Financial Accounting
4th Edition
ISBN: 9781259307959
Author: J. David Spiceland, Wayne M Thomas, Don Herrmann
Publisher: McGraw-Hill Education
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Textbook Question
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Chapter 1, Problem 1.8E
Wolfpack Construction has the following account balances at the end of the war.
Prepare a
Accounts | Balances |
Equipment | $26,000 |
Accounts payable | 3,000 |
Salaries expense | 33,000 |
Common stock | 11,000 |
Land | 18,000 |
Notes payable | 20,000 |
Service revenue | 39,000 |
Cash | 6,000 |
Retained earrings | ? |
Required:
Use only the appropriate accounts to prepare a balance sheet
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The accounts in the ledger of Sterling Company contain the following balances on May 31, 2020.
Cash $11,700 Accounts Receivable $5,500
Prepaid Insurance 1,400 Equipment 16,000
Accounts Payable 9,000 Property Taxes Payable 1,120
M. Sterling, Capital 23,400 Service Revenue ?
Salaries Expense 8,400 Advertising Expense 2,200
Property Tax Expense 1,600
Instructions
Prepare a trial balance and fill in the missing amount for Service Revenue.
Jax the Max Construction had $288,000 in Sales, $1,200 in Advertising Expense, $2,800 in Insurance Expense, $32,000 in Rent Expense, $4,500 in Depreciation Expense—Equipment, $1,100 in Depreciation Expense—Vehicles, $68,000 in Wages Expense, $1,700 in Phone Expense, and $14,000 in withdrawals. What entry would be needed to close the income summary account?
a.Debit Jax, Capital for $176,700 and credit Income Summary for $176,700
b.Debit Jax, Capital for $162,700 and credit Income Summary for $162,700
c.Debit Income Summary for $176,700 and credit Jax, Capital for $176,700
d.Debit Income Summary for $162,700 and credit Jax, Capital for $162,700
Wolfpack Construction has the following account balances at the end of the year.Accounts Balances Equipment $26,000 Accounts payable 3,000 Salaries expense 33,000 Common stock 11,000 Land 18,000 Notes payable 20,000 Service revenue 39,000 Cash 6,000 Retained earnings ?Required: Use only the appropriate accounts to prepare a balance sheet.
Chapter 1 Solutions
Financial Accounting
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