Financial Accounting - Access
4th Edition
ISBN: 9781259958533
Author: SPICELAND
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 2, Problem 2.18E
Prepare o
Below is the complete list of accounts of Cobras Incorporated and the related balance at the end of March. All accounts haw their normal debit or credit balance. Supplies, $1,000; Buildings, $55,000; Salaries Payable, $500; Common Stock, $35,000; Accounts Payable, $2,200; Utilities Expense, $3,700; Prepaid Insurance, $1,200; Service Revenue, $19,500;
Required:
Prepare a trial balance with the list of accounts in the following order assets, liabilities, stockholders’ equity, revenues, and expenses.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Create Red Road Co.’s unadjusted trial balance for March 31, 20Y5, given the following balances (assume all accounts have a normal balance):
• Property, Plant, and Equipment, $15,500
• Wages Expense, $8,750
• Rental Revenue, $3,500
• Unearned Revenue, $4,270
• Noah Gosling, Capital, $6,500
• Accounts Payable, $3,280
• Prepaid Expenses, $1,200
• Notes Payable, $3,950
• Fees Earned, $12,500
• Cash, $2,250
• Wages Payable, $4,150
• Rental Expense, $7,250
• Accounts Receivable, $3,200
Kk113.
On 30 June 2005 the company A got an invoice from the company B for the use of office space in the future. The invoice was in amount of 200,000 related to the next two years. The invoice was paid at that day.
Required: Present the influence of that business events on the financial statements from the perspective of Company A and Company B. Particularly, list which accounts to debit and credit for Companies A and B respectively in the date of June 30th 2005 and later in the date of June 30th 2007 (2 years after the rent invoice).
Ruth Lewis opened a law office on July 1, 2020. On July 31, the balance sheet showed Cash $5,000, Accounts Receivable $1,700, Supplies $500, Equipment $5,700, Accounts Payable $3,600, and Owner’s Capital $9,300. During August, the following transactions occurred.
1.
Collected $1,400 of accounts receivable.
2.
Paid $2,800 cash on accounts payable.
3.
Recognized revenue of $7,700, of which $2,500 is collected in cash and the balance is due in September.
4.
Purchased additional equipment for $2,100, paying $500 in cash and the balance on account.
5.
Paid salaries $1,700, rent for August $1,100, and advertising expenses $350.
6.
Withdrew $700 in cash for personal use.
7.
Received $1,600 from Standard Federal Bank—money borrowed on a note payable.
8.
Incurred utility expenses for month on account $180.
Prepare an income statement for August.
RUTH LEWIS, ATTORNEY AT LAWIncome Statement
For the Year Ended August 31, 2020August 31, 2020For…
Chapter 2 Solutions
Financial Accounting - Access
Ch. 2 - Prob. 1RQCh. 2 - 2.List the steps we use to measure external...Ch. 2 - 3.Each external transaction will have a dual...Ch. 2 - 4.Describe the impact of each of these external...Ch. 2 - Prob. 5RQCh. 2 - Prob. 6RQCh. 2 - Prob. 7RQCh. 2 - Prob. 8RQCh. 2 - Prob. 9RQCh. 2 - 10.Suzanne knows that an increase to an expense...
Ch. 2 - 11.What is a journal? What is a journal entry?Ch. 2 - Prob. 12RQCh. 2 - Prob. 13RQCh. 2 - Prob. 14RQCh. 2 - 15.Describe the events that correspond to the...Ch. 2 - 16.What does a T-account represent? What is the...Ch. 2 - Prob. 17RQCh. 2 - Prob. 18RQCh. 2 - Prob. 19RQCh. 2 - 20.If total debits equal total credits in the...Ch. 2 - List steps in the measurement process (LO21) Below...Ch. 2 - Balance the accounting equation (LO22) Using the...Ch. 2 - Suppose a local company has the following balance...Ch. 2 - Analyze the Impact of transactions on the...Ch. 2 - Understand the effect of debits and credits on...Ch. 2 - Prob. 2.6BECh. 2 - Record transactions (LO24) The following...Ch. 2 - Prob. 2.8BECh. 2 - Analyze T-accounts (LO25) Consider the following...Ch. 2 - Prob. 2.10BECh. 2 - Prob. 2.11BECh. 2 - Correct a trial balance (LO26) Your study partner...Ch. 2 - Listed below are several terms and phrases...Ch. 2 - Prob. 2.2ECh. 2 - Analyze the Impact of transactions on the...Ch. 2 - Analyze the Impact of transactions on the...Ch. 2 - Understand the components of retained earnings...Ch. 2 - Indicate the debit or credit balance of accounts...Ch. 2 - Associate debits and credits with external...Ch. 2 - Prob. 2.8ECh. 2 - Identify transactions (LO24) Below are recorded...Ch. 2 - Prob. 2.10ECh. 2 - Record transactions (LO24) Bearcat Construction...Ch. 2 - Correct recorded transactions (LO24) Below are...Ch. 2 - Correct recorded transactions (LO24) Below are...Ch. 2 - Prob. 2.14ECh. 2 - Post transactions to T-accounts (LO25) Consider...Ch. 2 - Identify transaction (LO25) Below are T-accounts....Ch. 2 - Prob. 2.17ECh. 2 - Prepare o trial balance (LO26) Below is the...Ch. 2 - Prob. 2.19ECh. 2 - Prob. 2.20ECh. 2 - Below is a list of activities for Jayhawk...Ch. 2 - Prob. 2.2APCh. 2 - Prob. 2.3APCh. 2 - Prob. 2.4APCh. 2 - Refer to the transactions described in P24A. Keep...Ch. 2 - Prepare a trial balance (LO26) Below are the...Ch. 2 - Prob. 2.7APCh. 2 - Prob. 2.8APCh. 2 - Prob. 2.9APCh. 2 - Analyze the impact of transactions on the...Ch. 2 - Prob. 2.2BPCh. 2 - Prob. 2.3BPCh. 2 - Record transactions (LO24) Flip Side of P25B Eli...Ch. 2 - Prob. 2.5BPCh. 2 - Prob. 2.6BPCh. 2 - Prob. 2.7BPCh. 2 - Prob. 2.8BPCh. 2 - Prob. 2.9BPCh. 2 - Prob. 2.1APCPCh. 2 - Prob. 2.2APFACh. 2 - The Buckle, Inc. Financial Analysis Financial...Ch. 2 - Prob. 2.4APCACh. 2 - Prob. 2.5APECh. 2 - Prob. 2.6APIRCh. 2 - Prob. 2.7APWC
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Effects of transactions on Accounting equation On Time Delivery Service had the following selected transactions during November: 1. Received cash from issuance of common stock, $75,000. 2. Paid rent for November, $5000. 3. Paid advertising expense, $3,000. 4. Received cash for providing delivery services, $34,500. 5. Borrowed $10,000 from Second National Bank to finance its operations. 6. Purchased a delivery van for cash, $25,000. 7. Paid interest on note from Second National Bank, $75. 8. Paid salaries and wages for November, $10,000. 9. Paid dividends, $2,000. Indicate the effect of each transaction on the accounting equation by listing the numbers identifying the transactions, (1) through (9), in a vertical column, and inserting at the right of each number the appropriate letter from he following list: a. Increase in an asset, decrease in another asset. h. Increase in an asset, increase in a liability. c. Increase in an asset, increase in stockholders’ equity. d. Decrease in an asset, decrease in a liability. e. Decrease in an asset, decrease in stockholders equity.arrow_forwardBE2.9 (LO 4) From the ledger balances given below, prepare a trial balance for the Amaro Company at Shaushank Company Trial Balance December 31, 2020 Debit $10,600 2.200 Credit $ 3,500 3,000 9,000 4,500 25,400 2,400 $47,800 Cash Prepaid Insurance Accounts Payable Unearned Service Revenue Owner's Capital Owner's Drawings Service Revenue Salaries and Wages Expense Rent Expense 18,600 $31,400arrow_forwardSwifty Company showed the following balances at the end of its first year: Cash $3, 930 Prepaid insurance 6, 910Accounts receivable 4, 990 Accounts Payable 5, 960 Notes payable 15, 930 Owner's Capital 4, 090 Owner's Drawings960 Revenues 54, 500 Expenses 24, 800 What did Swifty Company show as total credits on its trial balance a. 49, 590 b• 54, 500 c. 60, 480 d. 80,480arrow_forward
- 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.arrow_forwardPrepare a trial balance from the ledger accounts of ACME Co. on January 31, 2021. Accounts Payable $ 1,100 Rent Expense $ 500 Accounts Receivable 1,700 Service Revenue 3,000 Cash 1,400 Supplies 200 Owner’s Capital 2,000 Salaries and Wages Expense 1,300 Owner’s Drawings 1,000arrow_forwardBE2.5 (LO 2) M. Gonzales has the following transactions during August of the current year. Indicate (a) the effect on the accounting equation and (b) the debit-credit analysis illustrated in the textbook. Aug. 1 Opens an office as a financial advisor, investing $9,000 in cash. 4 Pays insurance in advance for 6 months, $2,100 cash. 16 Receives $3,600 from clients for services performed. 27 Pays secretary $1,000 salary.arrow_forward
- Len Gary started his own consulting firm, Gary Consulting, on June 1, 2022. The trial balance at June 30 is as follows. GARY CONSULTINGTrial BalanceJune 30, 2022 Debit Credit Cash $ 6,850 Accounts Receivable 7,000 Supplies 2,012 Prepaid Insurance 4,260 Equipment 15,000 Accounts Payable $ 4,250 Unearned Service Revenue 5,200 Common Stock 22,012 Service Revenue 8,300 Salaries and Wages Expense 4,000 Rent Expense 640 $39,762 $39,762 In addition to those accounts listed on the trial balance, the chart of accounts for Gary also contains the following accounts: Accumulated Depreciation—Equipment, Salaries and Wages Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense.Other data: 1. Supplies on hand at June 30 total $720. 2. A utility bill for $190 has not been recorded and will not be paid until next month.…arrow_forwardLen Gary started his own consulting firm, Gary Consulting, on June 1, 2022. The trial balance at June 30 is as follows. GARY CONSULTINGTrial BalanceJune 30, 2022 Debit Credit Cash $ 6,850 Accounts Receivable 7,000 Supplies 2,012 Prepaid Insurance 4,260 Equipment 15,000 Accounts Payable $ 4,250 Unearned Service Revenue 5,200 Common Stock 22,012 Service Revenue 8,300 Salaries and Wages Expense 4,000 Rent Expense 640 $39,762 $39,762 In addition to those accounts listed on the trial balance, the chart of accounts for Gary also contains the following accounts: Accumulated Depreciation—Equipment, Salaries and Wages Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense.Other data: 1. Supplies on hand at June 30 total $720. 2. A utility bill for $190 has not been recorded and will not be paid until next month.…arrow_forwardListed below are selected transactions completed by Ridge Company during March of the currentyear.Mar. 5 Rendered services on account to Quinton Co.,Invoice No. 92,$3,250.10 Rendered services on account to Martin Inc., Invoice No. 93, $4,500.13 Received $5,000 in payment of monthly rent, which was due on March 1.15 Received payment from Quinton Co. for invoice of March 5.19 Received payment from Martin Inc. for balance due on invoice of March 10.20 Received amount due from Thomas Co. on sale made in February, $5,200.31 Recorded cash from services rendered for cash during the month, $15,750.(a) Record the transactions in the revenue journal and cash receipts journal.(b) Total and rule the revenue and cash receipts journals.(c) Indicate the method of posting the individual items and the columnararrow_forward
- The December 31, 2024, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Accounts Debit Credit Cash $12,000 Accounts Receivable 150,000 Prepaid Rent 6,000 Supplies 30,000 Land 265,000 Accounts Payable $12,000 Salaries Payable 11,000 Interest Payable 5,000 Notes Payable (due in two years) 40,000 Common Stock 300,000 Retained Earnings 60,000 Service Revenue 500,000 Salaries Expense 400,000 Rent Expense 20,000 Utilities Expense 40,000 Interest Expense 5,000 Totals $928,000 $928,000 Required: 1. Prepare an income statement for the year ended December 31, 2024.2. Prepare a statement of stockholders’ equity for the year ended December 31, 2024, assuming no common stock was issued during 2024.3. Prepare a classified balance sheet as of December 31, 2024.arrow_forwardOn January 1, 20Y5, Fahad Ali established Mountain Top Realty, which completed the following transactions during the month: Jan. 1 Fahad Ali transferred cash from a personal bank account to an account to be used for the business, $31,000. 2 Paid rent on office and equipment for the month, $3,050. 3 Purchased supplies on account, $2,250. 4 Paid creditor on account, $850. 5 Earned fees, receiving cash, $14,660. 6 Paid automobile expenses (including rental charge) for month, $1,540, and miscellaneous expenses, $670. 7 Paid office salaries, $2,600. 8 Determined that the cost of supplies used was $1,050. 9 Withdrew cash for personal use, $2,200. Required: 1. Journalize entries for transactions Jan. 1 through 9. Refer to the chart of accounts for the exact wording of the account titles. . Every line on a journal page is used for debit or credit entries. 2. Post the journal entries to the T accounts, selecting the appropriate date to the left…arrow_forwardThe December 31, 2024, adjusted trial balance for Badger Corporation is presented below. Accounts Debit Credit Cash $14,000 Accounts Receivable 155,000 Prepaid Rent 5,000 Supplies 31,000 Land 270,000 Accounts Payable $13,000 Salaries Payable 12,000 Interest Payable 5,000 Notes Payable (due in two years) 41,000 Common Stock 305,000 Retained Earnings 62,000 Service Revenue 505,000 Salaries Expense 401,000 Rent Expense 21,000 Utilities Expense 41,000 Interest Expense 5,000 Totals $943,000 $943,000 Required: 1. Prepare an income statement for the year ended December 31, 2024.2. Prepare a statement of stockholders' equity for the year ended December 31, 2024, assuming no common stock was issued during 2024.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Survey of Accounting (Accounting I)AccountingISBN:9781305961883Author:Carl WarrenPublisher:Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:9781305961883
Author:Carl Warren
Publisher:Cengage Learning
The accounting cycle; Author: Alanis Business academy;https://www.youtube.com/watch?v=XTspj8CtzPk;License: Standard YouTube License, CC-BY