RequiredOn December 31, Year 2, Morgan Company had the following normal account balances in its general ledger. Use this information toprepare a trial balance.Land$23,15017,6004,6506,90060,37016,5002,00022,50014,9501,5502,10014,75079,5106,190Unearned RevenueDividendsPrepaid RentCashSalaries ExpenseAccounts PayableCommon StockOperating ExpensesOffice SuppliesAdvertising ExpenseRetained Earnings, BeginningService RevenueAccounts ReceivableMORGAN COMPANYTrial BalanceDecember 31, Year 2Account TitlesDebitCreditTotals

Follow the golden rules:= i) Real Account :- a) Debit what comes into the business b) Credit what…

Answered: Required On December 31, Year 2, Morgan…

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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At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Account Balance Cash $ 27,800 Accounts receivable 18,400 Accounts payable 14,700 Common stock 16,900 Retained earnings 14,600 The following events apply to Oak Consulting for Year 2: Provided $72,900 of services on account. Incurred $2,900 of operating expenses on account. Collected $50,900 of accounts receivable. Paid $39,700 cash for salaries expense. Paid $15,840 cash as a partial payment on accounts payable. Paid a $9,000 cash dividend to the stockholders. c. Show the beginning balances and the transactions in a horizontal statements model.
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23. Prepare closing entries rom the following end-of period spreadsheet. Austin Entergrises Fadof Peried Spreadsheet For the Year Eaded December JI Adnted Trial Balance Credit Income Statement Debt Balance Sheet Deb 26.500 7000 Account Titie Crede Debit Crede 26,500 7,000 1,000 18300 Cash Accounts Receivable Supplies Equipment Accumalated Depr 18.500 5.000 5.000 Accoures Payabie Wages Payable Common Stock Retained arnings Dividends Eees Earmed Wages Eapense Rest Esgeme Depreciation Eapense Toals Net omeLo) 11,000 100 6.000 2.000 1000 1,000 6.000 2.000 2.000 2,000 59.500 59.500 19,000 7.000 3.00 19000 7000 3.300 .500 .500 29,500 20.0 59.500 5.000 25,000 20.000
On December 31, Year 2, Kimberly Company had the following normal account balances in its general ledger. The accounts are listed in random order. Salaries expense $ 18,900 Buildings 87,000 Retained earnings 1/1/Year 2 17,000 Operating expense 103,900 Cash 27,000 Accounts payable 16,000 Bonds payable 32,000 Accounts receivable 26,000 Common stock 57,000 Sales revenue 157,000 Prepaid rent 16,200 Required: Use the information regarding normal account balances to prepare a trial balance
ĮThe following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash Accounts Receivable Allowance for Uncollectible Accounts $ 25,600 47,200 $ 4,700 Inventory Land 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock 2,000 29,000 55,000 40,000 31,100 $161,800 $161,800 Retained Earnings Totals During January Year 1, the following transactions occur: January 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $152,000. January 15 The comapany sales for the first half of the month total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on…
Required information [The following information applies to the questions displayed below.] Chase Company posted transactions (a through in the following T-accounts in December, its first month of operations. a. C. Debit Debit Cash 15,600 b. 14,600 e. f. Accounts Payable 4,200 d. Debit Credit Services Revenue C. Credit Credit Prepare its December 31 trial balance. Chase Company Trial Balance 5,200 b. 6,200 d. 4,200 6,300 14,600 e. Debit Debit Debit Supplies 5,200 6,300 Common Stock a. Rent Expense 6,200 Credit Credit Credit 15,600
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Required information [The following information applies to the questions displayed below.] As of December 31 of the current year, Armani Company's records show the following. Cash Accounts receivable Supplies Equipment Accounts payable Common stock Retained earnings, December 31, prior year Retained earnings, December 31, current year Dividends Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses Required: Prepare the current year-end balance sheet for Armani Company. Cash Supplies Accounts receivable Equipment Total assets Assets $ ARMANI COMPANY Balance Sheet December 31 11,100 Accounts payable 7,100 10,100 Total liabilities 6,100 Common stock Retained earnings $ 11,100 10, 100 7,100 6,100 13, 200 15, 100 4,100 6,100 14, 100 35,200 24,200 21,100 13,100 9,100 Liabilities Equity Total equity $ 34,400 Total liabilities and equity $ $ 13,200 13,200 15,100 6,100 21,200 34,400
Required information [The following information applies to the questions displayed below) The following trial balance was drawn from the records of Havel Company as of October 1, year 2. Cash Accounts receivable Inventory Store equipment Accumulated depreciation Accounts payable Line of credit loan Connon stock Retained earnings Totals Cash Bludget for October available Cash Less Payments $ 16,000 60,000 40,000 200,000 Required c. Indicate whether Havel will need to borrow money during October by preparing October's Cash Budget Note: Negative amounts should be indicated by a minus sign. Total budgeted payments Cash surplus (shortage) We Havel need to bomow money during October $316,000 $ 76,800 72,000 100,000 50,000 17,200 $316,000 0
Required information [The following information applies to the questions displayed below.] Lawson Consulting had the following accounts and amounts on December 31. Totals Cash Accounts receivable Equipment Accounts payable Common stock Use the above information to prepare a December 31 trial balance. LAWSON CONSULTING Trial Balance December 31 $ Debit $14,500 6,400 8,400 Rent expense 4,710 Wages expense 22,190 Dividends Services revenue 0 $ Credit 0 $ 3,400 17,700 3,900 8,000

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