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Chapter 1 Practice Test E High Tech Systems is a sole proprietorship owned by Ethan Adam....
3. Based on the following trial balance for Barry's Automotive Shop, prepare an income statement, statement...
3. Based on the following trial balance for Barry's Automotive Shop, prepare an income statement, statement of owner's equity, and a balance sheet. Barry made no additional investments in the company during the year. Barry's Automotive Shop Trial Balance December 31 $ 12,500 1,500 500 Cash Accounts receivable Supplies Repair shop equipment Service truck Accounts payable Barry, Capital Barry, Withdrawals Service revenue Supplies expense Rent expense Utilities expense Gas expense Wages expense Totals 27,000 33,000 $2,600 38,525 36,000 125,000 3,425...
Also, how would you make a balance sheet? Use the following adjusted trial balance of Sierra...
Also, how would you make a balance sheet?
Use the following adjusted trial balance of Sierra Company to prepare its (1) income statement and (2) statement of owner's equity for the year ended December 31. The H. Sierra, Capital account balance was $10,500 on December 31 of the prior year. Credit Debit $ 5,000 500 4,000 20,000 Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) H....
P4-5B Jannero Pargo opened Pargo's Cleaning Service on July 1, 2012. During July the following transactions...
P4-5B Jannero Pargo opened Pargo's Cleaning Service on July 1, 2012. During July the following transactions were completed. July Pargo invested $20,000 cash in the business. 1 Purchased used truck for $9,000, paying $4,000 cash and the balance on account. 3 Purchased cleaning supplies for $2,100 on account. 5 Paid $1,800 cash on one-year insurance policy effective July 1. 12 Billed customers $4,500 for cleaning services. 18 Paid $1,500 cash on amount owed on truck and $1,400 on amount owed...
re the income statement, the statement of owner's equity, and the classified 6. Prepare the income...
re the income statement, the statement of owner's equity, and the classified 6. Prepare the income stateme balance sheet in report form. 1. Prepare the closing entries, and post to the T-accounts 8. Prepare a post-closing trial balance. 44-34A Preparing adiusting entries and reversing entries Learning Objective 7 Appendix 4A ne uradjusted trial balance and adjustment data of Martha's Motors at December 31, 2018, follow MARTHA'S MOTORS Unadjusted Trial Balance December 31, 2018 Credit Debit $ 4200 27,200 1.000 2.400...
Question 5 (20 marks) Ron Able formed Able Construction, a proprietorship. Ron Able attempted to produce...
Question 5 (20 marks) Ron Able formed Able Construction, a proprietorship. Ron Able attempted to produce a trial balance, and his trial balance did not balance: Able Construction Trial Balance November 30, 2018 ACCOUNT DEBIT CREDIT Cash $ 2,100 Accounts Receivable 10,500 Supplies 1,400 Office Furniture 4,100 Land 47,100 Accounts Payable $ 4,300 Notes Payable 23,500 Ron Able, Capital 32,100 Ron Able, Withdrawals 2,500 Consulting Service Revenue 7,800 Advertising Expense 900 Rent Expense 1,500 Salary Expense 2,600 Utilities Expense ...
ACC 101 Chapter 1 and 2 Practice Questions: 1. Presented below is selected financial information for...
ACC 101 Chapter 1 and 2 Practice Questions: 1. Presented below is selected financial information for Stanley's Bike Shop. Using the appropriate information, prepare the income statement for 2004. Total Assets at December 31, 2004 $91,00 2004 Expenses 38,000 Total Equity at December 31,2003 48,000 Total Liabilities at December 31, 2004 35,000 2004 Revenues 46,000 0 > 2. Prepare a December 31 balance sheet in proper form for Surety Insurance from the following items and amounts: Commissions earned $40,000 Accounts...
Heidi Jara opened Whispering Winds's Cleaning Service on July 1, 2022. During July, the following transactions...
Heidi Jara opened Whispering Winds's Cleaning Service on July 1, 2022. During July, the following transactions were completed. July 1 1 3 5 12 18 Stockholders invested $20,000 cash in the business in exchange for common stock. Purchased used truck for $8,800, paying $4,100 cash and the balance on account. Purchased cleaning supplies for $2,300 on account. Paid $1,800 cash on a 1-year insurance policy effective July 1. Billed customers $4,600 for cleaning services. Paid $1,500 cash on amount owed...
Liu Zhang operates Lawson Consulting, which began operations on June 1
Required information [The following information applies to the questions displayed below.] Liu Zhang operates Lawson Consulting, which began operations on June 1. On June 30, the company's records show the following accounts and amounts for the month of June. Cash$5,000Service revenue$12,000Accounts receivable4,500Equipment6,500Accounts payable3,500Rent expense2,000L. Zhang, Withdrawals1,500Wages expense6,000Use the above information to prepare a June statement of owner's equity for Lawson Consulting. The owner's capital account balance at May 31 was $0, and the owner invested $10,000 cash in the company on June 1.
The following trial balance has been adjusted as of December 31, 20XX Debits Credits Cash $25,000...
The following trial balance has been adjusted as of December 31, 20XX Debits Credits Cash $25,000 $- Accounts Receivable 6,000 - Supplies Inventory 4,500 - Prepaid Rent 18,000 - Equipment 90,000 - Accumulated Depreciation - 2,500 Accounts Payable - 6,000 Utilities Payable - 4,000 Unearned Revenue - 1,500 Interest Payable - 150 Notes Payable - 24,000 Common Stock - 100,000 Service Revenue - 90,000 Wages Expense 35,000 - Supplies Expense 20,000 - Rent Expense 15,000 - Miscellaneous Expense 2,000 -...
Unadjusted Adjustments Adjsuted Income statement Balance sheet Credit Debit Debit Credit Debit Debit Credit Debit Credit...
Unadjusted Adjustments Adjsuted Income statement Balance sheet Credit Debit Debit Credit Debit Debit Credit Debit Credit Credit Cash $1,500 $1,000 $6200 $7,700 S7,700 Accounts receivable $10,100 S11,100 $11,100 Cleaning supplies Prepaid insurance $1,400 $400 S1,800 S400 $4,600 $4,800 S9,000 $200 S4,600 S9,000 Truck $9,000 S350 Accumulated depreciation- Truck Accounts payable Salaries payable Напу, саpital Harry, withdrawls $350 S350 S6,000 $6,000 S6,000 $700 S700 S700 S19,500 S19,500 $18,000 $1,500 $500 500 $500 Service revenue $10,500 $1,000 Si1,500 $11,500 S1,700 Salaries expense...
3. Based on the following trial balance for Barry's Automotive Shop, prepare an income statement, statement of owner's equity, and a balance sheet. Barry made no additional investments in the company during the year. Barry's Automotive Shop Trial Balance December 31 $ 12,500 1,500 500 Cash Accounts receivable Supplies Repair shop equipment Service truck Accounts payable Barry, Capital Barry, Withdrawals Service revenue Supplies expense Rent expense Utilities expense Gas expense Wages expense Totals 27,000 33,000 $2,600 38,525 36,000 125,000 3,425...
Also, how would you make a balance sheet?
Use the following adjusted trial balance of Sierra Company to prepare its (1) income statement and (2) statement of owner's equity for the year ended December 31. The H. Sierra, Capital account balance was $10,500 on December 31 of the prior year. Credit Debit $ 5,000 500 4,000 20,000 Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) H....
P4-5B Jannero Pargo opened Pargo's Cleaning Service on July 1, 2012. During July the following transactions were completed. July Pargo invested $20,000 cash in the business. 1 Purchased used truck for $9,000, paying $4,000 cash and the balance on account. 3 Purchased cleaning supplies for $2,100 on account. 5 Paid $1,800 cash on one-year insurance policy effective July 1. 12 Billed customers $4,500 for cleaning services. 18 Paid $1,500 cash on amount owed on truck and $1,400 on amount owed...
re the income statement, the statement of owner's equity, and the classified 6. Prepare the income stateme balance sheet in report form. 1. Prepare the closing entries, and post to the T-accounts 8. Prepare a post-closing trial balance. 44-34A Preparing adiusting entries and reversing entries Learning Objective 7 Appendix 4A ne uradjusted trial balance and adjustment data of Martha's Motors at December 31, 2018, follow MARTHA'S MOTORS Unadjusted Trial Balance December 31, 2018 Credit Debit $ 4200 27,200 1.000 2.400...
ACC 101 Chapter 1 and 2 Practice Questions: 1. Presented below is selected financial information for Stanley's Bike Shop. Using the appropriate information, prepare the income statement for 2004. Total Assets at December 31, 2004 $91,00 2004 Expenses 38,000 Total Equity at December 31,2003 48,000 Total Liabilities at December 31, 2004 35,000 2004 Revenues 46,000 0 > 2. Prepare a December 31 balance sheet in proper form for Surety Insurance from the following items and amounts: Commissions earned $40,000 Accounts...
Heidi Jara opened Whispering Winds's Cleaning Service on July 1, 2022. During July, the following transactions were completed. July 1 1 3 5 12 18 Stockholders invested $20,000 cash in the business in exchange for common stock. Purchased used truck for $8,800, paying $4,100 cash and the balance on account. Purchased cleaning supplies for $2,300 on account. Paid $1,800 cash on a 1-year insurance policy effective July 1. Billed customers $4,600 for cleaning services. Paid $1,500 cash on amount owed...
Required information [The following information applies to the questions displayed below.] Liu Zhang operates Lawson Consulting, which began operations on June 1. On June 30, the company's records show the following accounts and amounts for the month of June. Cash$5,000Service revenue$12,000Accounts receivable4,500Equipment6,500Accounts payable3,500Rent expense2,000L. Zhang, Withdrawals1,500Wages expense6,000Use the above information to prepare a June statement of owner's equity for Lawson Consulting. The owner's capital account balance at May 31 was $0, and the owner invested $10,000 cash in the company on June 1.
Unadjusted Adjustments Adjsuted Income statement Balance sheet Credit Debit Debit Credit Debit Debit Credit Debit Credit Credit Cash $1,500 $1,000 $6200 $7,700 S7,700 Accounts receivable $10,100 S11,100 $11,100 Cleaning supplies Prepaid insurance $1,400 $400 S1,800 S400 $4,600 $4,800 S9,000 $200 S4,600 S9,000 Truck $9,000 S350 Accumulated depreciation- Truck Accounts payable Salaries payable Напу, саpital Harry, withdrawls $350 S350 S6,000 $6,000 S6,000 $700 S700 S700 S19,500 S19,500 $18,000 $1,500 $500 500 $500 Service revenue $10,500 $1,000 Si1,500 $11,500 S1,700 Salaries expense...
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