Unadjusted Trlal Balance Cr. Adjustments Adjusted Trial Balance No. 101 Cash 106 Accounts receivable 126 Supplies 209 Salaries payable 301 B. Wells, Capital 403 Consulting revenue 622 Salaries expense 652 Supplies expense Account Title Dr. Dr. Cr. Dr. Cr. $8,000 2,000 $4,000 4,500 $2,500 2$ 9,000 11,000 400 4,000 5,500 400 2,500

Unadjusted Trlal Balance Cr. Adjustments Adjusted Trial Balance No. 101 Cash 106 Accounts receivable 126 Supplies 209 Salaries payable 301 B. Wells, Capital 403 Consulting revenue 622 Salaries expense 652 Supplies expense Account Title Dr. Dr. Cr. Dr. Cr. $8,000 2,000 $4,000 4,500 $2,500 2$ 9,000 11,000 400 4,000 5,500 400 2,500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Use the following adjusted trial balance to answer questions 22-25.Cash $ 6,530Accounts Receivable 2,450Prepaid Expenses 880Equipment 18,490Accounts Payable 1,800Loan Payable 10,600Owner’s Equity 12,940Fees Earned 9,750Marketing Expense 1,685Rent Expense 1,960Utilities Expense 345Wages Expense 2,750Totals $35,090 $35,09022. Net income for the period is:A. $9,750B. $6,530C. $3,010D. None of these23. Total assets on the balance sheet will be:A. $35,090B. $28,350C. $9,860D. None of these24. Total liabilities on the balance sheet will be:A. $1,800B. $10,600C. $25,340D. None of these25. Owner’s Equity on the balance sheet will be $12,940.A. TrueB. False
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Given: Account Payable $10700 Cash $7000 Owner's Capital $16200 Owner's Drawing $3800 Equipment $15600 Service Revenue $12600 Account Receivable $5600 Salaries and Wages Expense $3900 Rent Expense $3600 Based on the account amount, prepare a trial balance.
T. Nix, Capital$ 128,300Cost of goods sold$ 108,900T. Nix, Withdrawals7,000Depreciation expense11,600Sales183,000Salaries expense39,000Sales discounts4,200Miscellaneous expenses5,000Sales returns and allowances5,200 1. Record the entry to close the income statement accounts with credit balances. 2. Record the entry to close the income statement accounts with debit balances. 3. Record the entry to close the Income Summary account. 4. Record the entry to close the Withdrawals account.
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