Homework Answers
| Trial Balance | ||
| Accounts | Debit | Credit |
| Cash | 1800 | |
| Accounts receivable | 2500 | |
| Supplies | 1100 | |
| Prepaid insurance | 1100 | |
| Buildings | 38000 | |
| Salary payable | 300 | |
| Accounts payable | 1350 | |
| Common stock | 18000 | |
| Retained earnings | 13750 | |
| Service revenue | 17800 | |
| Utilities expense | 2000 | |
| salaries expense | 4700 | |
| Total | $51200 | $51200 |
Note:- Shareholder's equity = Common stock + retained earnings
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Exercise 2-18 Prepare a trial balance (LO2-6) Below is the complete list of accounts of Cobras...
Exercise 2-17 Prepare a trial balance (LO2-6) Below is the complete list of accounts of Sooner...
Exercise 2-17 Prepare a trial balance (LO2-6) Below is the complete list of accounts of Sooner Company and the related balance at the end of April. A accounts have ther normal debit rcrediblance ash S 100% e d ent $6,600; Accounts Payable $3,500; Common Stock, $32,000; Service Revenue, $24,600; Salaries Expense, $7,400; Accounts Receivable, $5,300; Land, $52,000; Deferred Revenue, $1,900; Retained Earnings, $21,000; Supplies Expense, $8,600. Required Prepare a trial balance with the list of accounts in the following order:...
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...
Below is the complete list of accounts of a company and the related balance at the...
Below is the complete list of accounts of a company and the related balance at the end of April. All accounts have their normal debitor credit balance. Cash, $3,700; Prepaid Rent, $7.200; Accounts Payable $4,100; Common Stock, $38,000; Service Revenue, $25,200; Salaries Expense. $8,000; Accounts Receivable, $5,900; Land, $58,000; Deferred Revenue, $2,200, Retained Earnings. $22,500; Supplies Expense, $9,200. Required: Prepare a trial balance with the list of accounts in the following order: assets, liabilities, stockholders' equity, revenues, and expenses. Trial...
Exercise 3-18 Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) Laker Incorporated's fiscal...
Exercise 3-18 Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) Laker Incorporated's fiscal year-end is December 31, 2018. The following is an adjusted trial balance as of December 31 Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense Credit Debit 10,500 31,500 22,500 $ 1,500 15,000 32,500 2,500 55,500 18,500 11,500 8,500 6,500 Totals $112,000 112,000 1. Prepare the necessary closing entries....
Question 7 Prepare a corrected trial balance for Pharoah Company. All accounts should have a normal...
Question 7 Prepare a corrected trial balance for Pharoah Company. All accounts should have a normal balance. Pharoah Company Trial Balance For the Quarter Ended March 31, 2022 Debit Credit Cash $29,400 Accounts Receivable $34,600 Prepaid Insurance 3,500 Equipment 58,000 Accounts Payable 15,800 Unearned Service Revenue 11,000 Notes Payable 18,000 Common Stock 28,000 Retained Earnings 21,300 Dividends 1,700 Service Revenue 63,000 Salaries and Wages Expense 13,900 Utilities Expense 4,600 Rent Expense 11,400 $153,100 $161,100 Pharoah Company Trial Balance Pharoah Company...
Below you will find an adjusted trial balance. Trial Balance Accounts Debit Credit Cash 34,000 Accounts...
Below you will find an adjusted trial balance. Trial Balance Accounts Debit Credit Cash 34,000 Accounts Receivable 15,000 23,000 100,000 40,000 6,000 Inventory Equipment Accumulated Depr. Accounts Payable Notes Payable Common Stoo's Retained Earnings Dividends 70,000 10,000 32,000 4,000 Service Revenue 110,000 Sales Revenue 215,000 Interest Revenue 2,000 Cost of Goods Sold 155,000 Salaries Expense 80,000 Tax Expense 30.000 80,000 30,000 Salaries Expense Tax Expense Interest Expense Utilities Expense Supplies Expense 8,000 25,000 11,000 Totals 485,000 485,000 Prepare the closing...
Below is the complete list of accounts of Sooner Company and the related balance at the...
Below is the complete list of accounts of Sooner Company and the related balance at the end of April. All accounts have their normal debit or credit balance. Cash, $3,400; Prepaid Rent, $6,900; Accounts Payable $3,800; Common Stock, $35,000; Service Revenue, $24,900; Salaries Expense, $7,700; Accounts Receivable, $5,600; Land, $55,000; Deferred Revenue, $2,050; Retained Earnings, $21,750; Supplies Expense, $8,900. Required: Prepare a trial balance with the list of accounts in the following order: assets, liabilities, stockholders' equity, revenues, and expenses....
Brief Exercise 3-20 Prepare a post-closing trial balance (LO3-7) The year-end adjusted trial balance of Hilltoppers...
Brief Exercise 3-20 Prepare a post-closing trial balance (LO3-7) The year-end adjusted trial balance of Hilltoppers Corporation included the following account balances: Cash, $3,800; Equipment, $15,800; Accounts Payable, $1,800; Common Stock, $10,000; Retained Earnings, $6,600; Dividends, $1,000; Service Revenue, $14,800; Salaries Expense, $9,800; and Utilities Expense, $2,800. Prepare the post-closing trial balance. HILLTOPPERS CORPORATION Post-Closing Trial Balance Accounts Debit Credit Cash Equipment Accounts Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Utilities Expense Totals $ 0 $ 0
list of accounts Sandhill Company had the following adjusted trial balance. $3,840 Sandhill Company Adjusted Trial...
list of accounts
Sandhill Company had the following adjusted trial balance. $3,840 Sandhill Company Adjusted Trial Balance For the Month Ended June 30, 2020 Adjusted Trial Balance Account Titles Debit Credit Cash Accounts Receivable 4,070 Supplies 400 Accounts Payable $1,700 Unearned Service Revenue 190 Owner's Capital 3,900 Owner's Drawings Service Revenue 5,920 Salaries and Wages Expense 1,300 Miscellaneous Expense 200 Supplies Expense 1,930 Salaries and Wages Payable 540 $12,250 $12,250 510 Prepare closing entries at June 30, 2020. (Credit account...
Problem 2-9 (Algo) Accounting cycle; unadjusted trial balance through closing [LO2-4, 2-6, 2-8] The unadjusted trial...
Problem 2-9 (Algo) Accounting cycle; unadjusted trial balance through closing [LO2-4, 2-6, 2-8] The unadjusted trial balance as of December 31, 2021, for the Bagley Consulting Company appears below. December 31 is the company’s reporting year-end. Account Title Debits Credits Cash 15,050 Accounts receivable 6,750 Prepaid insurance 2,700 Land 190,000 Buildings 47,500 Accumulated depreciation—buildings 19,000 Office equipment 81,000 Accumulated depreciation—office equipment 32,400 Accounts payable 27,450 Salaries payable 0 Deferred rent revenue 0 Common stock 200,000 Retained earnings 45,150 Service revenue...
Exercise 2-17 Prepare a trial balance (LO2-6) Below is the complete list of accounts of Sooner Company and the related balance at the end of April. A accounts have ther normal debit rcrediblance ash S 100% e d ent $6,600; Accounts Payable $3,500; Common Stock, $32,000; Service Revenue, $24,600; Salaries Expense, $7,400; Accounts Receivable, $5,300; Land, $52,000; Deferred Revenue, $1,900; Retained Earnings, $21,000; Supplies Expense, $8,600. Required Prepare a trial balance with the list of accounts in the following order:...
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...
Below is the complete list of accounts of a company and the related balance at the end of April. All accounts have their normal debitor credit balance. Cash, $3,700; Prepaid Rent, $7.200; Accounts Payable $4,100; Common Stock, $38,000; Service Revenue, $25,200; Salaries Expense. $8,000; Accounts Receivable, $5,900; Land, $58,000; Deferred Revenue, $2,200, Retained Earnings. $22,500; Supplies Expense, $9,200. Required: Prepare a trial balance with the list of accounts in the following order: assets, liabilities, stockholders' equity, revenues, and expenses. Trial...
Exercise 3-18 Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) Laker Incorporated's fiscal year-end is December 31, 2018. The following is an adjusted trial balance as of December 31 Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense Credit Debit 10,500 31,500 22,500 $ 1,500 15,000 32,500 2,500 55,500 18,500 11,500 8,500 6,500 Totals $112,000 112,000 1. Prepare the necessary closing entries....
Question 7 Prepare a corrected trial balance for Pharoah Company. All accounts should have a normal balance. Pharoah Company Trial Balance For the Quarter Ended March 31, 2022 Debit Credit Cash $29,400 Accounts Receivable $34,600 Prepaid Insurance 3,500 Equipment 58,000 Accounts Payable 15,800 Unearned Service Revenue 11,000 Notes Payable 18,000 Common Stock 28,000 Retained Earnings 21,300 Dividends 1,700 Service Revenue 63,000 Salaries and Wages Expense 13,900 Utilities Expense 4,600 Rent Expense 11,400 $153,100 $161,100 Pharoah Company Trial Balance Pharoah Company...
Below you will find an adjusted trial balance. Trial Balance Accounts Debit Credit Cash 34,000 Accounts Receivable 15,000 23,000 100,000 40,000 6,000 Inventory Equipment Accumulated Depr. Accounts Payable Notes Payable Common Stoo's Retained Earnings Dividends 70,000 10,000 32,000 4,000 Service Revenue 110,000 Sales Revenue 215,000 Interest Revenue 2,000 Cost of Goods Sold 155,000 Salaries Expense 80,000 Tax Expense 30.000 80,000 30,000 Salaries Expense Tax Expense Interest Expense Utilities Expense Supplies Expense 8,000 25,000 11,000 Totals 485,000 485,000 Prepare the closing...
Below is the complete list of accounts of Sooner Company and the related balance at the end of April. All accounts have their normal debit or credit balance. Cash, $3,400; Prepaid Rent, $6,900; Accounts Payable $3,800; Common Stock, $35,000; Service Revenue, $24,900; Salaries Expense, $7,700; Accounts Receivable, $5,600; Land, $55,000; Deferred Revenue, $2,050; Retained Earnings, $21,750; Supplies Expense, $8,900. Required: Prepare a trial balance with the list of accounts in the following order: assets, liabilities, stockholders' equity, revenues, and expenses....
Brief Exercise 3-20 Prepare a post-closing trial balance (LO3-7) The year-end adjusted trial balance of Hilltoppers Corporation included the following account balances: Cash, $3,800; Equipment, $15,800; Accounts Payable, $1,800; Common Stock, $10,000; Retained Earnings, $6,600; Dividends, $1,000; Service Revenue, $14,800; Salaries Expense, $9,800; and Utilities Expense, $2,800. Prepare the post-closing trial balance. HILLTOPPERS CORPORATION Post-Closing Trial Balance Accounts Debit Credit Cash Equipment Accounts Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Utilities Expense Totals $ 0 $ 0
list of accounts
Sandhill Company had the following adjusted trial balance. $3,840 Sandhill Company Adjusted Trial Balance For the Month Ended June 30, 2020 Adjusted Trial Balance Account Titles Debit Credit Cash Accounts Receivable 4,070 Supplies 400 Accounts Payable $1,700 Unearned Service Revenue 190 Owner's Capital 3,900 Owner's Drawings Service Revenue 5,920 Salaries and Wages Expense 1,300 Miscellaneous Expense 200 Supplies Expense 1,930 Salaries and Wages Payable 540 $12,250 $12,250 510 Prepare closing entries at June 30, 2020. (Credit account...
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