Hello, can you please help me with questions 10,11, and 12, thanks! MIDTERM PREPReview:(1) If an account in the ledger has a 0 balance, is it included onthe Trial Balance?ries of(2) How are items journalized in the general journal?ng, chart ofnce(3) How are items posted in the general ledger?(4) What are the required elements of a trial balance?(5) What are the required elements of an income statement?(6) What is included on a balance sheet?ie for each(7) What is the purpose of the statement of owner's equity?ype of(8) Post this transaction: Received cash on account from creditclients, $330(9) Post this transaction: Paid a personal dental bill using thefirm's bank account, $200g proper formurnal using#, record,(10)Post this transaction: Paid $225 to have advertising leafletsprinted(11) Post this transaction: Purchased land for $6,000 as futurebuilding site, paying $1,000 down and giving a note payabledue in two years for the differencemplete, three(12) Post this transaction: Purchased medical equipment onaccount, $5205

As requested to answer only 10, 11 and 12 so we are answering only those.

(10)Post this transaction: Paid $225 to have advertising leaflets printed (11) Post this transaction: Purchased land for $6,000 as future building site, paying $1,000 down and giving a note payable due in two years for the difference (12) Post this transaction: Purchased medical equipment on account $5205

(10)Post this transaction: Paid $225 to have advertising leaflets printed (11) Post this transaction: Purchased land for $6,000 as future building site, paying $1,000 down and giving a note payable due in two years for the difference (12) Post this transaction: Purchased medical equipment on account $5205

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter16: Financial Statements And Closing Entries For A Corporation

Section: Chapter Questions

Problem 4AP

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Similar questions

Classify each of the accounts listed below as assets (A), liabilities (L), owners equity (OE), revenue (R), or expenses (E). Indicate the normal debit or credit balance of each account. Indicate whether each account will appear in the Income Statement columns (IS) or the Balance Sheet columns (BS) of the work sheet. Item 0 is given as an example.
Indicate on which financial statement the following accounts (from the adjusted trial balance) would appear: (A) Sales Revenue; (B) Unearned Rent Revenue; (C) Prepaid Advertising; (D) Advertising Expense; (E) Dividends; (F) Cash.
If a journal entry includes a debit or credit to the Retained Earnings account, it is most likely which of the following? A. a closing entry B. an adjusting entry C. an ordinary transaction entry D. outside of the accounting cycle
Which of the following accounting records is the main source of information used to prepare the financial statements? A. journal entries B. T-accounts C. trial balance D. chart of accounts
Identify the financial statement on which each of the following account categories would appear: the balance sheet (BS), the income statement (IS), or the retained earnings statement (RE). Indicate the normal balance (Dr for debit; Cr for credit) for each account category. Table 3.16
Prepare an adjusted trial balance from the following adjusted account balances (assume accounts have normal balances).
Why are both the debit and credit amounts in the Adjustments columns on the Income Summary line of the spreadsheet extended to the Adjusted Trial Balance columns?
Which of these accounts is included in the post-closing trial balance? A. Sales Revenue B. Salaries Expense C. Retained Earnings D. Dividends
Identify which of the following accounts would be listed on the companys Post-Closing Trial Balance. A. Accounts Receivable B. Accumulated Depreciation C. Cash D. Office Expense E. Note Payable F. Rent Revenue G. Retained Earnings H. Unearned Rent Revenue
Identify the financial statement on which each of the following accounts would appear: the income statement (IS), the retained earnings statement (RE), or the Balance Sheet (BS). A. Insurance Expense B. Accounts Receivable C. Office Supplies D. Sales Revenue E. Common Stock F. Notes Payable
Posting: involves transferring the information in journal entries to the general ledger. is an optional step in the accounting cycle. is performed after a trial balance is prepared. involves transferring information to the trial balance.
What critical purpose does the adjusted trial balance serve? A. It proves that transactions have been posted correctly B. It is the source document from which to prepare the financial statements C. It shows the beginning balances of every account, to be used to start the new years records D. It proves that all journal entries have been made correctly.