1. What is the cash balance in the trial Balance?A. 408500 on the credit sideB. 396500 on the debit sideC. 396500 on the credit sideD. 408500 on the debit side2. What are account receivable balance in the Trial Balance? A. 0B. 10000C. 2000D. 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 issuance2) January, bought Equipment for $63000, 10 years life, $3000 residual value3) November, paid total utility bills4) 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 balance7) In December, Dividend declared$450,000$63,000$8,500$12,000$42,000$2,000$10,000$3,000

Trail balance is a list of accounts with debit and credit balance. It is prepared under double entry…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

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

Definition Definition Statement that shows the ending balance of all the ledger accounts of a firm at the end of the accounting period. The trial balance is prepared after all the entries have been posted to the ledger accounts and assists in preparing the final accounts of a firm.

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