Homework Answers
- The order of accounts: assets, liabilities, equity, income, and expenses.
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Account type Normal balance Asset Debit Liabilities Credit Equity Credit Income Credit Expense Debit
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2A-4. (Similar to problem 2A-2) Below are the accounts and balances for LILI Corporation as of...
Account Accounts payable Retained earnings Supplies expense Furniture Utility expense Cash Common stock Notes payable Rent...
Account Accounts payable Retained earnings Supplies expense Furniture Utility expense Cash Common stock Notes payable Rent expense Sales revenue Advertising expense Land Wage expense Dividends Prepaid expense Equipment Accounts receivable Balance $16,000 14,800 27,100 1,900 234.000 18.600 300,200 29,700 26,000 84,000 7,300 12,300 47,000 23,600 18,000 14,200 14,700 Required: Prepare the trial balance for LILI Corporation as of September 30, 20x1 in the order suggested in the text.
Problem 1-2A On August 31, the balance sheet of La Brava Veterinary Clinic showed Cash $9,000,...
Problem 1-2A On August 31, the balance sheet of La Brava Veterinary Clinic showed Cash $9,000, Accounts Receivable $1,700, Supplies 5600, Equipment $6,000, Accounts Payable $3,600, Common Stock $13,000, and Retained Earnings $700. During September, the following transactions occurred. 1. Paid $2,900 cash for accounts payable due. 2. Collected $1,300 of accounts receivable. 3. Purchased additional equipment for $2,100, paying $800 in cash and the balance on account. 4. Recognized revenue of $7,300, of which $2,500 is collected in cash...
Selected transactions for Crane Corporation during September 2018, its first month in business, are presented below:...
Selected transactions for Crane Corporation during September 2018, its first month in business, are presented below: Sept. 1 Issued common shares in exchange for $18,000 cash. 2 Paid $1,600 cash for rent for the month of September. 5 Purchased equipment for $9,800, paying $1,800 in cash and the balance on account. 8 Earned $7,300 in revenue, receiving $900 cash and $6,400 on account of services provided. 12 Incurred $600 in advertising expense on account. 20 Paid $3,000 for repairs and...
PLSSSSSSSSSSSSSSSS HELPPPPPPPPPPPP Problem 3-2A (Part Level Submission) The Concord Corporation opened for business on May 1,...
PLSSSSSSSSSSSSSSSS HELPPPPPPPPPPPP
Problem 3-2A (Part Level Submission) The Concord Corporation opened for business on May 1, 2019. Its trial balance before adjustment on May 31 is as follows Concord Corporation Trial Balance May 31, 2019 Debit Account Number 101 126 130 140 141 149 201 208 275 311 429 610 726 732 Credit 3,500 2,150 1,800 12,000 58,800 15,600 Cash Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Rent Revenue Advertising Expense Salaries...
Assignment > Open Assignment ASSIGNMENT RESOURCES Problem 1-2A Copy of Chapter 1 problem Problem 1-1A Problem...
Assignment > Open Assignment ASSIGNMENT RESOURCES Problem 1-2A Copy of Chapter 1 problem Problem 1-1A Problem 1-2A On August 31, the balance sheet of La Brava Veterinary Clinic showed Cash $9,000, Accounts Receivable $1,700, Supplies $600, Ea occurred. Paid $2,900 cash for accounts payable due. Collected $1,300 of accounts receivable. 1. Review Score Review Results by Study Objective 2. Purchased additional equipment for $2,100, paying $800 in cash and the balance on account. Recognized revenue of $7,300, of which $2,500...
Problem 2-6B Prepare a trial balance (LO2-6) Below are account balances of Ducks Company at the...
Problem 2-6B Prepare a trial balance (LO2-6) Below are account balances of Ducks Company at the end of September Balances $ 12,000 3,000 Accounts Balances Accounts Cash $20,000 Retained Earnings Accounts Receivable 13,000 Dividends Supplies 6,000 Service Revenue Prepaid Insurance 4,000 Salaries Expense Equipment 23,000 Insurance Expense Accounts Payable 6,000 Advertising Expense Salaries Payable 3,000 Supplies Expense Utilities Payable 1,000 Entertainment Expense Deferred Revenue 8,000 Utilities Expense Common Stock 24,000 8,000 7,000 1,000 9,000 5,000 1,000 Required: Prepare a trial...
Problem 2-13 Worksheet [Appendix 2A] Excalibur Corporation sells video games for personal computers. The unadjusted trial...
Problem 2-13 Worksheet [Appendix 2A] Excalibur Corporation sells video games for personal computers. The unadjusted trial balance as of December 31, 2018 appears below. December 31 is the company's fiscal year-end. The company uses the perpetual inventory system. Cash Accounts receivable Supplies Prepaid rent Inventory office equipment Accumulated depreciation- office equipment Accounts payable Salaries and wages payable Note payable Common stock Retained earnings Sales revenue Cost of goods sold Interest expense Salaries and wage expense Rent expense Supplies expense Utility...
4A-6. (Similar to problem 4A-5) Below is the adjusted trial balance for JUPITER Incorporated: JUPITER INCORPORATED...
4A-6. (Similar to problem 4A-5) Below is the adjusted trial balance for JUPITER Incorporated: JUPITER INCORPORATED Adjusted Trial Balance September 1, 20x1 Credit Balances Debit Balances $7,000 $13,300 $3,600 $22.900 | I Account Names Cash Accounts receivable Office supplies Equipment Accumulated depreciation - equipment Salaries payable Interest payable Unearned rent revenue Common stock Retained earnings Rent revenue Supplies expense Salary expense Interest expense Depreciation expense - equipment Totals $3,300 $12,300 $6.600 $8,300 $3,300 17,900 $6,900 $2,600 $4,100 $3,400 $1,700 $58,600...
income statement statement of changes in equity statement of financial position These accounts and balances are...
income statement
statement of changes in equity
statement of financial position
These accounts and balances are taken from the financial statements of Sarasota Corporation for the year ended December 31, 2022 Retained earnings, January 1 Utilities expense Equipment Accounts payable Income tax payable Cash Salaries payable Common shares, January 1 Dividends declared Service revenue Prepaid insurance Repair and maintenance expense Depreciation expense Accounts receivable Insurance expense Salaries expense Income tax expense Accumulated depreciation-equipment $25,000 1,300 81,000 19,200 4.700 12,400 3,000...
The following is the ending balances of accounts at December 31, 2021, for the Velectronics Corporation....
The following is the ending balances of accounts at December 31, 2021, for the Velectronics Corporation. Account Title Debits Credits Cash 81,000 Short-term investments 196,000 Accounts receivable 137,000 Long-term investments 42,000 Inventory 222,000 Receivables from employees 47,000 Prepaid expenses (for 2022) 23,000 Land 287,000 Building 1,620,000 Equipment 644,000 Patent (net) 159,000 Franchise (net) 47,000 Notes receivable 285,000 Interest receivable 19,000 Accumulated depreciation—building 627,000 Accumulated depreciation—equipment 217,000 Accounts payable 196,000 Dividends payable (payable on 1/16/2022) 17,000 Interest payable 23,000 Income Taxes...
Account Accounts payable Retained earnings Supplies expense Furniture Utility expense Cash Common stock Notes payable Rent expense Sales revenue Advertising expense Land Wage expense Dividends Prepaid expense Equipment Accounts receivable Balance $16,000 14,800 27,100 1,900 234.000 18.600 300,200 29,700 26,000 84,000 7,300 12,300 47,000 23,600 18,000 14,200 14,700 Required: Prepare the trial balance for LILI Corporation as of September 30, 20x1 in the order suggested in the text.
Problem 1-2A On August 31, the balance sheet of La Brava Veterinary Clinic showed Cash $9,000, Accounts Receivable $1,700, Supplies 5600, Equipment $6,000, Accounts Payable $3,600, Common Stock $13,000, and Retained Earnings $700. During September, the following transactions occurred. 1. Paid $2,900 cash for accounts payable due. 2. Collected $1,300 of accounts receivable. 3. Purchased additional equipment for $2,100, paying $800 in cash and the balance on account. 4. Recognized revenue of $7,300, of which $2,500 is collected in cash...
Selected transactions for Crane Corporation during September 2018, its first month in business, are presented below: Sept. 1 Issued common shares in exchange for $18,000 cash. 2 Paid $1,600 cash for rent for the month of September. 5 Purchased equipment for $9,800, paying $1,800 in cash and the balance on account. 8 Earned $7,300 in revenue, receiving $900 cash and $6,400 on account of services provided. 12 Incurred $600 in advertising expense on account. 20 Paid $3,000 for repairs and...
PLSSSSSSSSSSSSSSSS HELPPPPPPPPPPPP
Problem 3-2A (Part Level Submission) The Concord Corporation opened for business on May 1, 2019. Its trial balance before adjustment on May 31 is as follows Concord Corporation Trial Balance May 31, 2019 Debit Account Number 101 126 130 140 141 149 201 208 275 311 429 610 726 732 Credit 3,500 2,150 1,800 12,000 58,800 15,600 Cash Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Rent Revenue Advertising Expense Salaries...
Assignment > Open Assignment ASSIGNMENT RESOURCES Problem 1-2A Copy of Chapter 1 problem Problem 1-1A Problem 1-2A On August 31, the balance sheet of La Brava Veterinary Clinic showed Cash $9,000, Accounts Receivable $1,700, Supplies $600, Ea occurred. Paid $2,900 cash for accounts payable due. Collected $1,300 of accounts receivable. 1. Review Score Review Results by Study Objective 2. Purchased additional equipment for $2,100, paying $800 in cash and the balance on account. Recognized revenue of $7,300, of which $2,500...
Problem 2-6B Prepare a trial balance (LO2-6) Below are account balances of Ducks Company at the end of September Balances $ 12,000 3,000 Accounts Balances Accounts Cash $20,000 Retained Earnings Accounts Receivable 13,000 Dividends Supplies 6,000 Service Revenue Prepaid Insurance 4,000 Salaries Expense Equipment 23,000 Insurance Expense Accounts Payable 6,000 Advertising Expense Salaries Payable 3,000 Supplies Expense Utilities Payable 1,000 Entertainment Expense Deferred Revenue 8,000 Utilities Expense Common Stock 24,000 8,000 7,000 1,000 9,000 5,000 1,000 Required: Prepare a trial...
Problem 2-13 Worksheet [Appendix 2A] Excalibur Corporation sells video games for personal computers. The unadjusted trial balance as of December 31, 2018 appears below. December 31 is the company's fiscal year-end. The company uses the perpetual inventory system. Cash Accounts receivable Supplies Prepaid rent Inventory office equipment Accumulated depreciation- office equipment Accounts payable Salaries and wages payable Note payable Common stock Retained earnings Sales revenue Cost of goods sold Interest expense Salaries and wage expense Rent expense Supplies expense Utility...
4A-6. (Similar to problem 4A-5) Below is the adjusted trial balance for JUPITER Incorporated: JUPITER INCORPORATED Adjusted Trial Balance September 1, 20x1 Credit Balances Debit Balances $7,000 $13,300 $3,600 $22.900 | I Account Names Cash Accounts receivable Office supplies Equipment Accumulated depreciation - equipment Salaries payable Interest payable Unearned rent revenue Common stock Retained earnings Rent revenue Supplies expense Salary expense Interest expense Depreciation expense - equipment Totals $3,300 $12,300 $6.600 $8,300 $3,300 17,900 $6,900 $2,600 $4,100 $3,400 $1,700 $58,600...
income statement
statement of changes in equity
statement of financial position
These accounts and balances are taken from the financial statements of Sarasota Corporation for the year ended December 31, 2022 Retained earnings, January 1 Utilities expense Equipment Accounts payable Income tax payable Cash Salaries payable Common shares, January 1 Dividends declared Service revenue Prepaid insurance Repair and maintenance expense Depreciation expense Accounts receivable Insurance expense Salaries expense Income tax expense Accumulated depreciation-equipment $25,000 1,300 81,000 19,200 4.700 12,400 3,000...
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