Homework Answers
1. The balance of $6700 in office equipment account being entered on trial balance as debit $750
2. $ 16700
3. Profit margin= net income/ Sales
6980000/15000000*100=46.5%
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At year-end, a trial balance showed total credits exceeding total debits by $5,950. This difference could...
A trial balance taken at year-end showed total debits exceed total credits by 5,000 This descrepancy...
A trial balance taken at year-end showed total debits exceed total credits by 5,000 This descrepancy could have been caused by: a. An error in the general journal where a 2,500 increase in accounts receivable was recorded as a 2,500 increase in cash instead. b. A net loss of 2,500. C. The balance of 25,000 in accounts payable being entered in the trial balance as 2,500. d. The balance of 7,500 in accounts payable being entered in the trial balance...
Joe Jackson opened Jackson's Repairs on March 1 of the current year. During March, the following...
Joe Jackson opened Jackson's Repairs on March 1 of the current year. During March, the following transactions occurred and were recorded in the company's books 1. Jackson invested $27,000 cash in the business in exchange for common stock 2. Jackson contributed $102,000 of equipment to the business. 3. The company paid $2.200 cash to rent office space for the month of March. 4. The company received $18,000 cash for repair services provided during March. 5. The company paid $6.400 for...
Joe Jackson opened Jackson's Repairs on March 1 of the current year. During March, the following...
Joe Jackson opened Jackson's Repairs on March 1 of the current year. During March, the following transactions occurred and were recorded in the company's books: Jackson invested $43,000 cash in the business. Jackson contributed $118,000 of equipment to the business. The company paid $3,800 cash to rent office space for the month of March. The company received $34,000 cash for repair services provided during March. The company paid $8,000 for salaries for the month of March. The company provided $4,800...
Jaxson McCormick opened McCormick’s Repairs on March 1 of the current year. During March, the following...
Jaxson McCormick opened McCormick’s Repairs on March 1 of the current year. During March, the following transactions occurred and were recorded in the company's books: McCormick’s invested $28,000 cash in the business in exchange for common stock. McCormick’s contributed $103,000 of equipment to the business. The company paid $2,300 cash to rent office space for the month of March. The company received $19,000 cash for repair services provided during March. The company paid $6,500 for salaries for the month of...
The following is a December 31, 2021, post-closing trial balance for the Jackson Corporation. Credits Debits...
The following is a December 31, 2021, post-closing trial balance for the Jackson Corporation. Credits Debits $ 44,000 38,000 79,000 20,000 14,000 165,000 $ 15,000 Account Title Cash Accounts receivable Inventory Prepaid rent (for the next 8 months) Investment in equity securities (short term) Machinery Accumulated depreciation Patent (net) Accounts payable Salaries payable Income taxes payable Bonds payable (due in 10 years) Common stock Retained earnings Totals 83,000 10,000 6,000 36,000 180,000 140,000 56,000 $443,000 3,000 Required: Prepare a classified...
create a Trial balance and Ledger During its first month of operation, the Bethany's Bicycle Corporation,...
create a Trial balance and Ledger
During its first month of operation, the Bethany's Bicycle Corporation, which specializes in bicycle repairs, completed the following transactions. Date March 1 March 1 March 1 March 3 March Transactions Transaction Description Began business by making a deposit in a company bank! account of $20,000, in exchange for 2,000 shares of $10 par value common stock. Paid the premium on a 1-year insurance policy. $2,400. Paid the current month's store rent expense, $1,900. Purchased...
please create a Trial balance and Ledger with all the steps thank you please create a...
please create a Trial balance and Ledger with all the steps thank
you
please create a Ledger and trial balance bases on the info
Close 2/3 Media During its month of operation the During its first month of operation, the Bethany's Bicycle Corporation, which specializes in bicycle repairs, completed the following transaction Date March March 1 March 3 March Transactions Transaction Description Began business by making a deposit in a company bank Account of $20.000. In exchange for 2.000 shares...
Which of the following statements are true? Multiple Choice If the trial balance is in balance,...
Which of the following statements are true? Multiple Choice If the trial balance is in balance, it proves that no errors have been made in recording and posting transactions The trial balance is a book of original entry. The trial balance is another name for the balance sheet as long as debits balance with credits. Another name for trial balance is chart of accounts. The trial balance is a list of all accounts from the ledger with their balances at...
Broadway, Inc.'s trial balance was in balance at the end of the period and showed the...
Broadway, Inc.'s trial balance was in balance at the end of the period and showed the following accounts: Account Accounts Payable Cash Common Stock Equipment Land Notes Payable Balance $26,000 44,200 21,400 10,400 39,800 47,000 What is the balance of the credit column on Broadway's trial balance? Multiple Choice < Prev 3 of 5 Next > $193,000. $68,400. оооо 573 ооо. $73,000. $94,400. < Prev 305 !! Next >
Wiley Hill opened Hill's Repairs on March 1 of the current year. During March, the following...
Wiley Hill opened Hill's Repairs on March 1 of the current year. During March, the following transactions occurred and were recorded in the company's books: 1. Wiley, the sole stockholder, invested $37.000 cash in the business in exchange for common stock 2 Wiley contributed $112.000 of equipment to the business in exchange for common stock 3. The company paid $3,200 cash to rent office space for the month of March. 4. The company received $28,000 cash for repair services provided...
A trial balance taken at year-end showed total debits exceed total credits by 5,000 This descrepancy could have been caused by: a. An error in the general journal where a 2,500 increase in accounts receivable was recorded as a 2,500 increase in cash instead. b. A net loss of 2,500. C. The balance of 25,000 in accounts payable being entered in the trial balance as 2,500. d. The balance of 7,500 in accounts payable being entered in the trial balance...
Joe Jackson opened Jackson's Repairs on March 1 of the current year. During March, the following transactions occurred and were recorded in the company's books 1. Jackson invested $27,000 cash in the business in exchange for common stock 2. Jackson contributed $102,000 of equipment to the business. 3. The company paid $2.200 cash to rent office space for the month of March. 4. The company received $18,000 cash for repair services provided during March. 5. The company paid $6.400 for...
The following is a December 31, 2021, post-closing trial balance for the Jackson Corporation. Credits Debits $ 44,000 38,000 79,000 20,000 14,000 165,000 $ 15,000 Account Title Cash Accounts receivable Inventory Prepaid rent (for the next 8 months) Investment in equity securities (short term) Machinery Accumulated depreciation Patent (net) Accounts payable Salaries payable Income taxes payable Bonds payable (due in 10 years) Common stock Retained earnings Totals 83,000 10,000 6,000 36,000 180,000 140,000 56,000 $443,000 3,000 Required: Prepare a classified...
create a Trial balance and Ledger
During its first month of operation, the Bethany's Bicycle Corporation, which specializes in bicycle repairs, completed the following transactions. Date March 1 March 1 March 1 March 3 March Transactions Transaction Description Began business by making a deposit in a company bank! account of $20,000, in exchange for 2,000 shares of $10 par value common stock. Paid the premium on a 1-year insurance policy. $2,400. Paid the current month's store rent expense, $1,900. Purchased...
please create a Trial balance and Ledger with all the steps thank
you
please create a Ledger and trial balance bases on the info
Close 2/3 Media During its month of operation the During its first month of operation, the Bethany's Bicycle Corporation, which specializes in bicycle repairs, completed the following transaction Date March March 1 March 3 March Transactions Transaction Description Began business by making a deposit in a company bank Account of $20.000. In exchange for 2.000 shares...
Which of the following statements are true? Multiple Choice If the trial balance is in balance, it proves that no errors have been made in recording and posting transactions The trial balance is a book of original entry. The trial balance is another name for the balance sheet as long as debits balance with credits. Another name for trial balance is chart of accounts. The trial balance is a list of all accounts from the ledger with their balances at...
Broadway, Inc.'s trial balance was in balance at the end of the period and showed the following accounts: Account Accounts Payable Cash Common Stock Equipment Land Notes Payable Balance $26,000 44,200 21,400 10,400 39,800 47,000 What is the balance of the credit column on Broadway's trial balance? Multiple Choice < Prev 3 of 5 Next > $193,000. $68,400. оооо 573 ооо. $73,000. $94,400. < Prev 305 !! Next >
Wiley Hill opened Hill's Repairs on March 1 of the current year. During March, the following transactions occurred and were recorded in the company's books: 1. Wiley, the sole stockholder, invested $37.000 cash in the business in exchange for common stock 2 Wiley contributed $112.000 of equipment to the business in exchange for common stock 3. The company paid $3,200 cash to rent office space for the month of March. 4. The company received $28,000 cash for repair services provided...
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