Question 5 Saira Morrow operates Dressage Riding Academy, Inc. The academy's primary sources of revenue are...
Question 10 Linda Morrow operates Oulumber Riding Academy, Inc. The academy's primary sources of revenue are riding fees and lesson fees, which are provided on a cash basis. Linda also boards horses for owners, who are billed monthly for boarding fees. In a few cases, boarders pay in advance of expected use. For its revenue transactions, the academy maintains these accounts: Cash, Accounts Receivable, Uneared Service Revenue, and Service Revenue The academy owns 10 horses, a stable, a riding corral,...
3. Using the unadjusted trial balance provided, create a classified Balance Sheet for Equilibrium Riding. Inc., for the year ended December 31. EQUILIBRIUM RIDING, INC. Balance Sheet At December 31 Assets Current Assets Cash $ 68,100 Total Current Assets 100 ( Total Assets $ 68,100 Liabilities Current Liabilities Accounts Payable Unearned Revenue N18 1181 Total Current Liabilities Notes Payable (long-term) 33,250 78,000 111,250 Stockholders' Equity Common Stock Retained Earnings 5,000 79,050 84,050 $ 195,300 Total Liabilities and Stockholders' Equity value:...
CHAPTER 3 Beginning the Accounting Cycle 97 Set B 3B- Jarad Stone operates Jarad's Cleaning Service. As the bookkeeper, you have L01 (30 min) been requested to journalize the following transactions: 201X Check Figur May 21 May Paid 2 months rent in advance, $12,000 6 Purchased cleaning equipment from Emery's Supply House for $6,000 on account. Dr. Advertising expense $300 12 Purchased cleaning supplies from Littleton's Wholesale for $1,000 cash. 14 Received $1,900 cash from cleaning fees earned. 20 Jarad...
The following accounts are taken from Kijijo Riding Corp., a company that specializes in occupational therapy and horseback lessons, as of December 31. Credits KIJIJO RIDING CORP. Unadjusted Trial Balance At December 31 Account Name Debits Cash $ 69,300 Accounts Receivable 6,550 Prepaid Insurance 7.250 Equipment 68,700 Land 29,250 Accounts Payable Deferred Revenue Notes Payable (long-term) Common Stock Retained Earnings Dividends Service Revenue Salaries and wages Expense 6,450 Repairs and Maintenance Expense office Expenses 635 Totale 5188,595 $ 33,600 1,850...
The following accounts are taken from Kijijo Riding Corp., a company that speciali lessons, as of December 31. Credits ces KIJIJO RIDING CORP. Unadjusted Trial Balance At December 31 Account Name Debits Cash $ 69,600 Accounts Receivable 5,200 Prepaid Insurance 5,000 Equipment 78,750 Land 26,550 Accounts Payable Deferred Revenue Notes Payable (long-term) Common Stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense 4,800 Repairs and Maintenance Expense 830 Office Expenses 285 Totals $191,015 $ 32,600 2,100 66,000 5,000 51,815...
The following accounts are taken from Kijijo Riding Corp., a company that specializes in occupational therapy and horseback riding lessons, as of December 31 KÍJİJO RIDING CORP. Unadjusted Trial Balance At December 31 Debits $65,600 7,050 8,450 73,350 25,950 Credits Account Name Cash Accounts Receivable Prepaid Insurance Equipment Land Accounts Payable Deferred Revenue Notes Payable (long-term) Common Stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense Repairs and Maintenance Expense Office Expenses Totals 33,700 1,400 61,000 5,000 54,045 30,500...
8. The following transactions occurred during the month for Teresa Parker, CPA: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Joumalize the transactions and then post the joumal entries to the four-column accounts. Keep a running balance in each account. Assume the journal entries are recorded on page 10 of the joumal. (Record debits first, the credits. Exclude explanations from journal entries.) Begin by journalizing the transactions. June 1: Parker opened an accounting firm by contributing...
The following trial balance of Nate Maland Tutoring Service as of May 31, 2024, does not balance. (Click the icon to view the trial balance.) Investigation of the accounting records reveals that the bookkeeper: AlClick the icon to view the investigation results.) Prepare the corrected trial balance as of May 31, 2024, complete with a heading, journal entries are not required. Nate Maland Tutoring Service Trial Balance May 31, 2024 Balance Debit Credit Account Title Choose from any list or...
9. The accountant for Countryside Painting Specialists is having a hard time preparing the trial balance as of November 30, 2018: (Click the icon to view the trial balance.) Prepare the corrected trial balance as of November 30, 2018. Assume all amounts are correct and all accounts have normal balances. Countryside Painting Specialists Trial Balance November 30, 2018 Balance Debit Credit Account Title Total 550 Countryside Painting Specialists Trial Balance November 30, 2018 Balance Account Title Debit Credit Painting Equipment...
The transactions of Spade Company appear below. Kacy Spade, owner, invested $14,500 cash in the company in exchange for common stock. The company purchased office supplies for $421 cash. The company purchased $8,019 of office equipment on credit. The company received $1,711 cash as fees for services provided to a customer. The company paid $8,019 cash to settle the payable for the office equipment purchased in transaction c. The company billed a customer $3,074 as fees for services provided. The...