a) For each of the following t-accounts, calculate the missing amount and enter it in the...

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a) For each of the following t-accounts, calculate the missing amount and enter it in the...

a) For each of the following t-accounts, calculate the missing amount and enter it in the space provided. Assume that the beginning and ending balances are on the normal side of the account; that is, the side on which the balance increases.

Service Fee Revenue
			3/1	Beginning balance	6,000
			3/6	Transaction A	3,000
3/28	Transaction C	?	3/22	Transaction B	3,500
				Ending balance	10,500

b) For each of the following t-accounts, calculate the missing amount and enter it in the space provided. Assume that the beginning and ending balances are on the normal side of the account; that is, the side on which the balance increases.

Cash
1/1	Beginning balance	?	1/16	Transaction C	4,500
1/3	Transaction A	2,500	1/20	Transaction D	2,200
1/15	Transaction B	4,000	1/29	Transaction F	3,500
1/28	Transaction E	3,400
	Ending balance	9,800

c) For each of the following t-accounts, calculate the missing amount and enter it in the space provided. Assume that the beginning and ending balances are on the normal side of the account; that is, the side on which the balance increases.

Accounts Payable
6/4	Transaction A	1,500	6/1	Beginning balance	3,000
6/8	Transaction C	2,000	6/6	Transaction B	?
			6/29	Transaction D	3,400
				Ending balance	6,700

d) For each of the following t-accounts, calculate the missing amount and enter it in the space provided.

Inventory
4/1	Beginning balance	40,000	4/9	Transaction A	8,000
4/15	Transaction B	5,000	4/28	Transaction C	25,000

	Ending balance	?

e) For each of the following t-accounts, calculate the missing amount and enter it in the space provided.

Taxes Payable
			2/1	Beginning balance	30,000
			2/6	Transaction A	25,000
2/28	Transaction C	?	2/22	Transaction B	3,500
				Ending balance	40,500

business accounting

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Answer 1

Answer #1

Part A

Transaction C = beginning balance + Transaction A + Transaction B – ending balance = 6000+3000+3500-10500 = $2000

Part B

Beginning balance = ending balance + Transaction C + Transaction D + Transaction F - Transaction A - Transaction B - Transaction E = 9800+4500+2200+3500-2500-4000-3400 = $10100

Part C

Transaction B = ending balance+ Transaction A + Transaction C - Beginning balance - Transaction D = 6700+1500+2000-3000-3400 = $3800

Part D

Ending balance = Beginning balance+Transaction B-Transaction A - Transaction C = 40000+5000-8000-25000 = $12000

Part E

Transaction C = beginning balance + Transaction A + Transaction B – ending balance = 30000+25000+3500-40500 = $18000

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Answer 2

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