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AccountingCornerstones of Financial Accounting4th Edition

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Chapter 2, Problem 56APSA
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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

Solutions

Chapter
Section
Problem 1DQ
Problem 2DQ
Problem 3DQ
Problem 4DQ
Problem 5DQ
Problem 6DQ
Problem 7DQ
Problem 8DQ
Problem 9DQ
Problem 10DQ
Problem 11DQ
Problem 12DQ
Problem 13DQ
Problem 14DQ
Problem 15DQ
Problem 16DQ
Problem 17DQ
Problem 18DQ
Problem 19DQ
Problem 20DQ
Problem 21DQ
Problem 22DQ
Problem 1MCQ
Problem 2MCQ
Problem 3MCQ
Problem 4MCQ
Problem 5MCQ
Problem 6MCQ
Problem 7MCQ
Problem 8MCQ
Problem 9MCQ
Problem 10MCQ
Problem 11MCQ
Problem 12MCQ
Problem 13MCQ
Problem 14MCQ
Problem 15MCQ
Problem 16CE
Problem 17CE
Problem 18CE
Problem 19CE
Problem 20CE
Problem 21CE
Problem 22CE
Problem 23CE
Problem 24CE
Problem 25CE
Problem 26CE
Problem 27BE
Problem 28BE
Problem 29BE
Problem 30BE
Problem 31BE
Problem 32BE
Problem 33BE
Problem 34BE
Problem 35E
Problem 36E
Problem 37E
Problem 38E
Problem 39E
Problem 40E
Problem 41E
Problem 42E
Problem 43E
Problem 44E
Problem 45E
Problem 46E
Problem 47E
Problem 48E
Problem 49E
Problem 50E
Problem 51E
Problem 52E
Problem 53E
Problem 54E
Problem 55APSA
Problem 56APSA
Problem 57APSA
Problem 58APSA
Problem 59APSA
Problem 60APSA
Problem 61APSA
Problem 62APSA
Problem 55BPSB
Problem 56BPSB
Problem 57BPSB
Problem 58BPSB
Problem 59BPSB
Problem 60BPSB
Problem 61BPSB
Problem 62BPSB
Problem 63.1C
Problem 63.2C
Problem 63.3C
Problem 64.1C
Problem 64.2C
Problem 64.3C
Problem 64.4C
Problem 65.1C
Problem 65.2C
Problem 66.1C
Problem 66.2C
Problem 66.3C
Problem 67.1C
Problem 67.2C
Problem 67.3C
Problem 68.1C
Problem 68.2C
Problem 69.1C
Problem 69.2C
Problem 69.3C
BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Problem 2-56A Analyzing Transactions

Luis Madero, after working for several years with a large public accounting firm decided to open his own accounting service. The business is operated as a corporation under the name Madero Accounting Services. The following captions and amounts summarize Madero’s balance sheet at July 31, 2019.

Chapter 2, Problem 56APSA, Problem 2-56A Analyzing Transactions Luis Madero, after working for several years with a large

The following events occurred during August 2019.

  1. Issued common stock to Ms. Garriz in exchange for $15,000 cash.
  2. Paid $850 for first month’s rent on office space.
  3. Purchased supplies of $2,250 on credit.
  4. Borrowed $8,000 from the bank.
  5. Paid $1,080 on account for supplies purchased earlier on credit.
  6. Paid secretary’s salary for August of $2,150.
  7. Performed amounting services for clients who paid cash upon completion of the service in the total amount of $4,700.
  8. Used $3,180 of the supplies on hand.
  9. Perfumed accounting services for clients on credit in the total amount of $1,920.
  10. Purchased $500 in supplies for cash.
  11. Collected $1,290 cash from clients for whom services were performed on credit.
  12. Paid $1,000 dividend to stockholders.

Required:

  1. Record the effects of the transactions listed above on the accounting equation. Use the format given in the problem, starting with the totals at July 31, 20l9.
  2. Prepare the trial balance at August 31, 2019.

To determine

Trial Balance:

A financial statement which integrates all the balance of ledger accounts is termed as a trial balance. The total balance of debit and credit in trial balance should be equal at end of an accounting period.

Requirement 2

Prepare the trial balance at August 31, 2019.

Explanation
    Madero Accounting Services
    Trial Balance
    August 31, 2019
    Account TitleDebit Credit
    Cash$31,410
    Accounts Receivable16,530
    Supplies3,670
    Accounts Payable $3,670
    Notes Payable12,000
    Common Stock27,000
    Retained Earnings9,500
    Dividends1,000
    Revenue6,620

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Ch-2 P-1DQCh-2 P-2DQCh-2 P-3DQCh-2 P-4DQCh-2 P-5DQCh-2 P-6DQCh-2 P-7DQCh-2 P-8DQCh-2 P-9DQCh-2 P-10DQ
Ch-2 P-11DQCh-2 P-12DQCh-2 P-13DQCh-2 P-14DQCh-2 P-15DQCh-2 P-16DQCh-2 P-17DQCh-2 P-18DQCh-2 P-19DQCh-2 P-20DQCh-2 P-21DQCh-2 P-22DQCh-2 P-1MCQCh-2 P-2MCQCh-2 P-3MCQCh-2 P-4MCQCh-2 P-5MCQCh-2 P-6MCQCh-2 P-7MCQCh-2 P-8MCQCh-2 P-9MCQCh-2 P-10MCQCh-2 P-11MCQCh-2 P-12MCQCh-2 P-13MCQCh-2 P-14MCQCh-2 P-15MCQCh-2 P-16CECh-2 P-17CECh-2 P-18CECh-2 P-19CECh-2 P-20CECh-2 P-21CECh-2 P-22CECh-2 P-23CECh-2 P-24CECh-2 P-25CECh-2 P-26CECh-2 P-27BECh-2 P-28BECh-2 P-29BECh-2 P-30BECh-2 P-31BECh-2 P-32BECh-2 P-33BECh-2 P-34BECh-2 P-35ECh-2 P-36ECh-2 P-37ECh-2 P-38ECh-2 P-39ECh-2 P-40ECh-2 P-41ECh-2 P-42ECh-2 P-43ECh-2 P-44ECh-2 P-45ECh-2 P-46ECh-2 P-47ECh-2 P-48ECh-2 P-49ECh-2 P-50ECh-2 P-51ECh-2 P-52ECh-2 P-53ECh-2 P-54ECh-2 P-55APSACh-2 P-56APSACh-2 P-57APSACh-2 P-58APSACh-2 P-59APSACh-2 P-60APSACh-2 P-61APSACh-2 P-62APSACh-2 P-55BPSBCh-2 P-56BPSBCh-2 P-57BPSBCh-2 P-58BPSBCh-2 P-59BPSBCh-2 P-60BPSBCh-2 P-61BPSBCh-2 P-62BPSBCh-2 P-63.1CCh-2 P-63.2CCh-2 P-63.3CCh-2 P-64.1CCh-2 P-64.2CCh-2 P-64.3CCh-2 P-64.4CCh-2 P-65.1CCh-2 P-65.2CCh-2 P-66.1CCh-2 P-66.2CCh-2 P-66.3CCh-2 P-67.1CCh-2 P-67.2CCh-2 P-67.3CCh-2 P-68.1CCh-2 P-68.2CCh-2 P-69.1CCh-2 P-69.2CCh-2 P-69.3C

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