Homework Answers
In the trial balance, either assets or expenses have a debit balance. Liabilities, Revenues and Common stock have credit balance in general
So, as per above discussion, option C ( assuming dividend paid ) is the correct option
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On the trial balance, which account balances should be listed in the debit column? A. Liabilities,...
Identify the accounts that would normally have balances in the debit column of a business's trial...
Identify the accounts that would normally have balances in the debit column of a business's trial balance. Multiple Choice Revenues and expenses. Assets and revenues. Liabilities and dividends. Liabilities and expenses. Assets and expenses.
Test: Exam - Chapter 02 This Question: 2 pts 23 of 25 (15 complete) On the...
Test: Exam - Chapter 02 This Question: 2 pts 23 of 25 (15 complete) On the trial balance, which account balances should be listed in the credit column? O A. Assets, Retained Earnings, and Expenses O B. Liabilities, Common Stock, and Expenses C. Liabilities, Retained Earnings, and Revenues OD. Assets, Dividends, and Expenses W O creas Che 20XX md credit - Cheg- Click to select your answer. Ow all X
Which of the following correctly identifies normal balances of accounts? Assets Debit Credit Credit Liabilities Common...
Which of the following correctly identifies normal balances of accounts? Assets Debit Credit Credit Liabilities Common Stock Revenues Expenses Credit Credit Debit Assets Liabilities Common Stock Revenues Expenses Credit Credit Credit Debit Assets Credit Debit Debit Liabilities Common Stock Revenues Expenses Credit Debit Debit Credit Assets Liabilities Common Stock Revenues Expenses Credit Debit Credit
The following account balances were listed on the trial balance of Huan Company at the end...
The following account balances were listed on the trial balance of Huan Company at the end of the period: Account Balance Accounts Payable $ 30,600 Cash ? Common Stock 30,000 Equipment 13,500 Land 45,000 Notes Payable 60,000 What is the correct balance in the cash account? $57,900 O $31,500 $2,100 O $62,100 Question 8 1 pts The following entry appears in Sterling Company's general journal on October 1, 2019: Supplies 26,000 Accounts Payable 20,000 Cash 6,000 Before the journal entry...
HELP! The trial balance for K and J Nursery, Inc., listed the following account balances at...
HELP! The trial balance for K and J Nursery, Inc., listed the
following account balances at December 31, 2021, the end of its
fiscal year: cash, $27,000; accounts receivable, $22,000;
inventory, $36,000; equipment (net), $91,000; accounts payable,
$25,000; salaries payable, $10,500; interest payable, $6,500; notes
payable (due in 18 months), $41,000; common stock, $72,000. Prepare
a classified balance sheet for K and J Nursery, Inc. The equipment
originally cost $170,000. (Amounts to be deducted should be
indicated by a minus...
Which of the following statements about the unadjusted trial balance is not correct?
Which of the following statements about the unadjusted trial balance is not correct? You can assume that no errors were made In the recording of transactions if total debits equal total credits on the unadjusted trial balance A trial balance shows the ending balances obtained from the ledger Isted in either the debit or credit column. A trial balance lists every account name in one column, usually, in the order of assets, liabilities, stockholders' equity, revenues, and expenses A trial balance is an internal...
The following are the current month's balances for ABC Financial Services, Inc. before preparing the trial...
The following are the current month's balances for ABC Financial Services, Inc. before preparing the trial balance. Accounts Payable Revenue Cash Expenses Furniture Accounts Receivable Common Stock Notes Payable $10,000 5,000 4,000 16,500 11,000 11,000 7,500 What amount should be shown for Common Stock on the trial balance? Which of the following statements is true of a trial balance? O A. A trial balance has the same format as a balance sheet. OB. A trial balance is prepared after the...
HELP! The trial balance for K and J Nursery, Inc., listed the following account balances at...
HELP! The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2021, the end of its fiscal year: cash, $22,000; accounts receivable, $17,000; inventory, $31,000; equipment (net), $86,000; accounts payable, $20,000; salaries payable, $8,000; interest payable, $4,000; notes payable (due in 18 months), $36,000; common stock, $62,000. Calculate total current assets and total current liabilities that would appear in the company's year-end balance sheet.
Using the unadjusted trial balance, calculate the total assets, liabilities
Using the unadjusted trial balance, calculate the total assets,
liabilities, common stock, dividends, revenues, and expenses. Enter
those amounts in the expanded accounting equation.
Use the following Adjusted Trial Balance to determine the Total Current Liabilities: Account Debit Credit Accounts...
Use the following Adjusted Trial Balance to determine the Total Current Liabilities: Account Debit Credit Accounts Payable Accounts Receivable Accumulated Depreciation Building Cash Common Stock Dividends Interest Revenue Land Mortgage Payable Notes Payable Prepaid Expenses Salaries Expense Salaries Payable Service Revenue Unearned Revenue Wage Expense 120 Adjusted Trial Balance Total 1,830 1,830 Notes: Interest Revenue relates to a loan extended by our company to another company - Mortgage Payable will be repaid in five (5) years - Notes Payable will...
Test: Exam - Chapter 02 This Question: 2 pts 23 of 25 (15 complete) On the trial balance, which account balances should be listed in the credit column? O A. Assets, Retained Earnings, and Expenses O B. Liabilities, Common Stock, and Expenses C. Liabilities, Retained Earnings, and Revenues OD. Assets, Dividends, and Expenses W O creas Che 20XX md credit - Cheg- Click to select your answer. Ow all X
Which of the following correctly identifies normal balances of accounts? Assets Debit Credit Credit Liabilities Common Stock Revenues Expenses Credit Credit Debit Assets Liabilities Common Stock Revenues Expenses Credit Credit Credit Debit Assets Credit Debit Debit Liabilities Common Stock Revenues Expenses Credit Debit Debit Credit Assets Liabilities Common Stock Revenues Expenses Credit Debit Credit
The following account balances were listed on the trial balance of Huan Company at the end of the period: Account Balance Accounts Payable $ 30,600 Cash ? Common Stock 30,000 Equipment 13,500 Land 45,000 Notes Payable 60,000 What is the correct balance in the cash account? $57,900 O $31,500 $2,100 O $62,100 Question 8 1 pts The following entry appears in Sterling Company's general journal on October 1, 2019: Supplies 26,000 Accounts Payable 20,000 Cash 6,000 Before the journal entry...
HELP! The trial balance for K and J Nursery, Inc., listed the
following account balances at December 31, 2021, the end of its
fiscal year: cash, $27,000; accounts receivable, $22,000;
inventory, $36,000; equipment (net), $91,000; accounts payable,
$25,000; salaries payable, $10,500; interest payable, $6,500; notes
payable (due in 18 months), $41,000; common stock, $72,000. Prepare
a classified balance sheet for K and J Nursery, Inc. The equipment
originally cost $170,000. (Amounts to be deducted should be
indicated by a minus...
The following are the current month's balances for ABC Financial Services, Inc. before preparing the trial balance. Accounts Payable Revenue Cash Expenses Furniture Accounts Receivable Common Stock Notes Payable $10,000 5,000 4,000 16,500 11,000 11,000 7,500 What amount should be shown for Common Stock on the trial balance? Which of the following statements is true of a trial balance? O A. A trial balance has the same format as a balance sheet. OB. A trial balance is prepared after the...
Using the unadjusted trial balance, calculate the total assets,
liabilities, common stock, dividends, revenues, and expenses. Enter
those amounts in the expanded accounting equation.
Use the following Adjusted Trial Balance to determine the Total Current Liabilities: Account Debit Credit Accounts Payable Accounts Receivable Accumulated Depreciation Building Cash Common Stock Dividends Interest Revenue Land Mortgage Payable Notes Payable Prepaid Expenses Salaries Expense Salaries Payable Service Revenue Unearned Revenue Wage Expense 120 Adjusted Trial Balance Total 1,830 1,830 Notes: Interest Revenue relates to a loan extended by our company to another company - Mortgage Payable will be repaid in five (5) years - Notes Payable will...
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