5. The trial balance below is for Company L. Cash Inventory Unearned Revenue Paid-in Capital Retained Earnings (beginning) Sales Cost of Goods Sold Rent Expense Total Debit 5,600 14,000 Compute TOTAL ASSETS. 36,000 6,800 62,400 Credit 2,400 6,000 50,000 62,400 4,000

5. The trial balance below is for Company L. Cash Inventory Unearned Revenue Paid-in Capital Retained Earnings (beginning) Sales Cost of Goods Sold Rent Expense Total Debit 5,600 14,000 Compute TOTAL ASSETS. 36,000 6,800 62,400 Credit 2,400 6,000 50,000 62,400 4,000

Name: 5. The trial balance below is for Company L.CashInventoryUnearned Rev
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Description: 5. The trial balance below is for Company L.CashInventoryUnearned RevenuePaid-in CapitalRetained Earnings (beginning)SalesCost of Goods SoldRent ExpenseTotalCompute TOTAL ASSETS.Debit5,60014,00036,0006,80062,400Credit2,4006,00050,00062.4004,000

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

5. The trial balance below is for Company L.
Cash
Inventory
Unearned Revenue
Paid-in Capital
Retained Earnings (beginning)
Sales
Cost of Goods Sold
Rent Expense
Total
Compute TOTAL ASSETS.
Debit
5,600
14,000
36,000
6,800
62,400
Credit
2,400
6,000
50,000
62.400
4,000

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