Use the following to answer questions 21-27 LIABILITIES & INCOME STATEMENT ASSETS STOCKHOLDERS' EQUITY ACCOUNTS F. Accounts Payable G. Deferred revenue H. Notes Payable I. Common Stock J. Retained Earnings K. Service Revenue L. Advertising expense M. Rent Expense N. Salaries/Wage expense O. Utilities expense A. Cash B. Accounts Recelvable C. Supplies D. Prepaid advertising E. Equipment February 1" transaction Is completed as an example: Only include the letter of the account not the account name. Date Transaction AMOUNT Eebruary 01 (ex) Paid an Accounts Payable $500 February 2 Borrowed from the bank 25,000 February 7 Provided services to customers on account 65,000 3,000 February 14 February 15 Paid rent for the month Recorded and paid salaries and wages 30,000 February 25 Received the utility bill, will pay in March 1,300 February 28 Collected from customers from services on account 42,000 Account Debit Credit Date Account payable (L-) Cash (A-) ex FEB 1 500 A 21. Feb 2 22. Feb 7 23. Feb 14 24. Feb 15 25. Feb 25 26. Feb 28 Cash $. The January 31st cash was $16,000, what is the cash 27. 16,000 500 (ex) balance at the end of the day on 2/28? (The Feb 1 example is included).

Use the following to answer questions 21-27 LIABILITIES & INCOME STATEMENT ASSETS STOCKHOLDERS' EQUITY ACCOUNTS F. Accounts Payable G. Deferred revenue H. Notes Payable I. Common Stock J. Retained Earnings K. Service Revenue L. Advertising expense M. Rent Expense N. Salaries/Wage expense O. Utilities expense A. Cash B. Accounts Recelvable C. Supplies D. Prepaid advertising E. Equipment February 1" transaction Is completed as an example: Only include the letter of the account not the account name. Date Transaction AMOUNT Eebruary 01 (ex) Paid an Accounts Payable $500 February 2 Borrowed from the bank 25,000 February 7 Provided services to customers on account 65,000 3,000 February 14 February 15 Paid rent for the month Recorded and paid salaries and wages 30,000 February 25 Received the utility bill, will pay in March 1,300 February 28 Collected from customers from services on account 42,000 Account Debit Credit Date Account payable (L-) Cash (A-) ex FEB 1 500 A 21. Feb 2 22. Feb 7 23. Feb 14 24. Feb 15 25. Feb 25 26. Feb 28 Cash $. The January 31st cash was $16,000, what is the cash 27. 16,000 500 (ex) balance at the end of the day on 2/28? (The Feb 1 example is included).

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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