Genie Car Wash, Inc. Trial Balance April 30, 20X9 Balance Account Title Debit Credit Cash. . $33,300 Accounts receivable.. 2,000 ... Supplies. 3,700 Land. . 18,000 Accounts payable.. $ 1,800 Common stock.. 50,000 Dividends.. 2,100 Service revenue. 10,000 Rent expense. Salary expense.. 1,100 1,200 ... Utilities expense 400 Total . . $61,800 $61,800

Q: Distinguish the reasons for preparing closure entries at the conclusion of the accounting period.…

A: A sequence of journal entries known as closing entries is recorded in the bookkeeping system to…

Q: Whats a trial balance

A: Accounting's goals include keeping a systematic record of all financial transactions in a book of…

Q: How to journaalize entries from accounting for purchase with frieght transaction?

A: A journal entry is the first step to recording any transaction of monetary nature. Journalizing is…

Q: Using two revenue and capital ledgers, explain how you will treat them in the trial balance

A: A trial balance is one of the intermediate steps in an accounting cycle. The first few steps in the…

Q: What is used in preparing trial balance? a. Ledger Accounts. b. General Journal. c. Specialized…

A: Trial balance is something which is usually prepared to verify if the debits in the books are equal…

Q: s the income and expense account credited in the entry to record the distribution profits?

A: Solution: When profit is distributed to owner, income and expense account is debited as profit is…

Q: From the following list, identify those that are likely to serve as source documents.  Trial…

A: A source document refers to the original document that includes all the information of the business…

Q: Differentiate between a purchase requisition and a purchase order.

A: Difference between purchase requisition and purchase order The difference between the purchase…

Q: When writing journal entries for recording assets, what is the end result in the account: Group of…

A: Proceeds paid to employees is an not relevant option

Q: Why is it important to verify if the activity on the trial balance equals the activity per the…

A: The activity in the trial balance means the accounts listed on the both side of trial…

Q: Explain what is meant by ‘events occurring after reporting date’. Distinguish between events that…

A: "Event occurring after reporting date" is meant for those events that occur between the end of the…

Q: What is a book of original entry O ledger O jounral trial balance Obalance sheet

A: A book of original entry is an accounting book in which day-to-day business transactions of…

Q: Give an example and explain how to journalize depreciation entry.

A: Depreciation is a reduction of value of an asset over its useful life time. It is an accounting…

Q: the building and journalize the purchase.

A: Definition: Property, plant, and equipment: These assets are long-lived economic resources which are…

Q: What is the order in which accounts are listed on a trial balance?

A: Trial Balance of any company reflects accounts related to Assets, Liability, Equity, Profit(Gain),…

Q: If a company makes a journal entry that records a debit to “Rent Expense,” that journal entry also…

A: Journal: Recording of a business transactions in a chronological order.

Q: What steps are taken to prepare Income and Expenditure Account from a Receipt and Payment Account?

A: Introduction: Non-trading entities keep a revenue and expenditure account to determine the surplus…

Q: The five basic account types are: Asset Liability Owners Equity Revenue Expense   What is the…

A: 1. Asset = Debit Balance 2. Liability = Credit Balance 3. Owners Equity = Credit Balance 4. Revenue…

Q: For each account, identify whether it is included in a post-closing trial balance. a. Store…

A: Solution: All temporary accounts such as revenues, expenses and dividends etc are closed to income…

Q: Ledgers help to organize accounting information into categories normally known as ‘’classes’’. With…

A: SOLUTION A JOURNAL IS A COMPANY'S OFFICIAL BOOK IN WHICH ALL BUSINESS TRANSACTIONS ARE RECORDED IN…

Q: What are some categories of vacation home rentals in accounting? And, please describe some rules for…

A: When it comes to accounting for vacation home rentals, you generally categorize them under…

Q: the entry to record the purchase of supplies on account includes a credit to what?

A: Journal entries are prepared to record the financial and non-financial transactions of the business.

Q: Identify the following accounts of Advanced Services Co. as asset, liability, owner’s equity,…

A: Assets are the resources of a company which provides future cash flows and having an economic value.…

Q: Prepared a trial balance

A: Adjusted Trial Balance is prepared after adjusting the adjustment entries to the respective account…

Q: What types of accounts are listed on the post-closing trial balance?

A: Post-Closing Trial Balance: After passing all the journal entries and the closing entries of the…

Q: A seller reports accounts receivable, “contract liabilities,” and “contract assets” on separate…

A:

Q: How is the account Unearned Fees classified and what kind of balance should it have? Group of answer…

A: A current liability is an obligation for the company that has to be paid off within a year. It would…

Q: Describe common operating transactions and selectappropriate income statement account titles.

A: Common operating transactions are those business transactions which are directly related to revenue…

Q: How is the account Accounts Payable classified and what kind of balance should it have? Group of…

A: Accounts payable is the term for current liabilities in regard to purchases made on credit. Such…

Q: Discuss the major principle that describes recording expenses.

A:

Q: What are the journal entries, T accounts and unadjusted trial balance

A: S.No.ParticularsDebit ($)Credit ($)1Cash50,000Common Stock50,0002Rent…

Q: Which of the following items is known as the base for preparing the trial balance; Cash Account…

A: Trial balance includes both temporary accounts and permanent accounts. All expenses, losses, and…

Q: Briefly explain the relationship between assets, liabilities, and revenue.

A: Assets is the tangible or Intangible factor in the business, which can be valued in terms of money…

Q: Explain what accruals are and give an example. Explain what prepayments are and give an example.

A: Accruals are incomes and expenses which relates to current period. For example - payment for…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is