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What is the cash balance in the trial Balance? A. 408500 on the credit side B. 396500 on the debit side C. 396500 on the credit side D. 408500 on the debit side 2. What are account receivable balance in the Trial Balance?  A. 0 B. 10000 C. 2000 D. 12000

What is the cash balance in the trial Balance? A. 408500 on the credit side B. 396500 on the debit side C. 396500 on the credit side D. 408500 on the debit side 2. What are account receivable balance in the Trial Balance?  A. 0 B. 10000 C. 2000 D. 12000

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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1. What is the cash balance in the trial Balance?

A. 408500 on the credit side

B. 396500 on the debit side

C. 396500 on the credit side

D. 408500 on the debit side

2. What are account receivable balance in the Trial Balance? 
A. 0

B. 10000

C. 2000

D. 12000

 

ABC Inc. established its operation at January 1st, 2014. A) Enter all necessery Journal Entries that occured during the year. B) Then prepare the adjusting entries, closing entries, financials, worksheet & T accounts. 1) In January, Initial stock issuance 2) January, bought Equipment for $63000, 10 years life, $3000 residual value 3) November, paid total utility bills 4) In January, paid in advance rent for two years: 5) In February, received prepayment from a customer for service to be provided: 6) Dec. 31st 2014, unearned revenue balance 7) In December, Dividend declared $450,000 $63,000 $8,500 $12,000 $42,000 $2,000 $10,000 $3,000
Transcribed Image Text:ABC Inc. established its operation at January 1st, 2014. A) Enter all necessery Journal Entries that occured during the year. B) Then prepare the adjusting entries, closing entries, financials, worksheet & T accounts. 1) In January, Initial stock issuance 2) January, bought Equipment for $63000, 10 years life, $3000 residual value 3) November, paid total utility bills 4) In January, paid in advance rent for two years: 5) In February, received prepayment from a customer for service to be provided: 6) Dec. 31st 2014, unearned revenue balance 7) In December, Dividend declared $450,000 $63,000 $8,500 $12,000 $42,000 $2,000 $10,000 $3,000
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