Please provide the formulas used to find these missing amounts in the T-Accounts.  Please do not use an Excel sheet.  If you could type out the formula that would make it easier for me to understand.1) Find Missing CR amountLeft Side of T-AccountBeginning Balance 4800Transaction ATransaction B 6000Transaction E 8700Right Side of T-AccountTransaction C-amount unknownTransaction D 1200Transaction F 4200 2) Find Beginning Balance on DR Side Debit Side of T-AccountBeginning Balance-UnknownTransaction B 5000Ending Balance 65000Right Side of T-AccountTransaction A 2000Transaction C 25000 3) Find Missing CR AmountDebit Side of AccountBeginning Balance 0Transaction A 1500Transaction B 6000Transaction C 8700Ending Balance 14700Credit Side of AccountTransaction D-Unknown4) Find Missing Ending Balance Amount on DR sideLeft Side of T-Account Beginning Balance 0Transaction A 1500Transaction B 2000Ending Balance-UnknownRigth Side of T-Account-No Transactions

Question
Asked Dec 1, 2019
68 views

Please provide the formulas used to find these missing amounts in the T-Accounts.  Please do not use an Excel sheet.  If you could type out the formula that would make it easier for me to understand.

1) Find Missing CR amount

Left Side of T-Account

Beginning Balance 4800

Transaction A

Transaction B 6000

Transaction E 8700

Right Side of T-Account

Transaction C-amount unknown

Transaction D 1200

Transaction F 4200

 

2) Find Beginning Balance on DR Side 

Debit Side of T-Account

Beginning Balance-Unknown

Transaction B 5000

Ending Balance 65000

Right Side of T-Account

Transaction A 2000

Transaction C 25000

 

3) Find Missing CR Amount

Debit Side of Account

Beginning Balance 0

Transaction A 1500

Transaction B 6000

Transaction C 8700

Ending Balance 14700

Credit Side of Account

Transaction D-Unknown

4) Find Missing Ending Balance Amount on DR side

Left Side of T-Account 

Beginning Balance 0

Transaction A 1500

Transaction B 2000

Ending Balance-Unknown

Rigth Side of T-Account-No Transactions

 

 

 

check_circle

Expert Answer

Step 1

1.

Calculate missing Cr. Amount.

help_outline

Image Transcriptionclose

Left side of T-account = Right side of T-account Beginning balance +Transaction A +Transaction B + Transaction E $4,800+$0+$6, 000 + $8, 700 Transaction C+Transaction D +Transaction F Transaction C+ $1, 200 +S4,200 $19,400 Transaction C + $5, 400 Transaction C $14,000 Note: Since transaction A value is not given, considered it as $0.

fullscreen
Step 2

2.

Calculate Dr. beginning balance.

help_outline

Image Transcriptionclose

Calculate Dr. beginning balance. Beginning balance+ Transaction B Ending balance - Transaction A - Transaction C Beginning balance +$5,000-$2,000-S25, 000 = $65,000 Beginning balance = $65,000 + $22, 000 = $87,000

fullscreen
Step 3

3.

Calculate missing C...

help_outline

Image Transcriptionclose

Beginning balance + Transaction A Ending balance + Transaction B+ Transaction C- Transaction D s0 +$1,500+$6,000+ $8, 700- Transaction D = $14, 700 Transaction D = $16, 200-$14,700 =$1,500

fullscreen

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in

Business

Accounting

Financial Accounting

Related Accounting Q&A

Find answers to questions asked by student like you
Show more Q&A
add
question_answer

Q: Concrete Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplie...

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. Th...

question_answer

Q: intermediate accounting

A: The unpaid balance of interest is added to the principal amount of loan, this is called interest cap...

question_answer

Q: Assume that Muscular Consulting erroneously recorded the payment of $7,500 of owner withdrawals as a...

A: (a) Errors not affecting trial balance: An error is a mistake committed in the process of book-keepi...

question_answer

Q: McIntyre Company adheres to a policy of depositing all cash receipts in a bank account and making al...

A: (a) Assuming that no errors have occurred during journalizing and posting the unusual balance of the...

question_answer

Q: Eva received $73,000 in compensation payments from JAZZ Corp. during 2019. Eva incurred $16,000 in b...

A: Step 1: Eva is a self-employed contractor, Eva can file the return after receiving considerable busi...

question_answer

Q: Discuss any two limitations of  Ratio analysis.

A: Limitations of ratio analysis:Ratios are mostly computed based on historical costs as a result; rati...

question_answer

Q: On December 31, 2020, Gibson Company has $18,200,000 of short-term debt in the form of notes payable...

A: Prepare partial balance sheet for Gibson Company at December 31, 2020.

question_answer

Q: How would i solve #3

A: 1. Calculate the payback period for each year.

question_answer

Q: On August 1, 2019, Rafael Masey established Planet Realty, which completed the following transaction...

A: 1.Process of entering the transaction in journal is known as journalizing a transaction. General jou...