FINANCIAL ACCOUNTING>IC<
15th Edition
ISBN: 9781119344988
Author: Kimmel
Publisher: WILEY C
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Chapter 3, Problem 3.20E
(a)
To determine
Trial balance is the list of accounts, and their debit and credit balances at a given time. It is usually prepared at end of the accounting period. Debit balances are listed in left column and credit balances are listed in right column. The totals of debit and credit column should be equal. Trial balance is useful in the preparation of the financial statements.
To prepare: the trial balance of RD Services as on July 31, 2017
(b)
To determine
Income statement:
This is the financial statement of a company which shows all the revenues earned, and expenses incurred by the company over a period of time.
Statement of retained earnings:
This is an equity statement which shows the changes in the
Classified balance sheet:
This is the financial statement of a company which shows the grouping of similar assets and liabilities under subheadings.
To prepare: The income statement, statement of retained earnings, and classified balance sheet of RD Services.
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Plumlee Corporation has the following account balances at December 31, 2017.
Debit Credit
Service Fees Earned.......... $92,500
Interest Income.......... 2,200
Salaries Expense.......... $41,800
Advertising Expense.......... 4,300
Depreciation Expense.......... 8,700
Income Tax Expense.......... 9,900
Retained Earnings.......... 42,700
Prepare entries to close these accounts in journal entry form. Set up T-accounts for each of the ledger accounts and post the entries to them. After these entries are posted, what is the balance of the Retained Earnings account?
Hi pls Journalize the transaction
And set up T accounts and post beginning account balances and transactions.
Pls also Journalize and post closing entries and Prepare a trial balance for the month ending and Prepare an income statement for the month ending (ignore taxes) and Prepare a statement of retained earning and Prepare an ending balance sheet
Problem: The beginning balances in ledger of DBM Corporation for September 01, 2018 were as follows;
Account
Debit
Credit
Accounts Payable
2,160
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Accounts Receivable
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3,070
Paid in capital- common stock
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4,990
Cash
3,910
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Notes Payable
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600
Property, plant, and equipment (at cost)
6,200
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Allowances for doubtful accounts
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540
Inventories
1,730
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Accumulated depreciation
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2,800
Prepaid Expenses
1,250
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Retained earnings
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2,250
Good will
1,000
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Estimated tax liability
Â
750
Marketable securities
1,750
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Accrued Expense
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1,000
Patents and trademarks
500
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Bonds payable
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2,000
Investment…
Lavender Company started its business on April 1, 2019. Using the following accounts, prepare the journal entries below in the General Journal.
PLEASE NOTE: For similar accounting treatment (DR or CR), you are to record accounts in the order in which they are mentioned in the transactions.
Cash
Petty Cash
Accounts Receivable
Office Supplies
Computer Equipment
Accounts Payable
Unearned Services Income
Services Income
Lavender, Capital
Dividends
Maintenance Expense
Miscellaneous Expense
Rent Expense
Wages Expense
Cash Short and Over
The following are the transactions that happened during the month of April.
PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345).
The owner invested $7,500 from their personal account to the business account
DR
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CR
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Paid rent $600 with check #101.
DR
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Â
CR
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Initiated a petty cash fund $250 check #102.
DR
Â
Â
CR…
Chapter 3 Solutions
FINANCIAL ACCOUNTING>IC<
Ch. 3 - Prob. 1QCh. 3 - Can a business enter into a transaction that...Ch. 3 - Are the followingevents recorded in the accounting...Ch. 3 - Prob. 4QCh. 3 - Prob. 5QCh. 3 - Prob. 6QCh. 3 - Prob. 7QCh. 3 - Misty Reno, a beginning accounting student,...Ch. 3 - Prob. 9QCh. 3 - What is the normal balance for each of these...
Ch. 3 - Prob. 11QCh. 3 - Prob. 12QCh. 3 - Prob. 13QCh. 3 - Prob. 14QCh. 3 - Prob. 15QCh. 3 - (a) When entering a transaction in the journal,...Ch. 3 - (a) Should accounting transaction debits and...Ch. 3 - Journalize these accounting transactions. (a)...Ch. 3 - Prob. 19QCh. 3 - Prob. 20QCh. 3 - Prob. 21QCh. 3 - Prob. 22QCh. 3 - Prob. 3.1BECh. 3 - Prob. 3.2BECh. 3 - Prob. 3.3BECh. 3 - For each of the following accounts, indicate the...Ch. 3 - Prob. 3.5BECh. 3 - Prob. 3.6BECh. 3 - Prob. 3.7BECh. 3 - Tilton Corporation has the following transactions...Ch. 3 - Prob. 3.9BECh. 3 - Selected transactions for Montes Company are...Ch. 3 - Prob. 3.11BECh. 3 - Prob. 3.12BECh. 3 - Prob. 3.1DIECh. 3 - Prob. 3.2DIECh. 3 - Prob. 3.3DIECh. 3 - Prob. 3.4DIECh. 3 - Prob. 3.5DIECh. 3 - Prob. 3.1ECh. 3 - Prob. 3.2ECh. 3 - Prob. 3.3ECh. 3 - Prob. 3.4ECh. 3 - Prob. 3.5ECh. 3 - Prob. 3.6ECh. 3 - Prob. 3.7ECh. 3 - Prob. 3.8ECh. 3 - Prob. 3.9ECh. 3 - Prob. 3.10ECh. 3 - Prob. 3.11ECh. 3 - Prob. 3.12ECh. 3 - Prob. 3.13ECh. 3 - Prob. 3.14ECh. 3 - Prob. 3.15ECh. 3 - Prob. 3.16ECh. 3 - Prob. 3.17ECh. 3 - Prob. 3.18ECh. 3 - Prob. 3.19ECh. 3 - Prob. 3.20ECh. 3 - Prob. 3.21ECh. 3 - Prob. 3.22ECh. 3 - Prob. 3.1APCh. 3 - Prob. 3.2APCh. 3 - Prob. 3.3APCh. 3 - Prob. 3.4APCh. 3 - Prob. 3.5APCh. 3 - Prob. 3.6APCh. 3 - Prob. 3.7APCh. 3 - Prob. 3.8APCh. 3 - Prob. 3.9APCh. 3 - Prob. 3.10APCh. 3 - Prob. 3.11APCh. 3 - Prob. 3.1EYCTCh. 3 - Prob. 3.2EYCTCh. 3 - Prob. 3.3EYCTCh. 3 - Prob. 3.4EYCTCh. 3 - Prob. 3.6EYCTCh. 3 - Prob. 3.7EYCTCh. 3 - Prob. 3.8EYCTCh. 3 - Prob. 3.9EYCTCh. 3 - Prob. 3.11EYCTCh. 3 - Prob. 3.1IFRS
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