43.The trial balance for Greenway Corporation appears as follows:Greenway CorporationTrial BalanceDecember 31,2022CashAccounts ReceivablePrepaid InsuranceSuppliesEquipmentAccumulated Depreciation, EquipmentAccounts PayableCommon StockRetained EarningsService Revenue$ 300522821804,000$ 6003841,2001,4003,000Salaries and Wages ExpenseRent Expense1,000500$6.584$6.584"as of December 31, 2022, rent of $150 for December had not been recorded orpaid, the adjusting entry would include a:a. credit to Accumulated Rent for $150.b. credit to Cash for $150.C. debit to Rent Payable for $150d. debit to Rent Expense for $15088

Adjusting entries are prepared by management to ensure the accrual basis accounting system. These…

43 The trial balance for Greenway Corporation appears as follows Greenway Corporation Trial Balance December 31, 2022 Cash Accounts Receivable Prepaid Insurance Supplies Equipment Accumulated Depreciation, Equipment Accounts Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Rent Expense $ 300 522 82 180 4,000 $ 600 384 1,200 1,400 3,000 1,000 500 $6.584 $6.584 as of December 31, 2022, rent of $150 for December had not been recorded or paid, the adjusting entry would include a: a credit to Accumulated Rent for $150. b. credit to Cash for $150. c debit to Rent Payable for $150 d. debit to Rent Expense for $150

43 The trial balance for Greenway Corporation appears as follows Greenway Corporation Trial Balance December 31, 2022 Cash Accounts Receivable Prepaid Insurance Supplies Equipment Accumulated Depreciation, Equipment Accounts Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Rent Expense $ 300 522 82 180 4,000 $ 600 384 1,200 1,400 3,000 1,000 500 $6.584 $6.584 as of December 31, 2022, rent of $150 for December had not been recorded or paid, the adjusting entry would include a: a credit to Accumulated Rent for $150. b. credit to Cash for $150. c debit to Rent Payable for $150 d. debit to Rent Expense for $150

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required information Exercise 9-21 Complete the accounting cycle using long-term liability transactions (LO9-2, 9-8) [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Debit $ 11,700 35,000 152,500 72,300 125,000 Accounts Credit Cash Accounts Receivable Inventory Land Buildings $ 2,300 10, 100 23, 200 205,000 155,900 Allowance for Uncollectible Accounts Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals $396,500 $396,500 During January 2021, the following transactions occur: Borrow $105, 000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments Receive $31, 500 from customers on accounts receivable. January $2,030 are required at the end of ead onth for 6e months. January 4 January Pay cash on accounts payable, $16,000. 10 January Pay cash for salaries, $29,400. 15 January…
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28 The following balances were extracted from the books of AL Masa Cleaning Services at 31st December, 2020: Cash BD13900 Accounts - Receivable BD2000 Equipment BD6000 Accounts Prepaid Rent BD4000 - Payable BD14000 - Beginning Capital BD16000 Investment during the year BD3200 Withdrawals BD800 Service Revenues BD8300 - Wages Expense BD600 - Utilities Expense BD2500 Supplies Expense BD1100 - Rent Expense BD3300 Fees Income BD2700- Furniture BD10000. Required: compute the amount and show solution steps of: 1- Total current assets. 2- Total fixed assets. *
Trial Balance as at 30 September 2021 Dr Cr $ $ Equity 2,300,000 Sales 4,281,923 Purchases 1,893,612 Carriage Outwards 43,000 Drawings 15,000 Rent & Rates 96,000 Stationery 25,962 Advertising 100,000 Salaries & Wages 325,711 Returns 5,296 3,481 Bad Debts 33,250 Rent Receivables 100,000 Provision for Depreciation -Building 390,000 -Motor Vehicle 160,000 -Equipment 450,000 Carriage Inwards 56,009 Bank 25,000 Inventory, 1 October 2017 120,000 Equipment – at cost 1,500,000 Building – at cost 2,600,000 Motor Vehicle – at cost 800,000 Land 1,500,000 Commission Receivable 6,200 Discounts 12,693 32,158 Trade receivables 298,730 Trade payables 226,501 Cash 50,000…
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