ORMAL BALANCE OF A LIABILITY IS A DEBIT/CREDIT THE NORMAL BALANCE OF AN INCOME ACCOUNT IS A DEBIT/CREDIT THE NORMAL BALANCE OF AN EXPENSE ACCOUNT IS DEBIT CREDIT 5 THE FOLLOWING OCCURRED DURING DEC 2014 INVESTED $20,000 TO START UP COMPANY VPAID RENT TO REALTY CO IN AMOUNT OF $5,000 PURCHASED OFFICE FURNITURE FROM FURN CO ON ACCOUNT FOR $30,000 VPERFORMED CONSULTING SERVICES FOR $200,000 V CASH RECEIPTS FROM CUSTOMER $100,000 op CASH DISBURSEMENT TO VENDORS FOR $20,000 Cash PAID WAGES IN AMOUNT OF $20,000 FROM THE ABOVE INFORMATION LISTED ABOVE PREPARE: A TRIAL BALANCE, AN INCOME STATEMENT, AND A BALANCE SHEET, AND A STATEMENT OF CASH FLOW AT DEC 31, 2014 ALSO PREPARE A TRIAL BALANCE AT JAN 1, 2015
ORMAL BALANCE OF A LIABILITY IS A DEBIT/CREDIT THE NORMAL BALANCE OF AN INCOME ACCOUNT IS A DEBIT/CREDIT THE NORMAL BALANCE OF AN EXPENSE ACCOUNT IS DEBIT CREDIT 5 THE FOLLOWING OCCURRED DURING DEC 2014 INVESTED $20,000 TO START UP COMPANY VPAID RENT TO REALTY CO IN AMOUNT OF $5,000 PURCHASED OFFICE FURNITURE FROM FURN CO ON ACCOUNT FOR $30,000 VPERFORMED CONSULTING SERVICES FOR $200,000 V CASH RECEIPTS FROM CUSTOMER $100,000 op CASH DISBURSEMENT TO VENDORS FOR $20,000 Cash PAID WAGES IN AMOUNT OF $20,000 FROM THE ABOVE INFORMATION LISTED ABOVE PREPARE: A TRIAL BALANCE, AN INCOME STATEMENT, AND A BALANCE SHEET, AND A STATEMENT OF CASH FLOW AT DEC 31, 2014 ALSO PREPARE A TRIAL BALANCE AT JAN 1, 2015
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Hello can some please solve number 5 for me please.
Transcribed Image Text:ORMAL BALANCE OF A LIABILITY IS A DEBIT/CREDIT
THE NORMAL BALANCE OF AN INCOME ACCOUNT IS A DEBIT/CREDIT
THE NORMAL BALANCE OF AN EXPENSE ACCOUNT IS DEBIT CREDIT
5
THE FOLLOWING OCCURRED DURING DEC 2014
INVESTED $20,000 TO START UP COMPANY
VPAID RENT TO REALTY CO IN AMOUNT OF $5,000
PURCHASED OFFICE FURNITURE FROM FURN CO ON ACCOUNT FOR $30,000
VPERFORMED CONSULTING SERVICES FOR $200,000
V CASH RECEIPTS FROM CUSTOMER $100,000
op CASH DISBURSEMENT TO VENDORS FOR $20,000
Cash
PAID WAGES IN AMOUNT OF $20,000
FROM THE ABOVE INFORMATION LISTED ABOVE PREPARE:
A TRIAL BALANCE, AN INCOME STATEMENT, AND A BALANCE SHEET,
AND A STATEMENT OF CASH FLOW AT DEC 31, 2014
ALSO PREPARE A TRIAL BALANCE AT JAN 1, 2015
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