Accounts Debits Credits Cash $42,500 Accounts Receivable 25,800 Land 115,800 Accounts Payable 15,100 Notes Payable 30,500...
|
Accounts |
Debits |
Credits |
|
Cash |
$42,500 |
|
|
Accounts Receivable |
25,800 |
|
|
Land |
115,800 |
|
|
Accounts Payable |
15,100 |
|
|
Notes Payable |
30,500 |
|
|
Common Stock |
100,000 |
|
|
Retained Earnings |
|
38,500 |
|
Totals |
$184,100 |
$184,100 |
The following is a summary of the transactions for the year: a. Provide services to customers on account, $63,400. b. Provide services to customers for cash, $75,800. c. Collect on accounts receivable, $45,600. d. Issue shares of common stock in exchange for $32,000 cash. e. Purchase supplies on account, $12,700. f. Pay on accounts payable, $11,500. g. Pay salaries for employee work in the current year, $66,200. h. Pay advertising for the current year, $21,500. i. Pay $2,800 cash dividends to stockholders.
Required: 1. Set up the necessary T-accounts and enter the beginning balances from the trial balance. In addition to the accounts shown, the company also has accounts for Supplies, Salaries Payable, Interest Payable, Dividends, Service Revenue, Salaries Expense, Advertising Expense, Interest Expense, and Supplies Expense
Cash Accounts Receivable Supplies
Land Accounts Payable Salaries Payable
Interest Payable Notes Payable Common Stock
Retained Earnings Dividends Service Revenue
Salaries Expense Advertising Expense Interest Expense
Supplies Expense
Homework Answers
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Accounts
Debits
Credits
Cash
$42,500
Accounts Receivable
25,800
Land
115,800
Accounts Payable
15,100
Notes Payable
30,500...
The general ledger of FastTrack Racing at January 1, 2021, includes the following accou balances: Credits...
The general ledger of FastTrack Racing at January 1, 2021, includes the following accou balances: Credits Debits $42,500 25,800 115,800 Accounts Cash Accounts Receivable Land Accounts Payable Notes Payable Common Stock Retained Earnings Totals 15,100 30,500 100,000 38,500 $184,100 $184,100 The following is a summary of the transactions for the year: a. Provide services to customers on account, $63,400. b. Provide services to customers for cash, $75,800. c. Collect on accounts receivable, $45,600. d. Issue shares of common stock in...
Credits Debits $ 25,200 16,000 13,200 154,000 Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable...
Credits Debits $ 25,200 16,000 13,200 154,000 Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals $ 7,300 6,400 149,000 45,700 $208,400 $ 208,400 The following is a summary of the transactions for the year. 1. January 9 Provide storage services for cash, $140, 100, and on account, $55,200. 2. February 12 Collect on accounts receivable, $52,100. 3. April 25 Receive cash in advance from customers, $13,500. 4. May 6 Purchase supplies on...
OOptions for T-charts are: cash, accts recieveable, supplies, land, accts payable, notes payable, common stock, retained...
OOptions for T-charts are:
cash, accts recieveable, supplies, land, accts payable, notes
payable, common stock, retained earnings, dividends, service rev,
rent expense, salaries expense, advertising expense, utilities
expense
Pirates Incorporated had the following balances at the beginning of September. Credits PIRATES INCORPORATED Trial Balance September 1 Accounts Debits Cash $ 5,800 Accounts Receivable 1,800 Supplies 6,900 Land 10,500 Accounts Payable Notes Payable Common Stock Retained Earnings Totals $25,000 $ 6,800 2,300 8,300 7,600 $25,000 The following transactions occur in September....
Check Credits Debits $4.100 9,100 3,100 28,000 Part B of 8 Accounts Cash Accounts Receivable Supplies...
Check Credits Debits $4.100 9,100 3,100 28,000 Part B of 8 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained tannings Totala $ 6,400 4,400 5,400 19.000 9,100 $44,300 points $44,300 The following is a summary of the transactions for the year: rences 1. January 24 Provide plumbing services for cash, $16.000, and on account, 361,000. 2. Maren 13 Collection sont receivable, 349.000. 3. Hay 6 Issue shares of common stock in...
QUESTION 14 CHART OF ACCOUNTS 101 Cash 211 Notes Payable 111 Notes Receivable 212 Accounts Payable...
QUESTION 14 CHART OF ACCOUNTS 101 Cash 211 Notes Payable 111 Notes Receivable 212 Accounts Payable 112 Accounts Receivable 214 Interest Payable 114 Interest Receivable 216 Wages Payable 119 Allow for Doubt Accounts 261 Unearned Revenue 121 Inventory 281 Bonds Payable 125 Supplies 311 Common Stock 130 Prepaid Insurance 312 In Excess of Par 132 Prepaid Rent 320 Retained Earnings 161 Equipment 332 Dividends 162 Accumulated Depreciation 350 Income Summary Billed customers for services rendered 401 Service Revenue 491 Interest...
Trial Balance September Accounts Debits Credits Cash $ 5,300 Accounts Receivable 1,300 Supplies 6,400 Land 10,000...
Trial Balance September Accounts Debits Credits Cash $ 5,300 Accounts Receivable 1,300 Supplies 6,400 Land 10,000 Accounts Payable $ 6,300 Notes Payable 1,800 Common Stock 7,800 Retained Earnings 7,100 Totals $23,000 $23,000 The following transactions occur in September September 1 Provide services to customers for cash, $3,500. September 2 Purchase land with a long-term note for $5,200 from Crimson Company September 4 Receive an invoice for $380 from the local newspaper for an advertisement that appeared on September 2. September...
THUNDER CAT SERVICES Trial Balance November 30, 2021 Accounts Debits Credits Cash $ 19,500 Supplies 1,600...
THUNDER CAT SERVICES Trial Balance November 30, 2021 Accounts Debits Credits Cash $ 19,500 Supplies 1,600 Prepaid Rent 7,300 Equipment 83,600 Buildings 240,100 Accounts Payable $ 9,900 Deferred Revenue 2,200 Common Stock 125,100 Retained Earnings 75, 700 Dividends 9,100 Service Revenue 264,100 Salaries Expense 65,100 Advertising Expense 18,300 Utilities Expense 32,400 Totals $ 477,000 $477,000 The following transactions occur during December 2021: December 1- Throughout the month, Thunder Cat provides services to customers for cash, $27,500. (Hint: 31 Record the...
Required information [The following information applies to the questions displayed below.) The general ledger of Jackrabbit...
Required information [The following information applies to the questions displayed below.) The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances: Credits Debits $ 46,500 30,700 115,800 Accounts Cash Accounts Receivable Land Accounts Payable Notes Payable (due in 2 years) Common Stock Retained Earnings Total 15,800 35,000 105,000 37,200 $ 193,000 $193,000 The following is a summary of the transactions for the year: 1. January 12 Provide services to customers on account, $67,400. 2. February...
what is the retained earning December 31 Assets Cash $ 30,000 52,000 Accounts receivable Office supplies...
what is the retained
earning
December 31 Assets Cash $ 30,000 52,000 Accounts receivable Office supplies nterest receivable 16,000 18,000 168,000 Notes receivable Automobiles $ 168,000 118,000 50,000 138,000 Accumulated depreciation—Automobiles Equipment Accumulated depreciation Equipment Land 18,000 120,000 78,000 $ 600,000 Liabilities $ 96,000 20,000 Accounts payable nterest payable Salaries payable Unearned revenue Long-term notes payable 19,000 30,000 138,000 303,000 Equity Common stock 20,000 Equity Common stock 20,000 Retained earnings 20,000 $ 323,000 < Required B Required Credit $ Debit...
Cash Dividends Account Title Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Land Accounts payable Interest...
Cash Dividends Account Title Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals Debit Credit $ 6,800 18,000 8,113 170,000 $ 35,020 48,000 10,800 4,000 35,000 48,544 140,000 38,000 130,000 22,588 69,178 10,000 12,685 $ 403,364 $403,364 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. WILSON...
The general ledger of FastTrack Racing at January 1, 2021, includes the following accou balances: Credits Debits $42,500 25,800 115,800 Accounts Cash Accounts Receivable Land Accounts Payable Notes Payable Common Stock Retained Earnings Totals 15,100 30,500 100,000 38,500 $184,100 $184,100 The following is a summary of the transactions for the year: a. Provide services to customers on account, $63,400. b. Provide services to customers for cash, $75,800. c. Collect on accounts receivable, $45,600. d. Issue shares of common stock in...
Credits Debits $ 25,200 16,000 13,200 154,000 Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals $ 7,300 6,400 149,000 45,700 $208,400 $ 208,400 The following is a summary of the transactions for the year. 1. January 9 Provide storage services for cash, $140, 100, and on account, $55,200. 2. February 12 Collect on accounts receivable, $52,100. 3. April 25 Receive cash in advance from customers, $13,500. 4. May 6 Purchase supplies on...
OOptions for T-charts are:
cash, accts recieveable, supplies, land, accts payable, notes
payable, common stock, retained earnings, dividends, service rev,
rent expense, salaries expense, advertising expense, utilities
expense
Pirates Incorporated had the following balances at the beginning of September. Credits PIRATES INCORPORATED Trial Balance September 1 Accounts Debits Cash $ 5,800 Accounts Receivable 1,800 Supplies 6,900 Land 10,500 Accounts Payable Notes Payable Common Stock Retained Earnings Totals $25,000 $ 6,800 2,300 8,300 7,600 $25,000 The following transactions occur in September....
Check Credits Debits $4.100 9,100 3,100 28,000 Part B of 8 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained tannings Totala $ 6,400 4,400 5,400 19.000 9,100 $44,300 points $44,300 The following is a summary of the transactions for the year: rences 1. January 24 Provide plumbing services for cash, $16.000, and on account, 361,000. 2. Maren 13 Collection sont receivable, 349.000. 3. Hay 6 Issue shares of common stock in...
QUESTION 14 CHART OF ACCOUNTS 101 Cash 211 Notes Payable 111 Notes Receivable 212 Accounts Payable 112 Accounts Receivable 214 Interest Payable 114 Interest Receivable 216 Wages Payable 119 Allow for Doubt Accounts 261 Unearned Revenue 121 Inventory 281 Bonds Payable 125 Supplies 311 Common Stock 130 Prepaid Insurance 312 In Excess of Par 132 Prepaid Rent 320 Retained Earnings 161 Equipment 332 Dividends 162 Accumulated Depreciation 350 Income Summary Billed customers for services rendered 401 Service Revenue 491 Interest...
Trial Balance September Accounts Debits Credits Cash $ 5,300 Accounts Receivable 1,300 Supplies 6,400 Land 10,000 Accounts Payable $ 6,300 Notes Payable 1,800 Common Stock 7,800 Retained Earnings 7,100 Totals $23,000 $23,000 The following transactions occur in September September 1 Provide services to customers for cash, $3,500. September 2 Purchase land with a long-term note for $5,200 from Crimson Company September 4 Receive an invoice for $380 from the local newspaper for an advertisement that appeared on September 2. September...
THUNDER CAT SERVICES Trial Balance November 30, 2021 Accounts Debits Credits Cash $ 19,500 Supplies 1,600 Prepaid Rent 7,300 Equipment 83,600 Buildings 240,100 Accounts Payable $ 9,900 Deferred Revenue 2,200 Common Stock 125,100 Retained Earnings 75, 700 Dividends 9,100 Service Revenue 264,100 Salaries Expense 65,100 Advertising Expense 18,300 Utilities Expense 32,400 Totals $ 477,000 $477,000 The following transactions occur during December 2021: December 1- Throughout the month, Thunder Cat provides services to customers for cash, $27,500. (Hint: 31 Record the...
Required information [The following information applies to the questions displayed below.) The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances: Credits Debits $ 46,500 30,700 115,800 Accounts Cash Accounts Receivable Land Accounts Payable Notes Payable (due in 2 years) Common Stock Retained Earnings Total 15,800 35,000 105,000 37,200 $ 193,000 $193,000 The following is a summary of the transactions for the year: 1. January 12 Provide services to customers on account, $67,400. 2. February...
what is the retained
earning
December 31 Assets Cash $ 30,000 52,000 Accounts receivable Office supplies nterest receivable 16,000 18,000 168,000 Notes receivable Automobiles $ 168,000 118,000 50,000 138,000 Accumulated depreciation—Automobiles Equipment Accumulated depreciation Equipment Land 18,000 120,000 78,000 $ 600,000 Liabilities $ 96,000 20,000 Accounts payable nterest payable Salaries payable Unearned revenue Long-term notes payable 19,000 30,000 138,000 303,000 Equity Common stock 20,000 Equity Common stock 20,000 Retained earnings 20,000 $ 323,000 < Required B Required Credit $ Debit...
Cash Dividends Account Title Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals Debit Credit $ 6,800 18,000 8,113 170,000 $ 35,020 48,000 10,800 4,000 35,000 48,544 140,000 38,000 130,000 22,588 69,178 10,000 12,685 $ 403,364 $403,364 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. WILSON...
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