
Concept explainers
T-Accounts I need to know how to solve T-
Example 1
This is a Cash Account-Debit
I need the beginning balance.
The Debits are 2,500 4,000 3,400
The Credits are 4,500 2,200 3,500
The ending Debit Balance is 9,800
Example 2 Liability AP-Credit
I need an unknown amount for the credit side.
The Beginning Credit Balance is 3,000
There is one known credit for 3,400
The debits are 1,500
2,000
And the Ending Credit Balance is 6,700
Example 3 Inventory (Asset)-DR
I need the ending balance
Beginning Balance is 40,000
Debits are 5,000
Credits are 8,000 and 25,000
What is the Ending Balance?
Example 4 Taxes Payable Liability (CR)
I need an unknown Debit amount.
Beginning Balance is 30,000
The credits are 25,000 and 3,500
The Ending Balance is 40,500

Trending nowThis is a popular solution!
Step by stepSolved in 5 steps

- T-Account Formulas Please provide me the formulas to find the missing amount on the debit side, credit side, beginning balance (DR), beginning balance (CR), ending balance (DR), and ending balance (CR). Please write the formula out and do not place in Excel. Here is a T-Account that is missing a CR amount. Please answer and explain as clearly and simple as possible Debit Side 6/4 1500 6/8 2000 Credit Side Beginning Balance 3000 6/6 Missing CR amount 6/29 3400 Ending Balance 6700arrow_forward3. You make a deposit of $100 in year 1, $200 in year 3, $500 in year 7. Interest rate is 6%. How much will be accumulated in your account in year 12. Please do not use excel. Include cashflow diagram if possible.arrow_forwardYou have 3 accounts: Account A has a $100 balance and a $300 credit limit. Account B has a $100 balance and a $500 credit limit. Account C has a $600 balance and a $1000 credit limit. What are your total balances owed?arrow_forward
- Hi, for the last part of this question, it says "After you prepare the schedule of accounts payable creditor balances, determine that the total agrees with the ending balance of the Accounts Payable controlling account."Outdoor Artisan LandscapingAccounts Payable(Controlling)Balance, June 1, 20Y1 $Total credits (from purchases journal)Total debits (from cash payments journal)Balance, June 30, 20Y1 $How would I solve this problem? I've attached a picture of the original questionarrow_forwardMy bank requires me to establish a four digit pin My bank requires me to establish a four digit pin number for my debit card. a. How many possible pin numbers can I choose from? b. What is the probability that someone can correctly guess my pin number? My bank requires me to establish a four digit pinarrow_forwardThis is a T-Account for SERVICE REVENUE FEEHere are the transactions and amounts provided. I need to find out what Transaction C is.On the Credit SideBeginning Balance $6,000Transaction A $3,00Transaction B $3,500Transaction C? is on the Debit side. How do I figure out the amount of Transaction C. Please show me how to figure that out but also provide the answer. Thanks!arrow_forward
- I need typing clear urjent no chatgpt use i will give 5 upvotes both answers full explaantion plssarrow_forward2. Fill in all of the blanksarrow_forwardPARRISH 2-7 (T-ACCOUNTS)Please solve the missing amount for this T-Account and explain how you go about solving the missing amount. DO NOT SOLVE THIS SIMPLY BY ENTERING NUMBERS IN AN EXCEL SPREADSHEET AND POSTING THE ANSWER. WRITE OUT AND EXPLAIN IN A MATHEMATICAL EQUATION TYPE FORMAT HOW I WOULD GO ABOUT SOLVING A MISSING AMOUNT FOR A T-ACCOUNT! Accounts Payable Left Side of T-Account6/4 Transaction A $15006/8 Transaction C $2000 Rigth Side of T-Account6/1 Beginning Balance $30006/6 Transaction B UNKNOWN6/29 Transaction D $3400Ending Balance $6700arrow_forward
- eNOWv2 | Online teachin X + Wilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress... A Accounts Receivable Analysis Xavier Stores Company and Lestrade Stores Inc. are large retail department stores. Both companies offer credit to their customers through their own credit card operations. Information from the financial statements for both companies for two recent years is as f (in millions): Xavier Lestrade Sales $255,500 $357,700 Credit card receivables-beginning 24,416 47,840 Credit card receivables-ending 20,384 36,832 a. Determine the (1) accounts receivable turnover and (2) the number of days' sales in receivables for both companies. Round answers to one decimal place. Assume 365 days a year. Xavier Lestrade 1. Accounts receivable turnover days days 2. Number of days' sales in receivables than Lestrade's. The number of days' sales in receivables is b. Xavier's accounts receivable turnover is for Xavier than for Lestrade. These differences…arrow_forwardWhich image below correctly shows the most complete and accurate general ledger? 5/14/2018 5/23/2018 5/28/2018 5/31/2018 ACCOUNT: CASH 5/14/2018 5/23/2018 5/28/2018 5/31/2018 5/14/2018 ACCOUNT CASH 5/31/2018 5/23/2018 5/28/2018 5/14/2018 Date 5/23/2018 ACCOUNT CASH 5/28/2018 Date 5/31/2018 Date Date Balance Forward Prepaid Expenses Owner's Withdrawal Owner's Investment Balance Forward Owner's Investment Prepaid Expenses Owner's Withdrawal Balance Forward Prepaid Expenses Owner's Withdrawal Owners Investment Description Description Description Description J109 J105 J112 GENERAL LEDGER J109 Ref.. J105 בורג GENERAL LEDGER J112 GENERAL LEDGER J109 Jos Ref. J109 J105 $1,800 GENERAL LEDGER J112 Ref. Ref. $1,800 Debit $1,800 $1,800 Debit Debit Debit $1,500 $3,000 $1,500 $3,000 Credit $1,500 $3,000 $1,500 Credit $3,000 Credit Credit $45,000 $43,500 $40,500 $42,300 $45,000 $43,500 $40,500 $42,300 $45,000 $42,300 $43,500 $40,500 Balance $45,000 Balance $43,500 $40,500 $42,300 Balance Balancearrow_forwardIf a cash payments journal is supposed to save time spent writing, why are there so many entries in the Other Accounts Debit column?arrow_forward
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education





