FINANCIAL ACCOUNTING>IC<
15th Edition
ISBN: 9781119344988
Author: Kimmel
Publisher: WILEY C
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Chapter 3, Problem 3.5DIE
To determine
A trial balance is the summary of all the ledger accounts. The trial balance is prepared to check the total balance of the debit with the total of the balance of the credit column, which must be equal. The trial balance is usually prepared to check accuracy of ledger balances. In trial balance the debit balances are listed in the left column, and credit balances are listed in the right column.
To Prepare: The trial balance of C Company as on December 31, 2017.
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The following information was obtained from a review of the ledger and other records of
2Moons Company at the close of the current fiscal year ending December 31, 2017. Write the
adjusting entry and computation as description.
a. The office supplies expense account has a debit balance of P38,610. The inventory of
office supplies on hand as of December 31, totals P14,760.
b. The rent expense account has a debit balance of P74,400 composed of the following: (1)
January 1 balance of P16,800 representing rent for January through April 2017; and (2)
debit balance of P57,600 representing payment for a one-year beginning May 2017.
c. The prepaid insurance account has a debit balance of P62,640 at December 31. Details of
the policies acquired during the past year are as follows:
Type of Policy Premium Paid Date Started
Fire Insurance P 12,960 January 2
Accident Insurance 24,480 March 1
Car Insurance 9,360 June 1
Life Insurance 15,840 August 1
d. The balance of the commissions income account…
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
Accounts Receivable
3,070
Paid in capital- common stock
4,990
Cash
3,910
Notes Payable
600
Property, plant, and equipment (at cost)
6,200
Allowances for doubtful accounts
540
Inventories
1,730
Accumulated depreciation
2,800
Prepaid Expenses
1,250
Retained earnings
2,250
Good will
1,000
Estimated tax liability
750
Marketable securities
1,750
Accrued Expense
1,000
Patents and trademarks
500
Bonds payable
2,000
Investment…
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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