ACCOUNT NAME Debit Credit Debit Credit Debit Credit Debit Credit Debit Cash $9,500 Notes Receivable 160,000 Accounts Receivable 16,000 Interest Receivable 2,800 Merchandise Inventory, 9/30/15 55,200 Prepaid Insurance 3,800 Prepaid Office Rent 17,700 Office Supplies 2,800 Land 90,000 Forklift 26,500 $2,900 Accumulated Depreciation, Forklift Delivery Truck 39,500 4,900 Accumulated Depreciation, Delivery Truck 14,400 Accounts Payable

ACCOUNT NAME Debit Credit Debit Credit Debit Credit Debit Credit Debit Cash $9,500 Notes Receivable 160,000 Accounts Receivable 16,000 Interest Receivable 2,800 Merchandise Inventory, 9/30/15 55,200 Prepaid Insurance 3,800 Prepaid Office Rent 17,700 Office Supplies 2,800 Land 90,000 Forklift 26,500 $2,900 Accumulated Depreciation, Forklift Delivery Truck 39,500 4,900 Accumulated Depreciation, Delivery Truck 14,400 Accounts Payable

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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Trial Balance to be correced Account Titles Debit Credit Cash in Bank 25,000 Accounts Receivable 20,000 Supplies Inventory 10,000 Tools 5,000 Shop Equipment 30,000 Accounts Payable 5,000 Notes Payable E. Dedumo, Capital E. Dedumo, Withdrawals 8,000 48,000 2,000 Repairs Income 40,000 Utilities Expense 3,000 Salaries and Wages 5,000 Taxes and Licenses 1,000 Total 101,000 101,000
Account Debits Credits Time left 1:10:40 Cash at Bank 60,00 62,000 42,000 194,000 310,000 Accounts Receivable Prepaid Rent Inventory Equipment Accumulated Depreciation - Equipment 140,000 Land 340,000 Accounts Payable 102,000 Unearned revenue 68,000 Mortgage Loan 370,000 Capital Drawings 340,000 80,000 Sales Revenue 540,000 Fee Revenue 60,000 Depreciation Expense Electricity Expense Rent Expense Wages Expense TOTALS 110,000 90,000 130,000 202,000 1,620,000 1,620,000 From the Adjusted Trial Balance provided on the previous page prepare the appropriate Closing Journal entries for the year ended 30 June 2020
Motor Vehicle 180,000 Prepaid Rent 18,000 Salary Expenses 96,000 Cash at Bank 130,000 Service Revenue 213,000 Depreciation expense – Motor Vehicle 18,000 Accounts receivable 17,000 Electricity Expense 9,200 Owner, Drawings 6,000 Unearned revenue 16,000 Supplies Expense 14,800 Accounts payable 13,000 Capital ? Bank Loan 23,000 Accumulated Depreciation- Motor Vehicle 80,000 a) Prepare the closing entries for the business. Narration is not required. b) Prepare the post-closing trial balance for the business.
Do the posting t-accounts
38
7 The accounts payable balance at the beginning of the year was $85,000. The company purchased $380,000 worth of goods on account, and the ending balance of the payables account was $70,000. What were the total payments on account? Multiple Choice $450,000 $395,000 $535,000 $465,000
Income statement , SFP
Cash $ 35,000 Accounts Receivable 65,000 Finished Goods 120,000 Work in Process 58,683 Materials 14,000 Building 580,000 Accum. Deprec.—Building $ 43,500 Factory Equipment 440,000 Accum. Deprec.—Factory Equipment 110,000 Office Equipment 90,000 Accum. Deprec.—Office Equipment 33,750 Accounts Payable 85,000 Notes Payable 100,000 Capital Stock 470,000 Retained Earnings 560,433 Total $1,402,683 $1,402,683 During the month of August, the following transactions took place: a. Purchased raw materials at a cost of $55,000 and general factory supplies at a cost of $18,000 on account. (NOTE: Materials account includes both materials and supplies.) b. Issued raw material to be used in production, costing $45,500, and miscellaneous factory supplies, $13,500. c. Recorded the payroll, the payment to the…
Administrative Expenses $ 250,000 Building 1,025,000 Cash 97,000 Cost of Merchandise Sold 1,400,000 Interest Expense 15,000 Merchandise Inventory 260,000 Notes Payable 59,000 Office Supplies 21,200 Ricardo Cepeda, Capital $1,137,600 Ricardo Cepeda, Drawing 50,000 Salaries Payable 6,000 Sales 2,550,000 Sales Discounts 40,000 Sales Returns and Allowances 160,000 Selling Expenses 410,000 Store Supplies 15,400 Multi step income statement?
answered Accounts Dr Marked out of Cash OMR 50,000 2.00 Accounts receivable 20,000 P Flag question Supplies 10,000 Prepaid expenses 12,000 Buildings-at cost 160,000 10,000 Accumulated depreciation - Buildings 30,000 Notes payable (due in 2 months) 30,000 Accounts payable 12,000 Interest payable 10,000 Unearned service revenue 120,000 Shared- Capital 100,000 Service revenues 40,000 Salaries Expenses 10,000 Depreciation Expenses 30,000 Utilities Expenses 10,000 Dividends / drawings 342,000 342,000 Total If this information was used to prepare a statement of financial position, Total Liabilities should be: Cull lis islO
Accounts Payable S600 Accounts Receivable $5,200 Cash $27,000 Loan Payable in 6 months S4,400 Revenue received in advance $12,000 Bank Loan - Mortgage S30,000 Accumulated depreciation S7,800 Inventory S10,200 Buildings $17,600 Supplies $1,600 What is the most likely amount for the company's net assets? Select one: a. $41,600. Б. $6,800. C. $14,600. d. $26,600. e. $18,800.
Cash on hand and in bank 5,960 1,200 8,000 1,100 1,000 1,800 4,000 300 600 32,000 4,500 48,630 Utilities expense Accounts receivable Depreciation expense Allowance for doubtful accounts Rent expense Notes receivable Interest income Supplies Service fees Manalo, drawing Manalo, Capital Prepaid rent Building Accounts payable Salaries payable Accumulated depreciation Unearned service fees 820 88,000 6,000 1,450 18,000 8,600 Compute for the following: (Show computations) 1. Profit (Loss) – please indicate if it is "Profit" or "Loss" P.