Financial Accounting - Access
4th Edition
ISBN: 9781259958533
Author: SPICELAND
Publisher: MCG
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Chapter 2, Problem 2.6AP
Prepare a
Below are the account balances of Bruins Company at the end of November.
| Accounts | Balances |
| Cash | $40,000 |
| Accounts Receivable | 50,000 |
| Supplies | 1,100 |
| Prepaid Rent | 3,000 |
| Equipment | ? |
| Accounts Payable | 17,000 |
| Salaries Payable | 5,000 |
| Interest Payable | 3,000 |
| Deferred Revenue | 9,000 |
| Notes Payable | 30,000 |
| Common Stock | $50,000 |
| 35,000 | |
| Dividends | 1,100 |
| Service Revenue | 65,000 |
| Salaries Expense | 30,000 |
| Rent Expense | 12,000 |
| Interest Expense | 3,000 |
| Supplies Expense | 7,000 |
| Utilities Expense | 6,000 |
Complete the steps in the measurement of external transactions (LO2–4, 2–5, 2–6)
Required:
Prepare a trial balance by placing amounts in the appropriate debit or credit column and determining the balance of the Equipment account.
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Students have asked these similar questions
create a trial balance WITH t accounts
all balances are normal.
cash $45,000
accts recievable $6,000
inventory $15,000
prepaid expenses $5,000
accts payable $12,000
unearned revenue $10,000
expenses payable $10,000
long term debt $14,000
common stock $25,000
the following trabsactions have occured in a company
1. company pays $1,750 in insurance for the next 3 months
2. company pays invoiced billed last month of $7,250
3. company takes delivery of $1,750 in inventory to be paid next month
4. company pays $5,250 in rent for this month
5. customer pays deposit on an order to be filled next month of $4,750
BE2.5 (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.
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.
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
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