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Seth Feye established Reliance Financial Services on July 1, 20Y2. Reliance Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transaction for July follow: =Liabilities + Stockholders' Equity Assets Accounts Accounts Common Fees Salaries Rent Auto Supplies Misc. + Stock - Dividends + Earned - Expense - Expense - Expense - Expense - Expense Cash +Receivable + Supplies - Payable a. +53,000 +53,000 b. +6,000 +6,000 Bal. 53,000 6,000 6,000 53.000 C. -3,500 -3,500 Bal 49,500 6,000 2,500 53,000 d. 108.000 +108,000 Bal 157,500 6,000 2,500 53,000 108,000 e. -33,400 -33,400 6,000 2,500 53,000 108,000 -33,400 -15,200 -5,900 6,000 2,500 53,000 108,000 -33,400 -15,200 -5,900 Bal 124,100 f. -21,100 Bal 103.000 9. -59,000 Bal. 44,000 h. -59,000 2,500 53,000 108,000 -59,000 -33,400 -15,200 -5,900 6,000 -3,900 2,100 -3,900 Bal 44,000 2,500 53,000 -5,900 108,000 -59,000 -33,400 -15,200 -3,900 +50,100 i. Bal 44,000 2,100 2,500 53,000 158,100 -59,000 -33,400 -15,200 -3,900 -5,900 +50,100 50,100

Seth Feye established Reliance Financial Services on July 1, 20Y2. Reliance Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transaction for July follow: =Liabilities + Stockholders' Equity Assets Accounts Accounts Common Fees Salaries Rent Auto Supplies Misc. + Stock - Dividends + Earned - Expense - Expense - Expense - Expense - Expense Cash +Receivable + Supplies - Payable a. +53,000 +53,000 b. +6,000 +6,000 Bal. 53,000 6,000 6,000 53.000 C. -3,500 -3,500 Bal 49,500 6,000 2,500 53,000 d. 108.000 +108,000 Bal 157,500 6,000 2,500 53,000 108,000 e. -33,400 -33,400 6,000 2,500 53,000 108,000 -33,400 -15,200 -5,900 6,000 2,500 53,000 108,000 -33,400 -15,200 -5,900 Bal 124,100 f. -21,100 Bal 103.000 9. -59,000 Bal. 44,000 h. -59,000 2,500 53,000 108,000 -59,000 -33,400 -15,200 -5,900 6,000 -3,900 2,100 -3,900 Bal 44,000 2,500 53,000 -5,900 108,000 -59,000 -33,400 -15,200 -3,900 +50,100 i. Bal 44,000 2,100 2,500 53,000 158,100 -59,000 -33,400 -15,200 -3,900 -5,900 +50,100 50,100

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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3. Prepare a balance sheet as of July 31, 20Y2. Refer to the lists of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading.
 
 
Seth Feye established Reliance Financial Services on July 1, 20Y2. Reliance Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transaction for July follow: =Liabilities + Stockholders' Equity Assets Accounts Accounts Common Fees Salaries Rent Auto Supplies Misc. = Cash +Receivable + Supplies - Payable + Stock - Dividends + Earned - Expense - Expense - Expense - Expense - Expense +53,000 +6,000 +6,000 6,000 6,000 53,000 -3,500 6,000 2,500 53,000 +108,000 108,000 6,000 2,500 53,000 -33,400 6,000 2,500 53,000 108,000 -33,400 -15,200 -5,900 6,000 2,500 53,000 108,000 -33,400 -15,200 -5,900 -59,000 6,000 2,500 53,000 108,000 -59,000 -33,400 -15,200 -5,900 -3,900 -3,900 2,100 2,500 53,000 108,000 -59,000 -33,400 -15,200 -3,900 -5,900 +50,100 2,100 2.500 53,000 158,100 -59,000 -33,400 -15,200 -3,900 -5,900 2,100 2,500 53,000 158, 100 -59,000 -33,400 -15,200 -3,900 -5,900 a. +53,000 b. Bal. 53,000 C. -3,500 Bal. 49,500 d. +108,000 Bal. 157,500 e. -33,400 Bal. 124,100 f. -21,100 Bal. 103,000 g. -59,000 Bal. 44,000 h. Bal. 44,000 i. Bal. 44,000 j. -12,500 Bal. 31,500 +50,100 50,100 50,100 -12,500 -12,500
Transcribed Image Text:Seth Feye established Reliance Financial Services on July 1, 20Y2. Reliance Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transaction for July follow: =Liabilities + Stockholders' Equity Assets Accounts Accounts Common Fees Salaries Rent Auto Supplies Misc. = Cash +Receivable + Supplies - Payable + Stock - Dividends + Earned - Expense - Expense - Expense - Expense - Expense +53,000 +6,000 +6,000 6,000 6,000 53,000 -3,500 6,000 2,500 53,000 +108,000 108,000 6,000 2,500 53,000 -33,400 6,000 2,500 53,000 108,000 -33,400 -15,200 -5,900 6,000 2,500 53,000 108,000 -33,400 -15,200 -5,900 -59,000 6,000 2,500 53,000 108,000 -59,000 -33,400 -15,200 -5,900 -3,900 -3,900 2,100 2,500 53,000 108,000 -59,000 -33,400 -15,200 -3,900 -5,900 +50,100 2,100 2.500 53,000 158,100 -59,000 -33,400 -15,200 -3,900 -5,900 2,100 2,500 53,000 158, 100 -59,000 -33,400 -15,200 -3,900 -5,900 a. +53,000 b. Bal. 53,000 C. -3,500 Bal. 49,500 d. +108,000 Bal. 157,500 e. -33,400 Bal. 124,100 f. -21,100 Bal. 103,000 g. -59,000 Bal. 44,000 h. Bal. 44,000 i. Bal. 44,000 j. -12,500 Bal. 31,500 +50,100 50,100 50,100 -12,500 -12,500
1 2 Cash 3 Accounts receivable 4 Supplies 5 6 7 Accounts payable 8 9 Common stock 10 Retained earnings 11 12 Assets Liabilities Stockholders' Equity Balance Sheet July 31, 20Y2 $53,000.00 28,200.00 $31,500.00 50,100.00 2,100.00 $83,700.00 $2,500.00 81,200.00
Transcribed Image Text:1 2 Cash 3 Accounts receivable 4 Supplies 5 6 7 Accounts payable 8 9 Common stock 10 Retained earnings 11 12 Assets Liabilities Stockholders' Equity Balance Sheet July 31, 20Y2 $53,000.00 28,200.00 $31,500.00 50,100.00 2,100.00 $83,700.00 $2,500.00 81,200.00
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