Graystone Inc Adjusted Trial Balance December 31, 2020 Account Title Debit Credit Cash 35,250 Supplies Prepaid Rent Accounts Receivable 320 22,000 18,100 Equipment Accumul.Dep-Equipment Accounts Payable Unearned Service Revenue Salaries Payable Interest Payable Notes Payable (2030) Share Capital-ordinary Dividends 14,000 60 9,890 4,250 4,800 500 10,000 48,000 5,500 Service Revenue 25,150 3,200 Rent Revenue Salaries Expense Supplies Expense Rent Expense Interest Expense Utilities Expense Depreciation Exp.-Equipment 4,800 2,180 2,000 500 1,140 60 Total 105,850 105,850

Graystone Inc Adjusted Trial Balance December 31, 2020 Account Title Debit Credit Cash 35,250 Supplies Prepaid Rent Accounts Receivable 320 22,000 18,100 Equipment Accumul.Dep-Equipment Accounts Payable Unearned Service Revenue Salaries Payable Interest Payable Notes Payable (2030) Share Capital-ordinary Dividends 14,000 60 9,890 4,250 4,800 500 10,000 48,000 5,500 Service Revenue 25,150 3,200 Rent Revenue Salaries Expense Supplies Expense Rent Expense Interest Expense Utilities Expense Depreciation Exp.-Equipment 4,800 2,180 2,000 500 1,140 60 Total 105,850 105,850

Name: a. Prepare the T-accounts for Retained Earningsand Income Summaryb. Pr
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Description: a. Prepare the T-accounts for Retained Earningsand Income Summaryb. Prepare the Post-closing Trial Balanceand keep the order of accounts Graystone IncAdjusted Trial BalanceDecember 31, 2020Account TitleDebitCreditCash35,250SuppliesPrepaid RentAccount

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

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, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

a. Prepare the T-accounts for Retained Earningsand Income Summary

b. Prepare the Post-closing Trial Balanceand keep the order of accounts

Graystone Inc
Adjusted Trial Balance
December 31, 2020
Account Title
Debit
Credit
Cash
35,250
Supplies
Prepaid Rent
Accounts Receivable
320
22,000
18,100
Equipment
Accumul.Dep-Equipment
Accounts Payable
Unearned Service Revenue
Salaries Payable
Interest Payable
Notes Payable (2030)
Share Capital-ordinary
Dividends
14,000
60
9,890
4,250
4,800
500
10,000
48,000
5,500
Service Revenue
25,150
3,200
Rent Revenue
Salaries Expense
Supplies Expense
Rent Expense
Interest Expense
Utilities Expense
Depreciation Exp.-Equipment
4,800
2,180
2,000
500
1,140
60
Total
105,850
105,850

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