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Seth Feye established Reliance Financial Services on July 1, 20Y2. Reliance Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transaction for July follow: Assets =Liabilities + Stockholders' Equity Accounts Accounts Common Fees Salaries Rent Auto Supplies Misc. Cash +Receivable + Supplies = Payable + Stock - Dividends + Earned Expense - Expense - Expense - Expense - Expense a. +53,000 +53,000 b. +6,000 +6,000 Bal. 53,000 6,000 6,000 53,000 C. -3,500 -3,500 Bal. 49,500 6,000 2,500 53,000 d. +108,000 +108,000 Bal. 157,500 6,000 2,500 53,000 108,000 e. -33,400 -33,400 Bal. 124,100 6,000 2,500 53,000 108,000 -33,400 f. -21.100 -5.900 -15.200

Seth Feye established Reliance Financial Services on July 1, 20Y2. Reliance Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transaction for July follow: Assets =Liabilities + Stockholders' Equity Accounts Accounts Common Fees Salaries Rent Auto Supplies Misc. Cash +Receivable + Supplies = Payable + Stock - Dividends + Earned Expense - Expense - Expense - Expense - Expense a. +53,000 +53,000 b. +6,000 +6,000 Bal. 53,000 6,000 6,000 53,000 C. -3,500 -3,500 Bal. 49,500 6,000 2,500 53,000 d. +108,000 +108,000 Bal. 157,500 6,000 2,500 53,000 108,000 e. -33,400 -33,400 Bal. 124,100 6,000 2,500 53,000 108,000 -33,400 f. -21.100 -5.900 -15.200

Financial Accounting
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter1: Introduction To Accounting And Business
Section: Chapter Questions
Problem 3PA: Seth Feye established Reliance Financial Services on July 1, 2016. Reliance Financial Services...
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3. Prepare a balance sheet as of July 31, 20Y2. Refer to the lists of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading.
Seth Feye established Reliance Financial Services on July 1, 20Y2. Reliance Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transaction for July follow: Assets =Liabilities + Stockholders' Equity Accounts Accounts Common Fees Salaries Rent Auto Supplies Misc. Cash +Receivable + Supplies = Payable + Stock - Dividends + Earned - Expense - Expense Expense - Expense - Expense a. +53,000 +53,000 b. +6,000 +6,000 Bal. 53,000 6,000 6,000 53,000 C. -3,500 -3,500 Bal. 49,500 6,000 2,500 53,000 d. +108,000 +108,000 Bal. 157,500 6,000 2,500 53,000 108,000 e. -33,400 -33,400 Bal. 124,100 6,000 2,500 53,000 108,000 -33,400 f. -21,100 -5,900 -15,200
Transcribed Image Text:Seth Feye established Reliance Financial Services on July 1, 20Y2. Reliance Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transaction for July follow: Assets =Liabilities + Stockholders' Equity Accounts Accounts Common Fees Salaries Rent Auto Supplies Misc. Cash +Receivable + Supplies = Payable + Stock - Dividends + Earned - Expense - Expense Expense - Expense - Expense a. +53,000 +53,000 b. +6,000 +6,000 Bal. 53,000 6,000 6,000 53,000 C. -3,500 -3,500 Bal. 49,500 6,000 2,500 53,000 d. +108,000 +108,000 Bal. 157,500 6,000 2,500 53,000 108,000 e. -33,400 -33,400 Bal. 124,100 6,000 2,500 53,000 108,000 -33,400 f. -21,100 -5,900 -15,200
Bal. 103,000 g. -59,000 Bal. 44,000 h. Bal. 44,000 i. Bal. 44,000 j. -12,500 Bal. 31,500 +50, 100 50,100 50,100 6,000 6,000 -3,900 2,100 2,100 2,100 2,500 2,500 2,500 2,500 2,500 53,000 108,000 53,000 108,000 53,000 108,000 +50, 100 53,000 158,100 -12,500 53,000 -12,500 158,100 -33,400 -15,200 -59,000 -59,000 -33,400 -15,200 -3,900 -59,000 -33,400 -15,200 -3,900 -59,000 -33,400 -15,200 -3,900 -59,000 -33,400 -15,200 -3,900 -5,900 -5,900 -5,900 -5,900 -5,900
Transcribed Image Text:Bal. 103,000 g. -59,000 Bal. 44,000 h. Bal. 44,000 i. Bal. 44,000 j. -12,500 Bal. 31,500 +50, 100 50,100 50,100 6,000 6,000 -3,900 2,100 2,100 2,100 2,500 2,500 2,500 2,500 2,500 53,000 108,000 53,000 108,000 53,000 108,000 +50, 100 53,000 158,100 -12,500 53,000 -12,500 158,100 -33,400 -15,200 -59,000 -59,000 -33,400 -15,200 -3,900 -59,000 -33,400 -15,200 -3,900 -59,000 -33,400 -15,200 -3,900 -59,000 -33,400 -15,200 -3,900 -5,900 -5,900 -5,900 -5,900 -5,900
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