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Prepare T accounts, enter any opening balances, post the general journal entries and calculate end balances Cash accounts receivable Prepaid advertising Supplies Prepaid rent Note receivable Interest receivable Equipment Accumulated Depreciation-Equipment Accounts payable Salaries payable Deferred revenue Common shares Retained earnings Dividends declared Service revenue Salaries expense

Prepare T accounts, enter any opening balances, post the general journal entries and calculate end balances Cash accounts receivable Prepaid advertising Supplies Prepaid rent Note receivable Interest receivable Equipment Accumulated Depreciation-Equipment Accounts payable Salaries payable Deferred revenue Common shares Retained earnings Dividends declared Service revenue Salaries expense

FINANCIAL ACCOUNTING
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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Prepare T accounts, enter any opening balances, post the general journal entries and calculate end balances Cash accounts receivable Prepaid advertising Supplies Prepaid rent Note receivable Interest receivable Equipment Accumulated Depreciation-Equipment Accounts payable Salaries payable Deferred revenue Common shares Retained earnings Dividends declared Service revenue Salaries expense
Prepare T accounts, enter any opening balances, post the general journal entries and calculate end balances. (Post entries in the order of journal entries presented in the previous part. If the ending balance is 0 select Bal for the date and enter O for the normal balance for that account.) Aug. 1 Bal. Aug. 6 18 Aug. 13 Aug. 29 Aug 31 Bal 200 $5,900 $2.970 Cash $3,750 $830 $3,550 Aug. 1 Aug. 3 Aug. 10. Aug. 17 Aug. 24 Aug. 31 Accounts Receivable $430 $400 $3.400 $2.140 $3.040 $490 Lock Down Browser- FROM
Transcribed Image Text:Prepare T accounts, enter any opening balances, post the general journal entries and calculate end balances. (Post entries in the order of journal entries presented in the previous part. If the ending balance is 0 select Bal for the date and enter O for the normal balance for that account.) Aug. 1 Bal. Aug. 6 18 Aug. 13 Aug. 29 Aug 31 Bal 200 $5,900 $2.970 Cash $3,750 $830 $3,550 Aug. 1 Aug. 3 Aug. 10. Aug. 17 Aug. 24 Aug. 31 Accounts Receivable $430 $400 $3.400 $2.140 $3.040 $490 Lock Down Browser- FROM
During August, the following summary transactions were completed. Aug. 1 3 6 10 13 15 17 22 24 27 Paid $430 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered during August and September. (Hint: Use the Prepaid Advertising account.) Paid August rent $400. (Hint: Use the Prepaid Rent account.) Received $2,970 cash from customers in payment of accounts. Paid $3,400 for salaries due employees, of which $1,850 is for August and $1,550 is for July salaries payable. Received $3,750 cash for services performed in August. Purchased additional equipment on account $2,140. Paid creditors $2,140 of accounts payable due. Purchased supplies on account $810. Paid salaries $3,040. 29 31 Performed services worth $5,160 on account and billed customers. Received $830 from customers for services to be provided in the future. Declared and paid a $490 dividend. 4 1306044
Transcribed Image Text:During August, the following summary transactions were completed. Aug. 1 3 6 10 13 15 17 22 24 27 Paid $430 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered during August and September. (Hint: Use the Prepaid Advertising account.) Paid August rent $400. (Hint: Use the Prepaid Rent account.) Received $2,970 cash from customers in payment of accounts. Paid $3,400 for salaries due employees, of which $1,850 is for August and $1,550 is for July salaries payable. Received $3,750 cash for services performed in August. Purchased additional equipment on account $2,140. Paid creditors $2,140 of accounts payable due. Purchased supplies on account $810. Paid salaries $3,040. 29 31 Performed services worth $5,160 on account and billed customers. Received $830 from customers for services to be provided in the future. Declared and paid a $490 dividend. 4 1306044
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