Cash Accounts Receivable Prepaid Insurance Supplies Acme Corporation Trial Balance December 31, 2025 Equipment Accumulated Depreciation Equipment Accounts Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Rent Expense $300 522 82 180 4,000 O credit to Unearned Service Revenue for $175. O credit to Service Revenue for $175. O debit to Service Revenue for $175. O debit to Unearned Revenue for $175 $ 600 384 1,200 1,400 3,000 1,000 500 $6.584 $6,584 If service for $175 had been performed but not billed, the adjusting entry at the end of the period would include a

Cash Accounts Receivable Prepaid Insurance Supplies Acme Corporation Trial Balance December 31, 2025 Equipment Accumulated Depreciation Equipment Accounts Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Rent Expense $300 522 82 180 4,000 O credit to Unearned Service Revenue for $175. O credit to Service Revenue for $175. O debit to Service Revenue for $175. O debit to Unearned Revenue for $175 $ 600 384 1,200 1,400 3,000 1,000 500 $6.584 $6,584 If service for $175 had been performed but not billed, the adjusting entry at the end of the period would include a

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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Cash Supplies Prepaid insurance Equipment Total assets Accounts payable Unearned consulting revenue Total liabilities Common stock Retained earnings Balance Sheet December 31, 2021 Assets Total equity Total liabilities and equity Liabilities Equity The balance in retained earnings comes from the: 4 4 4 4 4 $ $ $ $ 9,525 17,820 4,700 60,000 92,045 7,400 4,500 11,900 76,000 4,145 80,145 92,045
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2019 Ending Balances DEBITS CREDITS Cash 17,000 Marketable Securities 2,000 Accounts Rec. 14,000 Allowance for Bad Debt 2,000 Inventory 15,000 Prepaid Insurance 5,000 Land 30,000 Building 150,000 Accumulated Dep. - Building 45,000 Equipment 100,000 Accumulated Dep. - Equipment 20,000 Accounts Payable 9,000 Salaries Payable Unearned Revenue 2,000 Interest Payable Income Taxes Payable 3,000 Note Payable Bonds 100,000 Common Stock 50,000 Additional Pd-in-Capital 80,000 Retained Earnings 22,000 333,000 333,000 Complete the following jounral entries: Salaries are $2,200 per month (12 months of salaries expense must be booked). It is expected that one-half month will be owed on 12/31/20 because of when payday falls (therefore, 11.5 months of salaries have been paid and ½ month is still owed to the employees at year end). $56,000 in cash is borrowed on 9/30/20 by issuing a Note…
Camaro GTO Torino Cash $ 2,400 $ 230 $ 1,300 Short-term investments 0 0 600 Current receivables 260 510 500 Inventory 2,175 2,020 3,050 Prepaid expenses 300 600 900 Total current assets $ 5,135 $ 3,360 $ 6,350 Current liabilities $ 2,220 $ 1,320 $ 3,550 a. Compute the acid-test ratio for each of the separate cases above.b. Which company is in the best position to meet short-term obligations?
Required information Exercise 9-21 Complete the accounting cycle using long-term liability transactions (LO9-2, 9-8) [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Debit $ 11,700 35,000 152,500 72,300 125,000 Accounts Credit Cash Accounts Receivable Inventory Land Buildings $ 2,300 10, 100 23, 200 205,000 155,900 Allowance for Uncollectible Accounts Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals $396,500 $396,500 During January 2021, the following transactions occur: Borrow $105, 000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments Receive $31, 500 from customers on accounts receivable. January $2,030 are required at the end of ead onth for 6e months. January 4 January Pay cash on accounts payable, $16,000. 10 January Pay cash for salaries, $29,400. 15 January…
Trial Balance as at 30 September 2021 Dr Cr $ $ Equity 2,300,000 Sales 4,281,923 Purchases 1,893,612 Carriage Outwards 43,000 Drawings 15,000 Rent & Rates 96,000 Stationery 25,962 Advertising 100,000 Salaries & Wages 325,711 Returns 5,296 3,481 Bad Debts 33,250 Rent Receivables 100,000 Provision for Depreciation -Building 390,000 -Motor Vehicle 160,000 -Equipment 450,000 Carriage Inwards 56,009 Bank 25,000 Inventory, 1 October 2017 120,000 Equipment – at cost 1,500,000 Building – at cost 2,600,000 Motor Vehicle – at cost 800,000 Land 1,500,000 Commission Receivable 6,200 Discounts 12,693 32,158 Trade receivables 298,730 Trade payables 226,501 Cash 50,000…
Administration General services Nursing services Other professional services Totals 12/31/2020 $ 9,200 12/31/2023 $ 8,100 9,900 11,000 19,000 17,600 39,300 44,000 $77,400 $80,700 (c) Portion of mortgage payable due within one year, $520,000. (8) A $671 unrealized loss on investments occurred. (9) Nominal accounts were closed. Necessary adjustments were made to increase the Net Assets-Without Donor Restrictions, Designated for Plant. Required a-1. Prepare journal entry for the preceding transactions during the fiscal year ended December 31, 2023, assuming that Edwards Lake Community Hospital is a not- for-profit hospital. a-2. Prepare closing entries for the fiscal year ended December 31, 2023, assuming that Edwards Lake Community Hospital is a not-for-profit hospital. b. Prepare a balance sheet as of December 31, 2023. c-1. Prepare a statement of operations for the year ended December 31, 2023. c-2. Prepare a statement of changes in net assets for the year ended December 31, 2023. d.…