Homework Help is Here – Start Your Trial Now!
Business
Accounting
) Calculate the final balance in each account. ) Prepare a Trial Balance ) Prepare the 3 financial statements from the Trial Balance ANSACTIONS Lewis deposited $50,000 in a bank account in the name of the business on 1/5/21. Bought waiting room chairs and tables on account, $1,250 Bought a fax/copier/scanner combination from Office Depot for $595, paying $200 in cash and placing the balance on account neck #1001) Bought an intercom system on account from Eastman Office Supply, $375 Received and paid the telephone bill, $250 (Check #1002) Sold professional services on account, $1,484 Received and paid the electric bill, $225 (Check #1003) Received and paid the bill for the dycalculia convention, $750 (Check #1004) old professional services for cash, $2,575 Paid on account to Eastman Office Supply, $300 (Check #1005) Paid the rent for the current month, $1,200 (Check #1006) Paid salary of the receptionist, $880 (Check #1007) Lydia withdrew cash for personal use, $800 (Check #1008) Received $885 on account from patients who were previously billed ons LUBL Balance anCStatemeES

) Calculate the final balance in each account. ) Prepare a Trial Balance ) Prepare the 3 financial statements from the Trial Balance ANSACTIONS Lewis deposited $50,000 in a bank account in the name of the business on 1/5/21. Bought waiting room chairs and tables on account, $1,250 Bought a fax/copier/scanner combination from Office Depot for $595, paying $200 in cash and placing the balance on account neck #1001) Bought an intercom system on account from Eastman Office Supply, $375 Received and paid the telephone bill, $250 (Check #1002) Sold professional services on account, $1,484 Received and paid the electric bill, $225 (Check #1003) Received and paid the bill for the dycalculia convention, $750 (Check #1004) old professional services for cash, $2,575 Paid on account to Eastman Office Supply, $300 (Check #1005) Paid the rent for the current month, $1,200 (Check #1006) Paid salary of the receptionist, $880 (Check #1007) Lydia withdrew cash for personal use, $800 (Check #1008) Received $885 on account from patients who were previously billed ons LUBL Balance anCStatemeES

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
100%

Please help

Cuik Print Print Preview L eDocument Go To Copy Find Print Page Setup Area Page Setup Switch Windows Y Edit Window A DEF H M NCP R siu W XYZ AA AB Name: ASSETS LIABILITIES CAPITAL DRAWING REVENUE EXPENSES 4 个业 个小 个业 个中 个业 个业 个业 个业 个业 个业 个4 个业 Balance: Balance: Balance: Balance: Balance: Balance: Lydia Lewis opens a Math Monkey Tutoring Center on 1/5/21. Her accountant prepared the following chart of accounts: Assets: Cash, Accounts Receivable, Office Equipment, Office Furniture Liabilities: Accounts Payable 个业 个4 个业 个V Owner's Equity: LLewis, Capital and LLewis, Drawing Revenue: Professional Fees Expenses: Salary Expense, Rent Expense, Utilities Expense, Miscellaneous Expense (1) Prepare the Taccounts label each Taccount with the appropriate name, using the chart of accounts above Balance: for each account, remove one of the arrows from the left side of the T Balance: eave the appropriate arrow to indicate what happens on the left side of that particular account in other words, is the left side the increase side or the decrease side of the account? repeat for the ride side of the account 74 个4 repeat for each of the other accounts 个4 个 (2) Record the transactions (a-n) listed below. Record Transactions. R dy Type here to search 82
Transcribed Image Text:Cuik Print Print Preview L eDocument Go To Copy Find Print Page Setup Area Page Setup Switch Windows Y Edit Window A DEF H M NCP R siu W XYZ AA AB Name: ASSETS LIABILITIES CAPITAL DRAWING REVENUE EXPENSES 4 个业 个小 个业 个中 个业 个业 个业 个业 个业 个业 个4 个业 Balance: Balance: Balance: Balance: Balance: Balance: Lydia Lewis opens a Math Monkey Tutoring Center on 1/5/21. Her accountant prepared the following chart of accounts: Assets: Cash, Accounts Receivable, Office Equipment, Office Furniture Liabilities: Accounts Payable 个业 个4 个业 个V Owner's Equity: LLewis, Capital and LLewis, Drawing Revenue: Professional Fees Expenses: Salary Expense, Rent Expense, Utilities Expense, Miscellaneous Expense (1) Prepare the Taccounts label each Taccount with the appropriate name, using the chart of accounts above Balance: for each account, remove one of the arrows from the left side of the T Balance: eave the appropriate arrow to indicate what happens on the left side of that particular account in other words, is the left side the increase side or the decrease side of the account? repeat for the ride side of the account 74 个4 repeat for each of the other accounts 个4 个 (2) Record the transactions (a-n) listed below. Record Transactions. R dy Type here to search 82
Practice Chapter 2 (1)- Microsoft Excel Viewer Go To Page Print Setup Area Page Setup Switch Windows Window H NCP Q R stu V W (3) Calculate the final balance in each account. (4) Prepare a Trial Balance (5) Prepare the 3 financial statements from the Trial Balance TRANSACTIONS a. Lewis deposited $50,000 in a bank account in the name of the business on 1/5/21. b. Bought waiting room chairs and tables on account, $1,250 c. Bought a fax/copier/scanner combination from Office Depot for $595, paying $200 in cash and placing the balance on account (Check #1001) d. Bought an intercom system on account from Eastman Office Supply, $375 e Received and paid the telephone bill, $250 (Check #1002) f. Sold professional services on account, $1,484 Received and paid the electric bill, $225 (Check #1003) h. Received and paid the bill for the dycalculia convention, $750 (Check #1004) Sold professional services for cash, $2,575 Paid on account to Eastman Office Supply, $300 (Check #1005) K Paid the rent for the current month, $1,200 (Check #1006) I Paid salary of the receptionist, $880 (Check #1007) m. Lydia withdrew cash for personal use, $800 (Check #1008) n. Received $885 on account from patients who were previously billed tions TreI Balance
Transcribed Image Text:Practice Chapter 2 (1)- Microsoft Excel Viewer Go To Page Print Setup Area Page Setup Switch Windows Window H NCP Q R stu V W (3) Calculate the final balance in each account. (4) Prepare a Trial Balance (5) Prepare the 3 financial statements from the Trial Balance TRANSACTIONS a. Lewis deposited $50,000 in a bank account in the name of the business on 1/5/21. b. Bought waiting room chairs and tables on account, $1,250 c. Bought a fax/copier/scanner combination from Office Depot for $595, paying $200 in cash and placing the balance on account (Check #1001) d. Bought an intercom system on account from Eastman Office Supply, $375 e Received and paid the telephone bill, $250 (Check #1002) f. Sold professional services on account, $1,484 Received and paid the electric bill, $225 (Check #1003) h. Received and paid the bill for the dycalculia convention, $750 (Check #1004) Sold professional services for cash, $2,575 Paid on account to Eastman Office Supply, $300 (Check #1005) K Paid the rent for the current month, $1,200 (Check #1006) I Paid salary of the receptionist, $880 (Check #1007) m. Lydia withdrew cash for personal use, $800 (Check #1008) n. Received $885 on account from patients who were previously billed tions TreI Balance
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Market Efficiency
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS