Explanation T Account: T account is the account which summaries the transaction of a particular account. Account is made up of horizontal and vertical lines with the name of account written on the top of it. Compute the balance of cash account as shown below: Cash Account Particulars Debit ($) Particulars Credit ($) (a) 95,000 (b) 23,000 (d) 15,000 (e) 350 (g) 1,500 (h) 5,500 (i) 2,500 31,350 Balance 80,150 Table (1) Therefore, balance of cash account is $80,150. Compute the balance of Equipment account as shown below: Equipment Account Particulars Debit ($) Particulars Credit ($) (c) 40,000 Balance 40,000 Table (2) Therefore, balance of equipment account is $40,000 Compute the balance of Account receivable account as shown below: Account Receivable Account Particulars Debit ($) Particulars Credit ($) (f) 5,000 (g) 1,500 Balance 3,500 Table (3) Therefore, balance of account receivable account is $3,500. Compute the balance of Account payable account as shown below: Account Payable Account Particulars Debit ($) Particulars Credit ($) (c) 40,000 Balance 40,000 Table (4) Therefore, balance of account payable account is $40,000. Compute the balance of Supplies account as shown below: Supplies Account Particulars Debit ($) Particulars Credit ($) (b) 23,000 Balance 23,000 Table (5) Therefore, balance of supplies account is $23,000...

LooseLeaf for College Accounting: A Contemporary Approach

4th Edition

ISBN: 9781259995057

Author: M. David Haddock Jr. Professor, John Ellis Price, Michael Farina

Publisher: McGraw-Hill Education

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business…

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Chapter 3, Problem 5E

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Determine the balances of the given T-accounts.

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Chapter 3, Problem 4E

Chapter 3, Problem 6E

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Chapter 3 Solutions

LooseLeaf for College Accounting: A Contemporary Approach

Ch. 3 - Increases are recorded on which side of asset,...Ch. 3 - What is a footing?Ch. 3 - Prob. 1.3SRQ Ch. 3 - Prob. 1.4SRE Ch. 3 - Prob. 1.5SRE Ch. 3 - Prob. 1.6SRA Ch. 3 - Prob. 2.1SRQ Ch. 3 - Prob. 2.2SRQ Ch. 3 - What is a trial balance and what is its purpose?Ch. 3 - Prob. 2.4SRE

Ch. 3 - Prob. 2.5SRE Ch. 3 - Prob. 2.6SRA Ch. 3 - Prob. 1CSR Ch. 3 - Prob. 2CSR Ch. 3 - Prob. 3CSR Ch. 3 - On which side of asset, liability, and owners...Ch. 3 - Prob. 5CSR Ch. 3 - Prob. 1DQ Ch. 3 - Prob. 2DQ Ch. 3 - Prob. 3DQ Ch. 3 - Prob. 4DQ Ch. 3 - Prob. 5DQ Ch. 3 - Prob. 6DQ Ch. 3 - Indicate whether each of the following types of...Ch. 3 - The terms debit and credit are often used in...Ch. 3 - Why is Prepaid Rent considered an asset account?Ch. 3 - Why is the modern system of accounting usually...Ch. 3 - Prob. 11DQ Ch. 3 - Prob. 1E Ch. 3 - Prob. 2E Ch. 3 - Prob. 3E Ch. 3 - Prob. 4E Ch. 3 - Prob. 5E Ch. 3 - Prob. 6E Ch. 3 - Prob. 7E Ch. 3 - Preparing a chart of accounts. The accounts that...Ch. 3 - Prob. 1PA Ch. 3 - Prob. 2PA Ch. 3 - Prob. 3PA Ch. 3 - Prob. 4PA Ch. 3 - The accountant for the firm owned by Randy Guttery...Ch. 3 - Prob. 1PB Ch. 3 - Prob. 2PB Ch. 3 - The following transactions took place at...Ch. 3 - Prob. 4PB Ch. 3 - Prob. 5PB Ch. 3 - Prob. 1CTP Ch. 3 - Prob. 2CTP Ch. 3 - In discussing a firms latest financial statements,...Ch. 3 - Prob. 2MF Ch. 3 - Prob. 3MF Ch. 3 - Prob. 4MF Ch. 3 - Prob. 1ED Ch. 3 - Prob. 1FSA

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