1) What is the total balance in the Trial Balance on the Debit side from your Worksheet? a) $393,000 b) $339,000 c) $409,000 d) $388,500 2) What is the total balance in the Adjustment column on the Debit side from your Worksheet? a) $106,000 b) $97,000 c) $104,000 d) $11,000 3)What is the total balance in the Adiusted TrialBalance column on the Debit side in your Worksheet? a) None of the above b) $391,000 c) $386,000 d) $392,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Question

1) What is the total balance in the Trial Balance on the Debit side from your Worksheet?

a) $393,000

b) $339,000

c) $409,000

d) $388,500

2) What is the total balance in the Adjustment column on the Debit side from your Worksheet?

a) $106,000

b) $97,000

c) $104,000

d) $11,000

3)What is the total balance in the Adiusted TrialBalance column on the Debit side in your Worksheet?

a) None of the above

b) $391,000

c) $386,000

d) $392,000

ABC Inc. established its operation at January 1st, 2014.
A) Enter all necessery Journal Entries that occured during the year.
B) Then prepare the adjusting entries, closing entries, financials, worksheet & T accounts.
1) In January, Initial stock issuance:
2) Bought Equipment for $ 28000, 10 years life, $8000 residual value
3) November, paid total utility bills:
4) In January, paid in advance rent for the two years:
5) In February, received prepayment from a customer for service to be provided:
6) Dec. 31st 2014, unearned revenue balance
7) In December, Dividend declared:
$280,000
$28,000 $8,000
$4,500
$18,000
$97,000
$2,000
$16,000
Transcribed Image Text:ABC Inc. established its operation at January 1st, 2014. A) Enter all necessery Journal Entries that occured during the year. B) Then prepare the adjusting entries, closing entries, financials, worksheet & T accounts. 1) In January, Initial stock issuance: 2) Bought Equipment for $ 28000, 10 years life, $8000 residual value 3) November, paid total utility bills: 4) In January, paid in advance rent for the two years: 5) In February, received prepayment from a customer for service to be provided: 6) Dec. 31st 2014, unearned revenue balance 7) In December, Dividend declared: $280,000 $28,000 $8,000 $4,500 $18,000 $97,000 $2,000 $16,000
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 5 steps with 5 images

Blurred answer
Knowledge Booster
Completing the Accounting Cycle
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education