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Transaction Analysis, Trial Balance in

Transaction Analysis, Trial Balance in

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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Ch 3 Problem https://mybusinesscourse.com/platform/mod/quiz/review.php?attempt=6797371&cmid=362909 BusinessCourse Notes Payable To record note payable. Accounts Receivable Instruction Fees Earned To record June billings. Interest Expense Notes Payable To record payment of interest. Advertising Expense Cash To record payment for advertising. Accounts Payable Cash → 1 Accounts Receivable To record June utilities invoice. Dividends Cash To record cash dividend. Piano Cash To record purchase of a piano. Type here to search C V A ✔ x O>> < 000 = To record payment for costume rental. Cash + Accounts Receivable To record receipts for admission fees. Accounts Payable Cash = To record payment owed on account. Cash 5 - ✔ <X YX ✔ x = ✔ - ✔ IN XX x → ✓ + ✔ → ✓ Return to course (5) (6) (7) (8) (9) (10) (11) (12) (13) 0✓ 7,500✔ 0✔ 1,500 x 0✔ 375 ✔ 0 550 ✔ 0✔ 2,100✔ 0✔ 480 ✔ 0✓ 510- 0✔ 900✔ 0✔ 발 5,500✔ 0✔ 1,500 0✓ 7,500✔ 0✔ 1,500 * 0✔ 375 ✔ 0✔ 550✔ 0✔ 2,100✔ 0 ✓ 480✔ 0✔ 510- 900✔ 0 5,500✔ H ✡ or
Transcribed Image Text:Ch 3 Problem https://mybusinesscourse.com/platform/mod/quiz/review.php?attempt=6797371&cmid=362909 BusinessCourse Notes Payable To record note payable. Accounts Receivable Instruction Fees Earned To record June billings. Interest Expense Notes Payable To record payment of interest. Advertising Expense Cash To record payment for advertising. Accounts Payable Cash → 1 Accounts Receivable To record June utilities invoice. Dividends Cash To record cash dividend. Piano Cash To record purchase of a piano. Type here to search C V A ✔ x O>> < 000 = To record payment for costume rental. Cash + Accounts Receivable To record receipts for admission fees. Accounts Payable Cash = To record payment owed on account. Cash 5 - ✔ <X YX ✔ x = ✔ - ✔ IN XX x → ✓ + ✔ → ✓ Return to course (5) (6) (7) (8) (9) (10) (11) (12) (13) 0✓ 7,500✔ 0✔ 1,500 x 0✔ 375 ✔ 0 550 ✔ 0✔ 2,100✔ 0✔ 480 ✔ 0✓ 510- 0✔ 900✔ 0✔ 발 5,500✔ 0✔ 1,500 0✓ 7,500✔ 0✔ 1,500 * 0✔ 375 ✔ 0✔ 550✔ 0✔ 2,100✔ 0 ✓ 480✔ 0✔ 510- 900✔ 0 5,500✔ H ✡ or
C Ch 3 Problem 3 4 5 6 X + https://mybusinesscourse.com/platform/mod/quiz/review.php?attempt=6797371&cmid=362909 BusinessCourse Return to course Transaction Analysis, Trial Balance, and Financial Statements Angela Mica operates the Mica Dance Studio. On June 1, the business's general ledger contained the following information: Cash Accounts Receivable $5,930 Accounts Payable 8,400 Notes Payable Common Stock Retained Earnings. $14,330 The following transactions occurred during the month of June: 1 Paid June rent for practice studio. 2 Paid June piano rental (Rent Expense). Collected from students on account. $480 3,980 7,870 2,000 $14,330 Borrowed and signed a promissory note payable due in 6 months Billed students for June instructional fees. Paid interest for June on notes payable. Paid for advertising ballet performances. 7 8 9 10 Paid amount owed on account. 11 Received invoice for June utilities, to be paid in July. 12 Paid stockholders a cash dividend. 13 Used cash to purchase piano, to be used in business starting in July. + $875 240 5,320 1,500 7,500 550 Paid costume rental (Rent Expense). Collected admission fees from ballet performances given during the month. 2,100. 480 510 900 5,500 30 375 Required a. Record these transactions in the general journal and post them to the T-accounts. b. Prepare a trial balance as of June 30. = Type here to search O At ΟΠΕΠ
Transcribed Image Text:C Ch 3 Problem 3 4 5 6 X + https://mybusinesscourse.com/platform/mod/quiz/review.php?attempt=6797371&cmid=362909 BusinessCourse Return to course Transaction Analysis, Trial Balance, and Financial Statements Angela Mica operates the Mica Dance Studio. On June 1, the business's general ledger contained the following information: Cash Accounts Receivable $5,930 Accounts Payable 8,400 Notes Payable Common Stock Retained Earnings. $14,330 The following transactions occurred during the month of June: 1 Paid June rent for practice studio. 2 Paid June piano rental (Rent Expense). Collected from students on account. $480 3,980 7,870 2,000 $14,330 Borrowed and signed a promissory note payable due in 6 months Billed students for June instructional fees. Paid interest for June on notes payable. Paid for advertising ballet performances. 7 8 9 10 Paid amount owed on account. 11 Received invoice for June utilities, to be paid in July. 12 Paid stockholders a cash dividend. 13 Used cash to purchase piano, to be used in business starting in July. + $875 240 5,320 1,500 7,500 550 Paid costume rental (Rent Expense). Collected admission fees from ballet performances given during the month. 2,100. 480 510 900 5,500 30 375 Required a. Record these transactions in the general journal and post them to the T-accounts. b. Prepare a trial balance as of June 30. = Type here to search O At ΟΠΕΠ
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