Trial Balance and Financial Statements The following account balances, in alphabetical order, are from the general ledger of Morgan's Waterproofing Service at January 31. The firm began business on Janu 1. All accounts have normal balances. Accounts payable $3,500 Notes payable Accounts receivable 21,000 Rent expense Advertising expense 1,420 Salaries expense Cash 10,400 Service fees earned 29,740 Supplies Common stock Dividends 1,000 Supplies expense Interest expense 50 Utilities expense $4,000 1,700 8,000 25,760 8,860 10,250 320 Required a. Prepare a trial balance from the given data. b. Prepare an income statement for the month of January. c. Prepare a statement of stockholders' equity for the month of January. d. Prepare a balance sheet as of January 31. Note: Do not use negative signs with your answers, unless otherwise noted (such as Dividends). Trial Balance Income Statement Statement of Stockholders' Equity Balance Sheet MORGAN'S WATERPROOFING SERVICE Balance Sheet January 31

Trial Balance and Financial Statements The following account balances, in alphabetical order, are from the general ledger of Morgan's Waterproofing Service at January 31. The firm began business on Janu 1. All accounts have normal balances. Accounts payable $3,500 Notes payable Accounts receivable 21,000 Rent expense Advertising expense 1,420 Salaries expense Cash 10,400 Service fees earned 29,740 Supplies Common stock Dividends 1,000 Supplies expense Interest expense 50 Utilities expense $4,000 1,700 8,000 25,760 8,860 10,250 320 Required a. Prepare a trial balance from the given data. b. Prepare an income statement for the month of January. c. Prepare a statement of stockholders' equity for the month of January. d. Prepare a balance sheet as of January 31. Note: Do not use negative signs with your answers, unless otherwise noted (such as Dividends). Trial Balance Income Statement Statement of Stockholders' Equity Balance Sheet MORGAN'S WATERPROOFING SERVICE Balance Sheet January 31

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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Prepare a journal entry on June 30 for dividends of $21,000. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts CHART OF ACCOUNTS General Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 15 Land 16 Equipment 17 Automobiles LIABILITIES 21 Accounts Payable 22 Unearned Rent 23 Notes Payable 24 Salaries Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends REVENUE 41 Fees Earned 42 Sales Commissions EXPENSES 51 Advertising Expense 52 Automobile Expense 53 Insurance Expense 54 Rent Expense 55 Salary Expense 56 Supplies Expense 57 Utilities Expense 58 Miscellaneous Expense Journal Prepare a journal entry on June 30 for dividends of $21,000. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL ACCOUNTING EQUATION…
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Directions: Given the account balances below, calculate the indicated amounts for the current year's financial statements. Hint: Build a balance sheet and income statement in columns to the right of the given numbers and copy each provided item into the appropriate section for the balance sheet or income statement. Retained Earnings prior year 7,050 PP&E, net 4,440 Wages Expense 190 Administration Expense 150 Cash 1,550 Tax Expense 205 Common Stock 300 Inventory 3,700 Accounts Payable 1,800 Accounts Receivable 2,700 Notes Payable 2,200 Depreciation Expense 220 Cost of Goods Sold 6,700 Dividends 200 Interest Expense 85 Revenue 8,400 Tax Liability…
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June 1 Cash 2,500 Common Shares 2,500 4 Supplies 250 Accounts Payable 250 7 Accounts Receivable 300 Service Revenue 300 18 Cash 200 Accounts Receivable 200 25 No Entry 0 No Entry 0 27 Cash 200 Deferred Revenue 200 28 Accounts Payable 250 Cash 250 29 Income Tax Expense 100 Cash 100 Using T accounts, post the above journal entries recorded for Ing Ltd. to the general ledger, and determine the ending balances in each account. (Post entries in the order presented in the problem.)
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Study the information in the ledger accounts given below and answer the questions that ACTIVITY 2.14 year INSTRUCTIONS: follow: a) Show all workings b) The accounting period ends on 28 February. NOTE: 1. INFORMATION: Dit, GENERAL LEDGER OF DANKER TRADERS 1.1 BALANCE SHEET ACCOUNTS SECTION H/W EQUIPMENT DR. 20.6 Sept CR. 1 Bank Creditors Control 20.7 200 000 Feb 60 000 260 000 28 Balance c/d 260 000 CR. 260 000 20.7 20.7 1 Balance b/d March 20.7 260 000 Sept ? 20.8 1 Bank 100 000 360 000 Sept Feb 28 Balance c/d 300 000 360 000 CR. 20.8 Mar 1 Balance b/d 300 000 DR. ACCUMULATED DEPRECIATION ON EQUIPMENT CR. 20.7 28 Depreciation 20.7 Sept 20.8 Feb 28 20.7 Sept R. 1 Assets Disposal ? Feb ? NOMINAL ACCOUNTS SECTION LOSS ON SALE OF ASSETS CR. DR. 20.7 Sept 1 600 1 Assets Disposal 1.2 Additional Information: Depreciation is provided for annually at 20 % on the diminishing balance method. Grade 11 Learners book New Generation Accounting Grade 11
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
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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