)
Accounts
Payable
Stock-
holders'
equity
June 30 balance
More info
a. June 30 Merchandise Inventory balance, $17,760
b. July purchase of Merchandise Inventory, $4,200, paid in cash
c. July payments of Accounts Payable, $8,700
d. June 30 Accounts Payable balance, $10,500
e. June 30 Furniture and Fixtures balance, $34,200; Accumulated Depreciation balance, $29,860
f. June 30 total stockholders' equity balance, $27,850
g. July Depreciation Expense, $300
h. Cost of Goods Sold, 40% of sales
i. Other July expenses, including income tax, $6,000, paid in cash
j. June 30 Cash balance, $11,100
k. July budgeted sales on account, $12,500
l. June 30 Accounts Receivable balance $5,150
m. July cash receipts from payments on account, $14,600
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