Cash | ||||
Account's tittle | Debit | Account's tittle | Credit | |
Balance c/d | 17,200 | |||
TOTAL | 17,200 | TOTAL | 17,200 | |
Equipment | ||||
Account's tittle | Debit | Account's tittle | Credit | |
Balance c/d | 44200 | |||
TOTAL | 44,200 | TOTAL | 44,200 | |
Accounts Payable | ||||
Account's tittle | Debit | Account's tittle | Credit | |
Balance c/d | 22400 | |||
TOTAL | 22,400 | TOTAL | 22,400 | |
Charles Anderson , Capital | ||||
Account's tittle | Debit | Account's tittle | Credit | |
Balance c/d | 39,000 | |||
TOTAL | 39,000 | TOTAL | 39,000 |
Anderson Cleaning Service has the following account balances on December 31, 2019. Cash Equipment $44, 200...
Apply: Exercise 6 Saved Derrick Wells decided to start a dental practice. The first five transactions for the business follow. 1. Derrick Invested $83,000 cash In the business 2 Pald $23,000 In cash for equlpment. 3. Performed services for cash amounting to $8,300 4. Pald $3,100 In cash for advertising expense. 5. Pald $2,300 In cash for supplies. 1.2 points Skipped (1) Select which two accounts are affected In each of the above transactions. (2&3) Post the above transactions Into...
On December 31, 2019, the account balances of Hamm equipment repair were as follows: Account Debit Credit Cash 2400 Accounts receivable 1850 2400 1800 Prepaid insurance Supplies Equipment A/D-equipment Accounts payable 12000 2000 2600 Unearned service revenue 1200 700 Salaries and wage payable Share Capital 13950 20450 20450 Adjustment data consist of: 1) Supplies on hand $ 1400. 2) Accrued salaries payable $ 350. 3) Depreciation for the month is $ 200. 4) Services related to unearned service revenue of...
Section B: Short Exercises (10 Marks) B1 - At December 31, 2019, account balances after adjustments for Smith Company are as follows: [AR1: 5 marks] Account Balances $ 10,500 1,500 18,750 4,500 6,375 1,875 7,500 3,000 42,750 7,050 1,500 9,750 9,000 1,950 Accounts Cash Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Smith's, Capital Smith's, Drawings Service Revenue Advertising Expense Depreciation Expense Rent Expense Salaries Expense Utilities Expense Required: Prepare the closing entries for Smith Company at December 31, 2019.
Section B: Short Exercises (10 Marks) B1 - At December 31, 2019, account balances after adjustments for Smith Company are as follows: (AR1: 5 marks) Accounts Cash Supplies Equipment Accumulated Depreciation Equipment Notes Payable Accounts Payable Smith's, Capital Smith's, Drawings Service Revenue Advertising Expense Depreciation Expense Rent Expense Salaries Expense Utilities Expense Account Balances $ 10,500 1,500 18.750 4,500 6,375 1.875 7,500 3,000 42,750 7,050 1,500 9,750 9,000 1,950 Required: Prepare the closing entries for Smith Company at December 31,...
Section B: Short Exercises (10 Marks) B1 - At December 31, 2019, account balances after adjustments for Smith Company are as follows: [AR1: 5 marks] Accounts Cash Supplies Equipment Accumulated Depreciation Equipment Notes Payable Accounts Payable Smith's, Capital Smith's, Drawings Service Revenue Advertising Expense Depreciation Expense Rent Expense Salaries Expense Utilities Expense Account Balances $ 10,500 1,500 18,750 4.500 6,375 1,875 7,500 3,000 42,750 7,050 1,500 9.750 9,000 1,950 Required: Prepare the closing entries for Smith Company at December 31,...
Section B: Short Exercises (10 Marks) BI - At December 31, 2019, account balances after adjustments for Mark Company follows: [AR1: 5 marks] Accounts Cash Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Mark's, Capital Mark's, Drawings Service Revenue Advertising Expense Depreciation Expense Rent Expense Salaries Expense Utilities Expense Account Balances $ 7,000 1,000 12,500 3,000 4,250 1,250 5,000 2,000 28,500 4,700 1,000 6,500 6,000 1,300 Required: Prepare the closing entries for Mark Company at December 31, 2019.
Speedy Cleaning Service began its operations on December 1, 2019. The following transactions took place during its first month of operations. The company uses the calendar year as its reporting period. During December, the company completed the following transactions. Summary of Transactions: Dec. 1 Stockholders invested $14,000 cash in the business in exchange for common stock. Dec. 2 Purchased a used truck for $10,000, paying $3,000 cash and the balance on account Dec. 3 Dec. 5 Dec. 12 Purchased cleaning...
Cash The service company Falcon Footballs, Inc. (FFI) had the following balances as of December 31, 2019. $120,000 Land $ 21,000 Notes Payable $ 50,000 Accounts Receivable $ 78,500 Unearned Revenue S 44,800 Accounts Payable $ 5,400 Supplies $ 6,500 Utilities Payable $ 1.550 Salaries Payable $ 3,300 Prepaid Rent $ 70,000 Office Equipment- Common Stock $ 145,000 Office Equipment $ 68,000 Accum. Depn. S 24,500 Retained Earnings $ 89,450 During 2020, FFI engaged in the following transactions: 1. Issued...
DO IT! 4 Trial Balance Event Buddies had the following account balances on December 31, 2019: Cash P 181,100 Accounts receivable Service Revenue 401,600 Blessie, Capital Jan. 1, 2019 Salaries Expense 190,000 Taxes and Licenses Equipment 500,000 Utilities expense Accounts payable 135,000 Prepaid rent Additional information: 300,000 931,900 45,000 82,400 170,000 . . Accrued salaries at December 31, 2019 amounted to P30,700. 5% of the accounts receivable is estimated to be uncollectible. Depreciation on Equipment for the year is P100,000....
The following account balances are taken from the December 31, 2019, financial statements of Tye Advertising Co. The company uses accrual basis accounting. Advertising Revenue $ 46, 482 Cash 41,516 Accounts Receivable 7,296 Interest Expense 2,299 Accounts Payable 5,000 Operating Expenses 37,460 Deferred Revenue 1,178 Equipment 18,048 Income Tax Expense 2,326 The following activities occurred in 2020: 1. Performed advertising services on account, $55,000. 2. Received cash payments on account, $10,400. 3. Received deposits from customers for advertising services to...