Homework Answers
T-Accounts or Leger Accounts:
| Cash | Accounts Receivable | |||||||
| Beg. Bal. | $4 | Beg. Bal. | $5 | |||||
| a. | $12 | $14 | b. | f. | $8 | $7 | h. | |
| c. | $4 | $4 | d. | |||||
| f. | $47 | $28 | g. | |||||
| h. | $7 | $10 | i. | |||||
| j. | $4 | |||||||
| End. Bal. | $22 | End. Bal. | $6 | |||||
| Supplies | Equipment | |||||||
| Beg. Bal. | $3 | Beg. Bal. | $7 | |||||
| e. | $9 | $7 | l. | b. | $14 | |||
| d. | $4 | |||||||
| End. Bal. | $5 | End. Bal. | $25 | |||||
| $3 + $9 - $5 = $7. | ||||||||
| Accumulated Depreciation | Software | |||||||
| Beg. Bal. | $0 | Beg. Bal. | $13 | |||||
| $1 | m. | |||||||
| End. Bal. | $1 | End. Bal. | $13 | |||||
| Accumulated Amortization | Accounts Payable | |||||||
| Beg. Bal. | $4 | Beg. Bal. | $8 | |||||
| $4 | k. | i. | $10 | $9 | e. | |||
| End. Bal. | $8 | End. Bal. | $7 | |||||
| Notes Payable (short-term) | Salaries and Wages Payable | |||||||
| Beg. Bal. | $0 | Beg. Bal. | $0 | |||||
| $12 | a. | $2 | o. | |||||
| End. Bal. | $12 | End. Bal. | $2 | |||||
| Interest Payable | Income Tax Payable | |||||||
| Beg. Bal. | $0 | Beg. Bal. | $0 | |||||
| $2 | n. | $7 | p. | |||||
| End. Bal. | $2 | End. Bal. | $7 | |||||
| Deferred Revenue | Common Stock | |||||||
| Beg. Bal. | $0 | Beg. Bal. | $15 | |||||
| $4 | j. | $4 | c. | |||||
| End. Bal. | $4 | End. Bal. | $19 | |||||
| Retained Earnings | Service Revenue | |||||||
| Beg. Bal. | $5 | Beg. Bal. | $0 | |||||
| $55 | f. | |||||||
| End. Bal. | $5 | End. Bal. | $55 | |||||
| Income Tax Expense | Interest Expense | |||||||
| Beg. Bal. | $0 | Beg. Bal. | $0 | |||||
| p. | $7 | n. | $2 | |||||
| End. Bal. | $7 | End. Bal. | $2 | |||||
| Depreciation Expense | Supplies Expenses | |||||||
| Beg. Bal. | $0 | Beg. Bal. | $0 | |||||
| m. | $1 | l. | $7 | |||||
| End. Bal. | $1 | End. Bal. | $7 | |||||
| Salaries and Wages Expense | Amoritization Expense | |||||||
| Beg. Bal. | $0 | Beg. Bal. | $0 | |||||
| g. | $28 | k. | $4 | |||||
| o. | $2 | |||||||
| End. Bal. | $30 | End. Bal. | $4 | |||||
| Note: As per the requirement, opening balance are shown in each T-Account (ledger account) along with posting of all the transactions including adjustments and calculating the ending balances but closing entries are not prepared as per the requirement. Hence, closing entries need to be passed in order to close all revenue accounts, all expenss accounts etc. | ||||||||
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