Chapter7: Accounting Information Systems
Section: Chapter Questions
Problem 8EA: Maddie Inc. has the following transactions for its first month of business. A. What are the...
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
Transcribed Image Text:The following are the balances of the ledger accounts of Balagbag Transit owned and
operated by Marcelino Banzon, after three months of operations ended March 31, 2001:
Office Supplies Expense
Trucks
Cash
Gas & Oil Exp.
Accounts Payable
Depreciation Expense - Furniture & Equipment
Mortgage Payable
Repairs & Maintenance Expense
Prepaid Insurance
Office Supplies Unused
Furniture & Equipment
Fares Earned
Utility Expense
Accumulated Depreciation - Trucks
Accumulated Depreciation - Furniture & Equipment
Rent Expense
Banzon, Capital
Depreciation Expense - Trucks
Salary Expense
Interest Expense
P
Insurance Expense
Banzon, Drawing
Salaries Payable
300
750,000
53,500
15,000
10,000
700
250,000
8,000
4,750
500
8,500
145,000
4,000
72,000
2,400
12,000
436,600
15,000
25,000
7,000
1,250
15,000
4,500
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