A company shows a $500 balance in Prepaid Insurance in the Unadjusted Trial Balance columns of the worksheet The Adualments shed us of The ang entry results in O $300 of prepaid insurance. O $300 increase in net income O $300 difference between the debit and credit columns of the Unadjusted Trial Balance O $300 decrease in net income.

A company shows a $500 balance in Prepaid Insurance in the Unadjusted Trial Balance columns of the worksheet The Adualments shed us of The ang entry results in O $300 of prepaid insurance. O $300 increase in net income O $300 difference between the debit and credit columns of the Unadjusted Trial Balance O $300 decrease in net income.

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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Make T accounts using EXCEL for the following journal entries
What would be the Post Closing Trial Balance given the trial balance and adjustments below The adjusted trial balance for the company M T is as under: In the books of M T Adjusted Trial Balance Particulars Debit $ Credit $ Cash $127,157.75 Notes Receivable $4,500.00 Accounts Receivable $12,132.40 Interest Receivable $40.00 Merchandise inventory $31,000.86 Estimated Returns Inventory $1,654.00 Office supplies $500.00 Store supplies $1,800.00 Prepaid Insurance $3,000.00 Land $55,000.00 Office Equipment $75,000.00 Accumulated Depreciation-office equipment $19,350.00 Store Equipemnt $75,500.00 Accumulated Depreciation-store equipment $12,150.00 Accounts Payable $50,861.00 Salaries payable $1,600.00 Customer refunds payable $2,861.20 Note payable $25,000.00 S H Pilot Capital $270,343.00 S H pilot drawings $8,000.00 Sales $160,136.75 Cost of merchandise sold $99,363.34…
NO.: DATE: 6- ACCOUNT MAME DATE ACCOUNT PAYABLE ACCOUNT TITLE AND EXPLANAHON DEBIT CREDIT JR -THE BUSINESS ACQUIRED DEFICE FQUIPMTENT AND FURMITHIRE WORT H P25,000 AND P 45,000 RESPECTIVELY PAID PI5I000 CASA AND ISSUED A MOTE PAYABLE FOR THE BALAMCE- PAGE 2 GEMERAL JOURNAL ACCOUMT TITLE AND EXPLANATION CREDIT DATE 2018 DEC12. PR DEBIT OFFICE EQUIPMENT lo6P 25i000 FURNITURE ANDFIXTURS 107 CASH NOTES PAYABLE 45,000 101 202 P 15,00 55,000 ACCOUNT NO. ACCOUNT HAME ACCOUNT AND Ex PLANATION J.RI DEBIT BATE CREDIT
What is the disadvantage of being a consultant? Select one: O a. long & irregular working hour O b. a lot of certifications required O c. stuck at one workplace Od. low salary if a project is not successful
Ensemble Co. Unadjusted Trial Balance For the Year Ending December 31, 2018 Debit Balances Credit Balances 42,900 123,500 27,000 300,000 52,000 4,800 40,000 137,200 5,000 1,216,000 660,000 275,000 16,600 1,801,500 1,801,500 Trial Balance to be prepared from the above given values? Cash Accounts Receivable. Prepaid Insurance. Equipment... Accounts Payable Salaries Payable. Common Stock Retained Earnings Dividends... Service Revenue Salary Expense... Advertising Expense... Miscellaneous Expense
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Please help me prepare a T-Account.
Rapid Delivery Services Prepaid Insurance account had an unadjusted normal balance of $ 5,400, andan adjustment was crediting the account for $950; the account would appear on the worksheet as a(an):a. $4,450 debit balance in the Balance Sheet columns.b. $950 credit balance in the Income Statement columns.c. $4,450 credit balance in the Adjusted Trial Balance columns.d. $950 credit balance in the Balance Sheet columns.e. $4,450 debit balance in the Income Statement columns.
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
The following are account balances of Grameen Corporation: Account Title Amount in Unadjusted Trial Balance Balance after Adjustment Interest Receivable $ -0- $100 Prepaid Insurance 1,500 700 Interest Payable -0- 80 Salaries Payable -0- 450 Unearned Rent 500 200 Required: 1. Enter the unadjusted balance for each account in the following 2. Ledger accounts: Interest Receivable, Prepaid Insurance, Interest Payable, Salaries Payable, Unearned Rent, Interest Earned, Rent Earned, Insurance Expense, Interest Expense, and Salaries Expense. 3. Do the adjusting entry that must have been recorded for each account from the following report. 4. Post these adjusting entries and agree ending balances in each ledger to the adjusted balances above. 5. Identify revenue and expense amounts for the period.
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Given the following: 29-day cycle 4/17 Billing Date previous Balance $1,100 4/27 Payment $ 700 4/29 Charge $ 300 5/7 Payment $ 50 The average balance is: