INSTRUCTION: Determine the ending balances of the accounts (Cash, Supplies, Equipment, Account Payable, and Note Payable) based on the following journal entries a) Cash. $3,900.00 b) Equipment Payable c) Supplies d) Supplies Note Payable $3,900.00 Note Cash CR e). Note Payable $900.00 Cash $900.00 $1,000.00 Account Payable $ 1,000.00 $300.00 $700.00 $300.0 $700.00

INSTRUCTION: Determine the ending balances of the accounts (Cash, Supplies, Equipment, Account Payable, and Note Payable) based on the following journal entries a) Cash. $3,900.00 b) Equipment Payable c) Supplies d) Supplies Note Payable $3,900.00 Note Cash CR e). Note Payable $900.00 Cash $900.00 $1,000.00 Account Payable $ 1,000.00 $300.00 $700.00 $300.0 $700.00

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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B. State whether the following T accounts have normal balance or not. (Please refer to the picture.)
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Make a ledger account with this journal entry.
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INSTRUCTION: Determine the ending balances of the accounts (Cash, Supplies, Equipment, Account Payable, and Note Payable) based on the following journal entries. You may want to prepare a T-account for each account to determine the answer. See exhibit 2.11 on textbook page 66 for examples of how this is done. DR CR a) Cash $3,900.00 Note Payable $ 3,900.00 b) Equipment $1,000.00 Note Payable $ 1,000.00 c) Supplies $300.00 Cash $300.00 d) Supplies $700.00 Account Payable $700.00 e) Note Payable $900.00 Cash $900.00 For example, The ending balance of the 'Equipment' account is $1000 DR(There is only one debit entry for equipment-see…