Question

In: Accounting

Given a random list of accounts with their normal balances, prepare a trial balance for Luxury...

Given a random list of accounts with their normal balances, prepare a trial balance for Luxury Gifts Corporation as of December 31, 2019

Common stock $5,500 Accounts Receivable $2,000

Note Payable 3,500 Service Revenue 12,000

Supplies 500 Insurance Expense 700

Prepaid Insurance 1,400 Equipment 9,500

Salary Expense 8,000 Accounts Payable 1,000

Dividends 2,000 Cash 1,000

Utilities Expense 1,000 Retained Earnings 4,100

Prepare Journal Entries in good form for the following transactions for the Goodland Company

The owner invested cash of $14,000 and office equipment valued at $6,500 into the business and received common stock in exchange

Supplies were purchase on account for $1,000

Payment of $750 was made for one month’s rent on the store

A client was billed 1,500 for services rendered

The company declared and paid a cash dividend of $300

Analyze the following transactions. Indicate which accounts are affected and whether they will increase or decrease.

Owner investment of cash into the business
Payment of a utility bill
Purchase of inventory for cash
Payment of an accounts payable
Performing a service on account
Collecting cash from a customer as payment on his account

Expert Solution

ekkarill92 answered 9 months ago

Prepare a correct trial balance ,assuming all account balances are normal

An inexperienced bookkeeper prepared the following trial balance.Prepare a correct trial balance,assuming all account balances are normal Cappshaw Company Trial Balance December 31,2017 Particulars Debit$ Credit$ Cash 10,800 Prepaid Insurance 3,500 Accounts Payable 3,000 Unearned Service Revenue 2,200 Owner's Capital 9,000 Owner's Drawings 4,500 Service Revenue 25,600 Salaries & Wages Expense 18,600 Rent Expense 2,400 Total 31,600 31,600

The following is a list of the accounts and balances taken from the adjusted trial balance...

The following is a list of the accounts and balances taken from the adjusted trial balance at December 31, 2021 for, Meilleur Merchants. The list of accounts is in alphabetical order. All accounts have normal balances. Meilleur uses a periodic inventory system and the earnings approach to recognize revenue. Account Balance Dec. 31 1 Accounts payable $15,000 2 Accounts receivable 30,000 3 Accumulated depreciation—building 15,500 4 Accumulated depreciation—equipment 10,000 5 Advertising expense 4,500 6 Building 84,600 7 S. Meilleur, capital...

The following is a list of balance sheet accounts and balances (in random order) for the...

The following is a list of balance sheet accounts and balances (in random order) for the Nathan Supply Company as of December 31, 2017. Prepare a classified balance sheet for Nathan Supply Company. Equipment $32000 Land 20,000 Retained Earnings 40,000 Note Payable (Due in 5 years) 17,000 Inventory 60,000 Allowance for Doubtful Accounts 1,000 Accounts Payable 36,000 Common Stock 30,000 Salaries Payable 10,000 Accumulated Depreciation 14,000 Cash 10,000 Accounts Receivable 26,000 Nathan Supply Company Balance sheet As of December...

The trial balance of Kelso Company had accounts with the following normal balances: Cash, $8,000; Accounts...

The trial balance of Kelso Company had accounts with the following normal balances: Cash, $8,000; Accounts Receivable, $6,000; Equipment, $10,000; Accounts Payable, $9,000; Owner’s Capital, $15,000; Owner’s Drawings, $500; Service Revenue, $7,000; Rent Expense, $1,000; Salaries and Wages Expense, $3,000; and Advertising Expense, $2,500. In preparing the trial balance, the total in the debit column is

Given the following accounts and balances produce a trial balance (in the correct order) and then...

Given the following accounts and balances produce a trial balance (in the correct order) and then the Financial Statements. Account description must be exactly as they appear in the list below. Do not include any punctuation in numerical values. Each box needs to be completed - if there is no value enter 0 (zero). Account Balance Sales Revenue 50,000 Depreciation Expense 5,000 Cash at Bank 45,000 Accounts Payable 12,000 Motor Vehicle 50,000 Accounts Receivable 15,000 Rent Expense 10,000 Owners...

The following list of accounts and their balances represents the unadjusted trial balance of A$AP LLC...

The following list of accounts and their balances represents the unadjusted trial balance of A$AP LLC at October 31, 2017 the end of their fiscal year: Cash $ 6,550 Accounts Receivable 60,000 Inventory 58,000 Prepaid Insurance 7,500 Notes receivable ( 9 % ,5 year note due 6/1/2022) 20,000 Land 10,000 Plant & Equipment 80,000 Accounts Payable 38,810 Prior Period Adjustment (refund of 2014 taxes) 12,000 Common Stock 140,000 Retained Earnings 80,660 Sales 236,826 Rental Expense 13,991 Cost of Goods Sold...

A post closing trial balance is a list of general ledger accounts and their balances after...

A post closing trial balance is a list of general ledger accounts and their balances after the closing entries have been posted. The post closing trial balance would contain only the balance sheet accounts with balances as the income statement accounts would not be listed because they are considered temporary accounts whose balances have been closed to the capital account. Please describe an income statement account that would be closed to the capital account.

The following list of accounts and their balances represents the unadjusted trial balance of Alt Company...

The following list of accounts and their balances represents the unadjusted trial balance of Alt Company at December 31, 2018: Cash $25,490 Equity Investments (trading) $60,000 Accounts Receivable $69,000 Allowance for Doubtful Accounts $500 Inventory $54,720 Prepaid Rent $36,000 Plant Assets $160,000 Accumulated Depreciation-Plant Assets $14,740 Accounts Payable $11,370 Bonds Payable $90,000 Common Stock $170,000 Retained Earnings $97,180 Sales Revenue $214,800 Cost of Goods Sold $154,400 Freight-Out $11,000 Salaries and Wages Expense $32,000 Interest Expense $2,040 Rent Revenue $21,600 Miscellaneous...

. FOR THE GIVEN INFORMATION BELOW CREATE T-accounts, trial balances GIVEN ARE THE OPENING BALANCES FOR...

. FOR THE GIVEN INFORMATION BELOW CREATE T-accounts, trial balances GIVEN ARE THE OPENING BALANCES FOR MONTH February Cash24,650 Accounts Receivable11,950 Supplies (Asset)400 Computers2,000 Accumulated Amortization - Computer79 Vehicles5,000 Accumulated Amortization - Vehicles111 Furniture2,800 Accumulated Amortization - Furniture22 Land38,000 Accounts Payable750 J. Jones, Capital83,838 CLIENT #2 BALANCE- $1500 CLIENT #4 BALANCE- $11,350. THESE ARE THE February transactions: 1Purchased additional $250 in supplies. 1Signed an insurance policy costing $3,600 over 3 years. Paid for February, March and April. 2Client #4 paid...

The trial balance of Pacific Asia Corporation had accounts with the following normal balances: Cash HK$5,000,...

The trial balance of Pacific Asia Corporation had accounts with the following normal balances: Cash HK$5,000, Revenue HK$85,000, Salaries and Wages Payable HK$4,000, Salaries and Wages Expense HK$40,000, Rent Expense HK$10,000, Share Capital – Ordinary HK$42,000; Dividends HK$15,000; Equipment HK$61,000. In preparing a trial balance, the total in the debit column is