Smithson Floor Coverings reported the following summarized data at December 31, 2024. Accounts appear in no particular order, and all have normal balances. (Click the icon to view Smithson Floor Coverings accounts.) Prepare the trial balance of Smithson Floor Coverings at December 31, 2024. Account Title Total Smithson Floor Coverings Trial Balance December 31, 2024 Balance Debit Credit C Data table Service Revenue Equipment Rent Expense Common Stock Accounts Payable Dividends $ 26,000 Salaries Payable 36,000 Salaries Expense 17,000 Cash 24,000 Accounts Receivable 2,200 Interest Payable 16,100 Utilities Expense Print Done $ 25,000 1,600 7,000 3,600 6,000 1,900 - X

Smithson Floor Coverings reported the following summarized data at December 31, 2024. Accounts appear in no particular order, and all have normal balances. (Click the icon to view Smithson Floor Coverings accounts.) Prepare the trial balance of Smithson Floor Coverings at December 31, 2024. Account Title Total Smithson Floor Coverings Trial Balance December 31, 2024 Balance Debit Credit C Data table Service Revenue Equipment Rent Expense Common Stock Accounts Payable Dividends $ 26,000 Salaries Payable 36,000 Salaries Expense 17,000 Cash 24,000 Accounts Receivable 2,200 Interest Payable 16,100 Utilities Expense Print Done $ 25,000 1,600 7,000 3,600 6,000 1,900 - X

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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Write a journal entry for the following beginning balance: “accounts receivable (net of allowance of 5200) 235,884"
Required information [The following information applies to the questions displayed below.] The general ledger of Zips Storage at January 1, 2024, includes the following account balances: Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Debits Credits $25,500 16,300 13,800 157,000 $7,600 6,700 Deferred Revenue Common Stock Retained Earnings Totals 152,000 46,300 $212,600 $212,600 The following is a summary of the transactions for the year. storage services for cash, $143,100, and on account, $56,700. on accounts receivable, 1. January 9 2. February 12 Provide Collect $52,400. 3. April 25 4. May 6 5. July 15 6. September 10 7. October 31 8. November 20 Receive cash in advance from customers, $13,800. Purchase supplies on account, $11,000. Pay property taxes, $9,409. Pay on accounts payable, $12,300. Pay salaries, $132,600. Issue shares of Common stock in dividends to exchange for $36,000 cash. 9. December 30 Pay $3,700 cash stockholders. 8-a. Prepare the income…
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! Required information [The following information applies to the questions displayed below.] The general ledger of Zips Storage at January 1, 2024, includes the following account balances: Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Debits $25,400 Credits 16,200 13,600 156,000 $7,500 6,600 151,000 46,100 Totals $211,200 $211,200 The following is a summary of the transactions for the year: 1. January 9 2. February 12 3. April 25 4. May 6 5. July 15 6. September 10 7. October 31 8. November 20 9. December 30 Provide storage services for cash, $142,100, and on account, $56,200. Collect on accounts receivable, $52,300. Receive cash in advance from customers, $13,700. Purchase supplies on account, $10,800. Pay property taxes, $9,300. Pay on accounts payable, $12,200. Pay salaries, $131,600. Issue shares of common stock in exchange for $35,000 cash. Pay $3,600 cash dividends to stockholders. 1. 3. 6. & 10. Post the…
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