Identify effects on Accounting equation as follows:
Trn | Assets | = | Liabilities | + | Stockholders' Equity |
a | Increase | Increase | |||
b | Increase | ||||
Decrease | |||||
c | Increase | Increase | |||
d | Decrease | Decrease | |||
e | Increase | Increase | |||
f | Decrease | Decrease | |||
g | Increase | Increase | |||
h | Decrease | Decrease | |||
i | Decrease | Decrease |
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Prepare journal entries as follows:
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Prepare T-Accounts as follows:
Cash | |||
a | $45,000 | b | $18,710 |
c | $112,880 | d | $87,300 |
e | $20,000 | f | $10,200 |
h | $1,200 | ||
i | $3,250 | ||
End. Bal. | $57,220 | ||
Common stock | |||
a | $45,000 | ||
End. Bal. | $45,000 | ||
Office Equipment | |||
b | $18,710 | ||
End. Bal. | $18,710 | ||
Service revenue | |||
c | $112,880 | ||
End. Bal. | $112,880 | ||
Note payable | |||
e | $20,000 | ||
End. Bal. | $20,000 | ||
Office Rent Expense | |||
f | $10,200 | ||
End. Bal. | $10,200 | ||
Office Supplies | |||
g | $2,120 | ||
End. Bal. | $2,120 | ||
Accounts payable | |||
h | $1,200 | g | $2,120 |
End. Bal. | $920 | ||
Utility Expense | |||
i | $3,250 | ||
End. Bal. | $3,250 | ||
Wage Expense | |||
d | $87,300 | ||
End. Bal. | $87,300 |
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Prepare Adjusted Trial balance as follows:
Adjusted Trail balance | ||
Debit | Credit | |
Cash | $57,220 | |
Office supplies | $2,120 | |
Office Equipment | $18,710 | |
Office rent Expense | $10,200 | |
Utility Expense | $3,250 | |
Wage Expense | $87,300 | |
Service revenue | $112,880 | |
Account payable | $920 | |
Note payable | $20,000 | |
Common stock | $45,000 | |
Total | $178,800 | $178,800 |
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