Homework Answers
Question 4.
For accounts receivable the category of account and its normal balance are :-
The correct answer is option A. i.e Assets and a Debit balance.
Explanation :-
Account receivables are the Assets of the business as they are
the income which is accrued but not received and also they always
have a Debit balance.
So, normally accounts receivable goes to the category of Assets and
have Debit balance as their normal balance.
Question 10.
The Normal amount of the debits from the income statement is $78,428.
Explanation :-
The amounts which would be debited to the income statements are :-
Office expenses. $ 21,321
Automobile expenses $ 32,541
Telephone expenses. $ 14,878
Salaries payable $ 9,688
Total. $78,428
As the above-mentioned expenses are administrative expenses and such expensive are always debited in the income statement.
Revenue of $98,145 will be credited in the income statement.
Remaining amounts like Capital stock, Beginning retained earnings will be the items of the liabilities in the balance sheet.
Automobiles and equipments will be the items of assets in the balance sheet.
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Wrong Hid Question 4 For accounts receivable, the category of account and its normal balance are...
prepare a post closing trial balance Question 2 Cullumber Company had the following adjusted trial balance....
prepare a post closing trial balance
Question 2 Cullumber Company had the following adjusted trial balance. Cullumber Company Adjusted Trial Balance For the Month Ended June 30, 2020 Adjusted Trial Balance Account Titles Debit Credit Cash $3,570 Accounts Receivable 3,950 Supplies 600 Accounts Payable $1,500 Unearned Service Revenue Owner's Capital 4,710 Owner's Drawings Service Revenue 5,600 Salaries and Wages Expense Miscellaneous Expense Supplies Expense Salaries and Wages Payable 520 $12,500 O DO 170 N O $ U J.UU ) Prepare...
Question 6 (1 point) What is the normal balance for stockholders' equity and owner's equity accounts?...
Question 6 (1 point) What is the normal balance for stockholders' equity and owner's equity accounts? O Debit Credit Question 7 (1 point) Which of the following accounts will NOT be closed to Income Summary at the end of the fiscal year? Salaries expense Fees earned Unearned rent Depreciation expense
11. The classification and normal balance of the accounts payable account is an asset with a...
11. The classification and normal balance of the accounts payable account is an asset with a credit balance a liability with a credit balance owner's equity with a credit balance revenue with a credit balance 12. A credit balance in which of the following accounts would indicate a likely error? a. Fees Earned b. Salary Expense c. Janet James, Capital d. Accounts Payable 13. The process of initially recording a business transaction is called ...
Trial balance Account Titles Debit Credit Cash $ 95,430 Accounts Receivable $ 6,000 Prepaid Rent $ &n
Trial balance
Account Titles
Debit
Credit
Cash
$
95,430
Accounts Receivable
$
6,000
Prepaid Rent
$
25,000
Prepaid Insurance
$
2,700
Prepaid Supplies
$
120
Equipment
$ 400,000
Accumulated Depreciation
$
3,250
Accounts Payable
$
970
Accrued Interest
$
1,400
Accrued Salaries
$
550
Unearned Rental Revenue
$
1,950
Notes Payable
$ 350,000
Capital Stock-Mike
$
80,000
Capital Stock-Julie
$
80,000
Dividend
$
4,000
Retained Earnings
$
-
Rental Revenue
$
46,100
Salaries Expense
$
19,950
Rent Expense
$
5,000...
BensonBenson Auto Repair had the following account balances after adjustments. Assume all accounts had normal balances....
BensonBenson Auto Repair had the following account balances after adjustments. Assume all accounts had normal balances. LOADING... (Click the icon to view the account balances.)14. Prepare the closing entries for BensonBenson at DecemberDecember 3131. 15. What is the balance of Retained Earnings after closing entries have been recorded? (Use a T-account to determine the balance.) 14. Prepare the closing entries for BensonBenson at DecemberDecember 3131. (Record debits first, then credits. Select the explanation on the last line of the journal...
On December 31, 2019, the ledger of Lopez Company contained the following account balances Cash Accounts...
On December 31, 2019, the ledger of Lopez Company contained the following account balances Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Maria Lopez, Capital $32,999 Maria Lopez, Drawing 2,850 Fees Income 2,050 Depreciation Expense 25,900 Salaries Expense 2,450 Supplies Expense 2,950 Telephone Expense 48,150 Utilities Expense $13,400 53,250 2,700 16,999 2,950 2,550 4,600 Prepare the closing entries for the above transactions, View transaction list Journal entry worksheet < 1 2 3 Prepare the closing entry for the drawing...
Debit Credit Cash Accounts receivable Interest receivable Notes receivable (due in 90 days) office supplies Automobiles...
Debit Credit Cash Accounts receivable Interest receivable Notes receivable (due in 90 days) office supplies Automobiles Accumulated depreciation-Automobiles Equipment Accumulated depreciation-Equipment Land Accounts payable Interest payable Salaries payable Unearned fees Long-term notes payable R. Chiara, Capital R. Chiara, Withdrawals Fees earned Interest earned Depreciation expense-Automobiles Depreciation expense-Equipment Salaries expense Wages expense Interest expense office supplies expense Advertising expense Repairs expense-Automobiles Totals $ 209,400 55, 000 19, 600 168, 500 15, 500 168, 00G $ 100, 000 136, 000 16, 000...
Got a question wrong someone help me thank you. The following adjusted trial balance contains the...
Got a question wrong someone help me
thank you.
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. Credit Debit $18,000 8,200 2,000 23,000 $ 6,500 -485 39,600 No. Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation Equipment 307 Common stock 318 Retained earnings 319 Dividends 404 Services revenue 612 Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 640 Rent expense 652 Supplies expense Totals...
The following is the adjusted trial balance of Wilson Trucking Company. Account Title Cash Accounts receivable...
The following is the adjusted trial balance of Wilson Trucking Company. Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable K. Wilson, Capital K. Wilson, Withdrawals Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals Debit Credit 5,500 16,500 2,000 166,000 $ 34,196 75,000 9,500 3,000 52,000 146,333 19,000 149,500 E 22,056 70,116 5,500 12,857 $ 394,529 $ 394,529 The K. Wilson, Capital account balance is $146,333...
This is the trial balance I need verification for Income stamente, owner equity(not sure how to...
This is the trial balance
I need verification for Income stamente, owner
equity(not sure how to get it) and help completing balance
sheet.
Also I have a quetion is post-closing trial balance
the same as trial balance.? ( Whats the difference?)
Please and thanks
Anne Aile Trial Balance # Credit Debit $12.133 6.950 612 17,280 288 13,680 Description Cash Notes Receivable Accounts Receivable Allowance for Uncollectible Accounts Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipment Notes Payable Accounts Payable Unearned Service...
prepare a post closing trial balance
Question 2 Cullumber Company had the following adjusted trial balance. Cullumber Company Adjusted Trial Balance For the Month Ended June 30, 2020 Adjusted Trial Balance Account Titles Debit Credit Cash $3,570 Accounts Receivable 3,950 Supplies 600 Accounts Payable $1,500 Unearned Service Revenue Owner's Capital 4,710 Owner's Drawings Service Revenue 5,600 Salaries and Wages Expense Miscellaneous Expense Supplies Expense Salaries and Wages Payable 520 $12,500 O DO 170 N O $ U J.UU ) Prepare...
Question 6 (1 point) What is the normal balance for stockholders' equity and owner's equity accounts? O Debit Credit Question 7 (1 point) Which of the following accounts will NOT be closed to Income Summary at the end of the fiscal year? Salaries expense Fees earned Unearned rent Depreciation expense
Trial balance
Account Titles
Debit
Credit
Cash
$
95,430
Accounts Receivable
$
6,000
Prepaid Rent
$
25,000
Prepaid Insurance
$
2,700
Prepaid Supplies
$
120
Equipment
$ 400,000
Accumulated Depreciation
$
3,250
Accounts Payable
$
970
Accrued Interest
$
1,400
Accrued Salaries
$
550
Unearned Rental Revenue
$
1,950
Notes Payable
$ 350,000
Capital Stock-Mike
$
80,000
Capital Stock-Julie
$
80,000
Dividend
$
4,000
Retained Earnings
$
-
Rental Revenue
$
46,100
Salaries Expense
$
19,950
Rent Expense
$
5,000...
On December 31, 2019, the ledger of Lopez Company contained the following account balances Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Maria Lopez, Capital $32,999 Maria Lopez, Drawing 2,850 Fees Income 2,050 Depreciation Expense 25,900 Salaries Expense 2,450 Supplies Expense 2,950 Telephone Expense 48,150 Utilities Expense $13,400 53,250 2,700 16,999 2,950 2,550 4,600 Prepare the closing entries for the above transactions, View transaction list Journal entry worksheet < 1 2 3 Prepare the closing entry for the drawing...
Debit Credit Cash Accounts receivable Interest receivable Notes receivable (due in 90 days) office supplies Automobiles Accumulated depreciation-Automobiles Equipment Accumulated depreciation-Equipment Land Accounts payable Interest payable Salaries payable Unearned fees Long-term notes payable R. Chiara, Capital R. Chiara, Withdrawals Fees earned Interest earned Depreciation expense-Automobiles Depreciation expense-Equipment Salaries expense Wages expense Interest expense office supplies expense Advertising expense Repairs expense-Automobiles Totals $ 209,400 55, 000 19, 600 168, 500 15, 500 168, 00G $ 100, 000 136, 000 16, 000...
Got a question wrong someone help me
thank you.
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. Credit Debit $18,000 8,200 2,000 23,000 $ 6,500 -485 39,600 No. Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation Equipment 307 Common stock 318 Retained earnings 319 Dividends 404 Services revenue 612 Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 640 Rent expense 652 Supplies expense Totals...
The following is the adjusted trial balance of Wilson Trucking Company. Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable K. Wilson, Capital K. Wilson, Withdrawals Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals Debit Credit 5,500 16,500 2,000 166,000 $ 34,196 75,000 9,500 3,000 52,000 146,333 19,000 149,500 E 22,056 70,116 5,500 12,857 $ 394,529 $ 394,529 The K. Wilson, Capital account balance is $146,333...
This is the trial balance
I need verification for Income stamente, owner
equity(not sure how to get it) and help completing balance
sheet.
Also I have a quetion is post-closing trial balance
the same as trial balance.? ( Whats the difference?)
Please and thanks
Anne Aile Trial Balance # Credit Debit $12.133 6.950 612 17,280 288 13,680 Description Cash Notes Receivable Accounts Receivable Allowance for Uncollectible Accounts Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipment Notes Payable Accounts Payable Unearned Service...
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