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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 2-573 Inferring Transactions from Accounts

The following T-accounts summarize the operations of Brilliant Minds Inc., a tutoring service, for April 2019.

Chapter 2, Problem 57BPSB, Problem 2-573 Inferring Transactions from Accounts The following T-accounts summarize the operations

Required:

l. CONCEPTUAL CONNECTION Assuming that only one transaction occurred on each day (beginning on April 3) and that no dividends were paid1 describe the transaction that most liker took place.

2. Prepare a trial balance at April 30, 2019.

To determine

T-Accounts:

T-accounts as its name derived from shape of the account, is representation of business transaction in their respective account. It helps in organizing and analyzing the transaction according to their similar nature of account.

Requirement 1

Describe the transaction that took place based on T-account.

Explanation
    AccountsNormal BalanceDebitCredit
    CashDebit IncreaseDecrease
    Accounts ReceivableDebit IncreaseDecrease
    SuppliesDebit IncreaseDecrease
    Equipment
To determine

Financial Statement:

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 April 30, 2019.

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