Question 22 The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances. Prepare a trial balance. The total of the debits is Accounts Payable Accounts Receivable Prepaid Insurance Cash Dividends $1,500 1,800 2,000 3,200 1,200 Fees Earned Insurance Expense Land Wages Expense Common Stock $3,600 1,300 3,000 1,400 8,800 $12,700 O $11.200 O $9,700 O Answer not listed

Question 22 The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances. Prepare a trial balance. The total of the debits is Accounts Payable Accounts Receivable Prepaid Insurance Cash Dividends $1,500 1,800 2,000 3,200 1,200 Fees Earned Insurance Expense Land Wages Expense Common Stock $3,600 1,300 3,000 1,400 8,800 $12,700 O $11.200 O $9,700 O Answer not listed

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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Multiple choice
Trial Balance to be correced Account Titles Debit Credit Cash in Bank 25,000 Accounts Receivable 20,000 Supplies Inventory 10,000 Tools 5,000 Shop Equipment 30,000 Accounts Payable 5,000 Notes Payable E. Dedumo, Capital E. Dedumo, Withdrawals 8,000 48,000 2,000 Repairs Income 40,000 Utilities Expense 3,000 Salaries and Wages 5,000 Taxes and Licenses 1,000 Total 101,000 101,000
Multiple Choice Question Paul's Programming Services paid $1,000 in cash dividends to its shareholders. Show how to use T-accounts to record this trans answer below. O Debit Dividends; credit Cash. O Debit Cash; credit Dividends. O Credit Accounts Receivable; debit Cash. O Credit Dividends; debit Retained earnings.
Question 13 Using the following balance sheet items and amounts, calculate the total liquid assets. • Money market account $4056 • Retirement account $17200 • Medical bills $120 • Checking account $8308 • Credit card balance $670 Your Answer: Answer
4
CHART OF ACCOUNTS 101 Cash 401 Service Revenue 211 Notes Payable 212 Accounts Payable 451 Rent Revenue 111 Notes Receivable 214 Interest Payable 491 Interest Revenue 112 Accounts Receivable 114 Interest Receivable 216 Wages Payable 511 Depreciation Expense 125 Supplies 261 Unearned Revenue 513 Insurance Expense 130 Prepaid Insurance 311 Common Stock 515 Rent Expense 320 Retained Earnings 517 Wages Expense 519 Supplies Expense 132 Prepaid Rent 161 Equipment 162 Accumulated Depreciation 591 Interest Expense Corporation purchased equipment on July 1 and gave an 18-month, 10% interest-bearing note with a face value of $45,000. Depreciation will be for 10 years using the straight-line method. The December 31 depreciation adjusting entry would be: Date Enter Account Number Debit Credit XX/XX/XX Would this adjusting entry be reversed? (Y for Yes or N for No)
Q. 13
"A Sticky Patch: Completing the Accounting Cycle for ROYAL JELLY TRADING" ROYAL JELLY TRADING, which follows GAAP and uses the periodic inventory system, is a merchandising business that buys and sells various kinds of jelly candies. Its trial balance as of fiscal year-end September 30, 2020, before any adjustments, can be found on the next page: Information for adjusting entries are as follows: 1. Interest has accrued on the customer's P20,000 60-day 12% note dated August 21, 2020 and this remained unrecorded as of year-end. 2. Rent for the month of September amounting to P15,000 has not been received as at year-end. 3. The company pays its employees their salaries every Friday for work done Monday to Friday of that week. Weekly pay is P10,000 for office salaries and P15,000 for store salaries. September 30, 2020 falls on a Wednesday. 4. At year-end, unused office supplies were P18,000, while unused store supplies amounted to P12,000. 5. One-fourth of the Prepaid Insurance Expense…
16 The Accounts Payable account: Multiple Choice has a normal credit balance. is increased by a debit. is an asset. is increased when a company receives cash from customers.
A-7
QUESTION 11 Chart of Accounts 11 Cash 12 Accounts Receivable 14 Computer Supplies 18 Equipment 21 Accounts Payable 23 Notes Payable 31 O. Myer, Capital 32 O. Myer, Drawing 41 Fees Earned 51 Wages Expense 52 Rent Expense Journalize the following transaction: July 31 Recorded owner's withdrawal of $1,000 hint: you may not need to fill in every box GENERAL JOURNAL Page 1 Date Description Post Debit Credit
Account Cash Accounts Receivable Equipment Buses Notes Payable Golden Nursery School Trial Balance 1/31/2011 Accounts Payable T. Kuo, Capital Requirements Dr Balance 2,070 1,700 1,040 17,400 22,210 i.Trial Balance ii.Income Statement iii.Statement of Equity iv. Balance Sheet Cr 15,000 1,640 5,570 1.Prepare Journal Entries II.Prepare T accounts III.Generate ending balances in T accounts IV.Prepare 22,210 February Transactions Date Description Paid this month's rent, Received fees for this month's services Purchases supplies on account Re-imbursed bus driver for gas Ordered playground equipment Made a payment on account Received payments from customer on account Billed customers who had not yet paid for this month's services Paid for supplies purchased on 2/2 Purchased and received playground equipment ordered on 2/6 for cash Purchsed equipment on account Paid this month's utility bill Received payment for the month's services from customers previously billed 2-Feb 3-Feb 4-Feb 5-Feb…