The following are the account balances for Facci Company on December 31. Assume all accounts have normal balances. If thecompany prepares a trial balance at this time, what will be the debit and credit totals?Cash$11,680Accounts Receivable2,300780SuppliesBuilding5,460Land9,700Accounts Payable16,500Retained Earnings6,270Dividends300Fees Earned14,600Salaries Expense5,600Rent Expense1,200Utilities350O a. $28,320O b. $46,420O c. $74,740O d. $37,370

TB stands for Trial balance refers to the worksheet of bookkeeping under which all the balance of…

The following are the account balances for Facci Company on December 31. Assume all accounts have normal balances. If the company prepares a trial balance at this time, what will be the debit and credit totals? Cash $11,680 Accounts Receivable 2,300 Supplies 780 Building 5,460 Land 9,700 Accounts Payable 16,500 Retained Earnings 6,270 Dividends 300 Fees Earned 14,600 Salaries Expense 5,600 200

The following are the account balances for Facci Company on December 31. Assume all accounts have normal balances. If the company prepares a trial balance at this time, what will be the debit and credit totals? Cash $11,680 Accounts Receivable 2,300 Supplies 780 Building 5,460 Land 9,700 Accounts Payable 16,500 Retained Earnings 6,270 Dividends 300 Fees Earned 14,600 Salaries Expense 5,600 200

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 8EB: Piedmont Inc. has the following transactions for its first month of business: A. What are the...

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Post the following July transactions to T-accounts for Accounts Receivable, Sales Revenue, and Cash, indicating the ending balance. Assume no beginning balances in these accounts. A. on first day of the month, sold products to customers for cash, $13,660 B. on fifth day of month, sold products to customers on account, $22,100 C. on tenth day of month, collected cash from customer accounts, $18,500
The revenue journal for Sapling Consulting Inc. follows. The accounts receivable controlling account has a July 1, 20Y2, balance of 625 consisting of an amount due from Aladdin Co. There were no collections during July. a. Prepare a T account for the accounts receivable customer accounts. b. Post the transactions from the revenue journal to the customer accounts and determine their ending balances. c. Prepare T accounts for the accounts receivable and fees earned accounts. Post control totals to the two accounts and determine the ending balances. d. Prepare a schedule of the customer account balances to verify the equality of the sum of the customer account balances and the accounts receivable controlling account balance. e. How might a computerized system differ from a revenue journal in recording revenue transactions?
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The transactions completed by AM Express Company during March, the first month of the fiscal year, were as follows: Instructions 1. Enter the following account balances in the general ledger as of March 1: 2. Journalize the transactions for March, using the following journals similar to those illustrated in this chapter: single-column revenue journal (p. 35), cash receipts journal (p. 31), purchases journal (p. 37, with columns for Accounts Payable, Maintenance Supplies, Office Supplies, and Other Accounts), cash payments journal (p. 34), and twocolumn general journal (p. 1). Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made. 3. Post the appropriate individual entries to the general ledger. 4. Total each of the columns of the special journals and post the appropriate totals to the general ledger; insert the account balances. 5. Prepare a trial balance.
Maddie Inc. has the following transactions for its first month of business. A. What are the individual account balances, and the total balance, in the accounts receivable subsidiary ledger? B. What is the balance in the accounts receivable general ledger (control) account?
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On January 1, Incredible Infants sold goods to Babies Inc. for $1,540, terms 30 days, and received payment on January 18. Which journal would the company use to record this transaction on the 18th? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services rendered on December 31, 20Y7. How would you record the January 24 transaction, using the accrual basis? A. Increase Cash, $5,700; decrease Fees Earned, $5,700 B. Increase Accounts Receivable, $5,700; increase Fees Earned, $5,700 C. Increase Cash, $5,700; decrease Accounts Receivable, $5,700 D. Increase Cash, $5,700; increase Fees Earned, $5,700
Piedmont Inc. has the following transactions for its first month of business: A. What are the individual account balances, and the total balance, in the accounts payable subsidiary ledger? B. What is the balance in the Accounts Payable general ledger account?
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Post the following July transactions to T-accounts for Accounts Receivable and Cash, indicating the ending balance (assume no beginning balances in these accounts): A. sold products to customers for cash, $8,500 B. sold products to customers on account, $2,900 C. collected cash from customer accounts, $1,600