A company had the following accounts and balances at year-end: Account Balance Cash $23 Common stock 34 Supplies 4 Advertising expense 2 Accounts payable 20 Service revenue 30 Salaries expense 3 Prepaid rent 4 Dividends 3 Equipment 45 If all of the accounts have normal balances, what amount would appear as the total in both the debit and credit columns of the trial balance? Group of answer choices A. $107 B. $168 C. $84 D. $61

A company had the following accounts and balances at year-end: Account Balance Cash $23 Common stock 34 Supplies 4 Advertising expense 2 Accounts payable 20 Service revenue 30 Salaries expense 3 Prepaid rent 4 Dividends 3 Equipment 45 If all of the accounts have normal balances, what amount would appear as the total in both the debit and credit columns of the trial balance? Group of answer choices A. $107 B. $168 C. $84 D. $61

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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The general ledger of Zips Storage at January 1, 2024, includes the following account balances: Credits Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals 8. November 20 9. December 30 Requirement The following is a summary of the transactions for the year: 1. January 9 2. February 12 3. April 25 4. May 6 5. July 15 6. September 10 7. October 31 Provide storage services for cash, $144,100, and on account, $57,200. Collect on accounts receivable, $52,500. General Journal Receive cash in advance from customers, $13,900. Purchase supplies on account, $11,200. Pay property taxes, $9,500. Pay on accounts payable, $12,400. Pay salaries, $133,600. Issue shares of common stock in exchange for $37,000 cash. Pay $3,800 cash dividends to stockholders. Insurance expired during the year is $8,000. Supplies remaining on hand at the end of the year equal $3,900. Provide services of $12,800 related to cash paid in advance by…
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23. Prepare closing entries rom the following end-of period spreadsheet. Austin Entergrises Fadof Peried Spreadsheet For the Year Eaded December JI Adnted Trial Balance Credit Income Statement Debt Balance Sheet Deb 26.500 7000 Account Titie Crede Debit Crede 26,500 7,000 1,000 18300 Cash Accounts Receivable Supplies Equipment Accumalated Depr 18.500 5.000 5.000 Accoures Payabie Wages Payable Common Stock Retained arnings Dividends Eees Earmed Wages Eapense Rest Esgeme Depreciation Eapense Toals Net omeLo) 11,000 100 6.000 2.000 1000 1,000 6.000 2.000 2.000 2,000 59.500 59.500 19,000 7.000 3.00 19000 7000 3.300 .500 .500 29,500 20.0 59.500 5.000 25,000 20.000
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On December 31, Year 2, Kimberly Company had the following normal account balances in its general ledger. The accounts are listed in random order. Salaries expense $ 18,900 Buildings 87,000 Retained earnings 1/1/Year 2 17,000 Operating expense 103,900 Cash 27,000 Accounts payable 16,000 Bonds payable 32,000 Accounts receivable 26,000 Common stock 57,000 Sales revenue 157,000 Prepaid rent 16,200 Required: Use the information regarding normal account balances to prepare a trial balance
Required information [The following information applies to the questions displayed below.] Chase Company posted transactions (a through in the following T-accounts in December, its first month of operations. a. C. Debit Debit Cash 15,600 b. 14,600 e. f. Accounts Payable 4,200 d. Debit Credit Services Revenue C. Credit Credit Prepare its December 31 trial balance. Chase Company Trial Balance 5,200 b. 6,200 d. 4,200 6,300 14,600 e. Debit Debit Debit Supplies 5,200 6,300 Common Stock a. Rent Expense 6,200 Credit Credit Credit 15,600
Required information [The following information applies to the questions displayed below) The following trial balance was drawn from the records of Havel Company as of October 1, year 2. Cash Accounts receivable Inventory Store equipment Accumulated depreciation Accounts payable Line of credit loan Connon stock Retained earnings Totals Cash Bludget for October available Cash Less Payments $ 16,000 60,000 40,000 200,000 Required c. Indicate whether Havel will need to borrow money during October by preparing October's Cash Budget Note: Negative amounts should be indicated by a minus sign. Total budgeted payments Cash surplus (shortage) We Havel need to bomow money during October $316,000 $ 76,800 72,000 100,000 50,000 17,200 $316,000 0
Required information [The following information applies to the questions displayed below.] Lawson Consulting had the following accounts and amounts on December 31. Totals Cash Accounts receivable Equipment Accounts payable Common stock Use the above information to prepare a December 31 trial balance. LAWSON CONSULTING Trial Balance December 31 $ Debit $14,500 6,400 8,400 Rent expense 4,710 Wages expense 22,190 Dividends Services revenue 0 $ Credit 0 $ 3,400 17,700 3,900 8,000
27 es The general ledger of Zips Storage at January 1, 2024, Includes the following account balances: Credits Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totaln Debits $25,300 16,100 13,400 155,000 $7,400 6,500 150,000 45,900 $209,800 $209,800 The following is a summary of the transactions for the year: 1. January 9 2. February 12 3. April 25 4. May 6 5. July 15. 6. September 10 7. October 31 8. November 20 9. December 30 Provide storage services for cash, $141,100, and on account, $55,700. Collect on accounts receivable, $52,200. Receive cash in advance from customers, $13,600. Purchase supplies on account, $10,600. Pay property taxes, $9,200. Pay on accounts payable, $12,100. Pay salaries, $130,600. Issue shares of common stock in exchange for $34,000 cash. Pay $3,500 cash dividends to stockholders. Problem 3-9A (Algo) Part 5 5. Record adjusting entries. Insurance expired during the year is $7,700. Supplies…

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bartleby, a Learneo, Inc. business

Account	Balance
Cash	$23
Common stock	34
Supplies	4
Advertising expense	2
Accounts payable	20
Service revenue	30
Salaries expense	3
Prepaid rent	4
Dividends	3
Equipment	45