Homework Help is Here – Start Your Trial Now!
Business
Accounting
Can somone help me with trial balance and what caused change in retained earnings... I didn’t fill out the equipment section because there weren’t any equipment used from he journal entry

Can somone help me with trial balance and what caused change in retained earnings... I didn’t fill out the equipment section because there weren’t any equipment used from he journal entry

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
Can somone help me with trial balance and what caused change in retained earnings... I didn’t fill out the equipment section because there weren’t any equipment used from he journal entry
EE E Merge & Center $ - % > 8 00 Conditional Format as Formatting Table Format Painter Clipboard Font Alignment Number Styles J29 L/Bank interest payable Dr Big Bank Cr Dr. Big Bank Cr. Dr Stock Cr. Beg. Balance Rent expenses 35,000 Beg. Balance 65,000 Beg. Balance 75,000 4,000 sales 62,000 Ending Balance Ending Balance inventory Ending Balance 17,000 76,000 Note Payable Dr. Little Bank Cr. Retained Cash Beg. Balance 60,000 Dr. Earnings Dr Little Bank Cr Beg. Balance Beg. Balance employee payment 20,000 Ending Balance sales 62,000 10,000 cost of goods sold 16,000 sales 40,000 rent expenses 4,000 wages expenses 23,000 Interest Payable employee wages Ending Balance 27,000 10,000 Dr. Big Bank Cr. sales 88,000 Beg. Balance interest payable Ending Balance cost of goods sold 22,000 Accounts 600 sales Dr. Receivable Cr. 110,000 cost of goods sold wages of employees B/bank interest payal UBank interest payal Beg. Balance 28,000 sales 88,000 23,000 Interest Payable sales 70,000 600 Dr. Little Bank Cr. Ending Balance 158,000 450 Beg. Balance interest payable Ending Balance Ending Balance 450 Dr. Inventory Cr Beg. Balance cost of goods sold cost of goods sold 85,000 16,000 22,000 cost of goods sold additional inventory 28,000 17,000 Ending Balance 36,000 Dr Equipment C. Beg. Balance 60,000 Ending Balance General Journal General Ledger Trial Bal and RE Change Rpt Ready Balance Sheet
Transcribed Image Text:EE E Merge & Center $ - % > 8 00 Conditional Format as Formatting Table Format Painter Clipboard Font Alignment Number Styles J29 L/Bank interest payable Dr Big Bank Cr Dr. Big Bank Cr. Dr Stock Cr. Beg. Balance Rent expenses 35,000 Beg. Balance 65,000 Beg. Balance 75,000 4,000 sales 62,000 Ending Balance Ending Balance inventory Ending Balance 17,000 76,000 Note Payable Dr. Little Bank Cr. Retained Cash Beg. Balance 60,000 Dr. Earnings Dr Little Bank Cr Beg. Balance Beg. Balance employee payment 20,000 Ending Balance sales 62,000 10,000 cost of goods sold 16,000 sales 40,000 rent expenses 4,000 wages expenses 23,000 Interest Payable employee wages Ending Balance 27,000 10,000 Dr. Big Bank Cr. sales 88,000 Beg. Balance interest payable Ending Balance cost of goods sold 22,000 Accounts 600 sales Dr. Receivable Cr. 110,000 cost of goods sold wages of employees B/bank interest payal UBank interest payal Beg. Balance 28,000 sales 88,000 23,000 Interest Payable sales 70,000 600 Dr. Little Bank Cr. Ending Balance 158,000 450 Beg. Balance interest payable Ending Balance Ending Balance 450 Dr. Inventory Cr Beg. Balance cost of goods sold cost of goods sold 85,000 16,000 22,000 cost of goods sold additional inventory 28,000 17,000 Ending Balance 36,000 Dr Equipment C. Beg. Balance 60,000 Ending Balance General Journal General Ledger Trial Bal and RE Change Rpt Ready Balance Sheet
Account Name Debit Credit Cash - Big Bank Cash - Little Bank Accounts Receivable Inventory Equipment Note Payable - Big Bank Note Payable - Little Bank Interest Payable - Big Bank Interest Payable Little Bank Common Stock Retained Earnings Total What Caused the Change in Retained Earnings during the Period Feb. 1 to Feb. 28, 2021 Sale of Inventory to Customers Less: Cost of Inventory Sold to Customers Assets Consumed for Rent Assets Consumed for Wages Increase in Big & Little Banks' Claims to Assets for Interest Increase in the Owners' Claim to the Assets during February
Transcribed Image Text:Account Name Debit Credit Cash - Big Bank Cash - Little Bank Accounts Receivable Inventory Equipment Note Payable - Big Bank Note Payable - Little Bank Interest Payable - Big Bank Interest Payable Little Bank Common Stock Retained Earnings Total What Caused the Change in Retained Earnings during the Period Feb. 1 to Feb. 28, 2021 Sale of Inventory to Customers Less: Cost of Inventory Sold to Customers Assets Consumed for Rent Assets Consumed for Wages Increase in Big & Little Banks' Claims to Assets for Interest Increase in the Owners' Claim to the Assets during February
Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting Changes and Error Analysis
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.
Similar questions
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