Write the answer clear Use the following to answer questions 21 - 27LIABILITIES &INCOME STATEMENTASSETSSTOCKHOLDERS' EQUITYACCOUNTSF. Accounts PayableG. Deferred revenueA. CashK. Service RevenueL. Advertising expenseM. Rent ExpenseN. Salaries/Wage expenseO. Utilities expenseB. Accounts RecelvableC. SuppliesD. Prepaid advertisingE. EquipmentH. Notes PayableI. Common StockJ. Retained EarningsFebruary 1* transaction Is completed as an example: Only include the letter of the account not the account name.DateTransactionAMOUNTEebruary 01 (ex)Pald an Accounts Payable$500February 2Borrowed from the bank25,000February 7Provided services to customers on account65,000Paid rent for the month3,000February 14February 15Recorded and paid salaries and wages30,000February 25Received the utility bill, will pay in March1,300February 28Collected from customers from services on account42,000AccountDebitCreditDateAccount payable (L-)Cash (A-)500exFEB 150021.Feb 222.Feb 723.Feb 1424.Feb 1525.Feb 2526.Feb 28Cash$.The January 31st cash was $16,000, what is the cash27.16,000500 (ex)balance at the end of the day on 2/28? (The Feb 1 example is included).

The journal entries are prepared to keep the record of day to day transactions of the business.

Use the following to answer questions 21 LIABILITIES & INCOME STATEMENT ASSETS STOCKHOLDERS' EQUITY F. Accounts Payable G. Deferred revenue H. Notes Payable 1. Common Stock J. Retained Earnings ACCOUNTS A. Cash K. Service Revenue L. Advertising expense M. Rent Expense N. Salaries/Wage expense O. Utilities expense B. Accounts Receivable 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. AMOUNT Date Transaction Eebruary 01 (ex) Paid an Accounts Payable $500 February 2 25,000 Borrowed from the bank 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 Collected from customers from services on account 42,000 February 28 Account Debit Credit Date Account payable (L-) 500 FER 1

Use the following to answer questions 21 LIABILITIES & INCOME STATEMENT ASSETS STOCKHOLDERS' EQUITY F. Accounts Payable G. Deferred revenue H. Notes Payable 1. Common Stock J. Retained Earnings ACCOUNTS A. Cash K. Service Revenue L. Advertising expense M. Rent Expense N. Salaries/Wage expense O. Utilities expense B. Accounts Receivable 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. AMOUNT Date Transaction Eebruary 01 (ex) Paid an Accounts Payable $500 February 2 25,000 Borrowed from the bank 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 Collected from customers from services on account 42,000 February 28 Account Debit Credit Date Account payable (L-) 500 FER 1

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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