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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Problem 2-57A Inferring Transactions from T-Accounts

The following T-accounts summarize the operations of Chen Construction Company for July, 2019.

Chapter 2, Problem 57APSA, Problem 2-57A Inferring Transactions from T-Accounts The following T-accounts summarize the

Required:

  1. CONCEPTUAL CONNECTION Assuming that only one transaction occurred on each day (beginning on July 2) and that no dividends were paid, describe the transactions that most liker took place.
  2. Prepare a trial balance at July 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 a trial balance as July 31, 2019.

Explanation
    Chen Construction Company
    Trial Balance
    July 31, 2019
    AccountsDebit Credit
    Cash2,250
    Accounts Receivable1,250
    Supplies1,000

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