Homework Answers
Calculation of Retained earnings :
| Particulars | Amount ($) | ||
| Balance at beginning of April | 13,000.00 | ||
| 1 | Issue Common Stock | No Impact | |
| 2 | Services to Customer, on account | 8,500.00 | |
| 3 | Services to Customer, Cash | 3,200.00 | |
| 4 | Purchase of Equipment | No Impact | |
| 5 | Pay Rent for April | -1,100.00 | |
| 6 | Pay Employee Salary | -3,500.00 | |
| 7 | Pay dividends | -2,000.00 | |
| Closing balance of Retained Earnings | 18,100.00 |
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E2-5 At the beginning of April, Owl Corporation has a balance of $13,000 in the Retained...
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At the beginning of April, Owl Corporation has a balance of $12,900 in the Retained Earnings account. During the month of April, Owl had the following external transactions. 1. Issue common stock for cash, $10,000. 2. Provide services to customers on account, $8,400. 3. Provide services to customers in exchange for cash, $3,100. 4. Purchase equipment and pay cash, $7,500. 5. Pay rent for April, $1,200. 6. Pay employee salaries for April, $3,400. 7. Pay dividends to stockholders, $1,950. Required:...
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ment 21 4 Exercise 2-5A Understand the components of retained earnings (LO2-2) At the beginning of...
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Record transactions, post journal entries, prepare an unadjusted
and adjusted trial balance, prepare the income statement and
balance for the year ended dec 31, 2018, record closing entries and
prepare a post-closing trial balance
The following information applies to the questions displayed below.) The general ledger of Zips Storage at January 1, 2018, includes the following account balances: Credits Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Debits $ 24,600 15,400 12,000 148,000...
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