Question

In: Accounting

If Accounts Payable has debit postings of $17,000, credit postings of $14,000, and a normal ending balance of $6,000

If Accounts Payable has debit postings of $17,000, credit postings of $14,000, and a normal ending balance of $6,000, what was its beginning balance (in $) and in which sides (choose Dr. or Cr.)? $ Dr. / Cr.

Solutions

Expert Solution

The beginning balance (in $) in Accounts Payable and that will appear on Dr.side and Cr. side is calculated as follow:

            Accounts Payable

Particular $ Particular $
Debit Postings    17,000 Beginning balance (Cr.)           9,000
    ($23,000 - $14,000)
Ending Balance 6,000, Credit Postings        14,000
Total    $23,000 Total      $23,000

   The beginning balance (in $) in Accounts Payable is $ 9000 Cr.side.

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

If Office supply has debit postings of $20,000, credit postings of $12,000, and a normal ending balance of $14,000
If Office supply has debit postings of $20,000, credit postings of $12,000, and a normal ending balance of $14,000, what was its beginning balance (in $) and in which sides (choose Dr. or Cr.)? $ Dr. / Cr.
For each of the following accounts, signify DEBIT or CREDIT to indicate the normal balance of...
For each of the following accounts, signify DEBIT or CREDIT to indicate the normal balance of the account. 1 Accounts recievable Multiple Choice Answer Options: 2 Credit card expense a. Credit 3 bad debt expense b. Debit 4 allowance for doubtful debts 5 Notes receivable (due in 180 days) 6 interest revenue 7 depreciation expense 8 building 9 equipment 10 accumulated depreciation 11 Loss of disposal of equipment 12 Gain on disposal of equipment 13 Sales revenue 14 Patent 15...
Name 5 accounts with NORMAL BALANCE on the Debit side Name 5 Accounts with NORMAL BALANCE...
Name 5 accounts with NORMAL BALANCE on the Debit side Name 5 Accounts with NORMAL BALANCE on the Credit side Use two accounts in a journal entry to illustrate with explanations. For example, normal balance of Cash account is Debit and normal balance of Loan Payable is Credit. ABC Company borrowed from Bank of America $50,000. After ABC Company signs a Promissory Note, Bank of America would give $50,000 cash to ABC Company. ABC Company would enter Journal Entry in...
Muscarella Inc. has the following balance sheet and income statement data: Cash $ 14,000 Accounts payable...
Muscarella Inc. has the following balance sheet and income statement data: Cash $ 14,000 Accounts payable $ 42,000 Receivables 70,000 Other current liabilities 28,000 Inventories 210,000 Total CL $ 70,000 Total CA $294,000 Long-term debt 70,000 Net fixed assets 126,000 Common equity 280,000 Total assets $420,000 Total liab. and equity $420,000 Sales $280,000 Net income $ 21,000 The new CFO thinks that inventories are excessive and could be lowered sufficiently to cause the current ratio to equal the industry average,...
Jordan Inc has the following balance sheet and income statement data: Cash $14,000 Accounts payable $42,000...
Jordan Inc has the following balance sheet and income statement data: Cash $14,000 Accounts payable $42,000 Receivables 70,000 Other current liabilities 28,000 Inventories 280,000 Total CL $70,000 Total CA $364,000 Long-term debt 140,000 Net fixed assets 126,000 Common equity 280,000 Total assets $490,000 Total liab. and equity $490,000 Sales $280,000 Net income 21,000 The new CFO thinks that inventories are excessive and could be lowered sufficiently to cause the current ratio to equal the industry average, 2.25, without affecting either...
A company has the following adjusted trial balance: Account Debit Credit Cash $1100​ ​ Accounts Receivable...
A company has the following adjusted trial balance: Account Debit Credit Cash $1100​ ​ Accounts Receivable 900​ ​ Inventory 1800​ ​ Supplies 2000​ ​ Prepaid Rent 400​ ​ Land 6500​ ​ Building 39,800​ ​ Accumulated Depreciation—Building ​ $8000​ Accounts Payable ​ 7600​ Unearned Revenue ​ 4300​ Notes Payable, due 2020 ​ 2300​ Common Stock ​ 6400​ Retained Earnings ​ 2700​ Dividends 800​ ​ Service Revenue ​ 33,800​ Rent Expense 1300​ ​ Supplies Expense 1100​ ​ Salaries Expense 6200​ ​ Depreciation...
Green Advertising Services Adjusted Trial Balance December 31, 2018 Balance Account Title Debit Credit Cash $14,000...
Green Advertising Services Adjusted Trial Balance December 31, 2018 Balance Account Title Debit Credit Cash $14,000 Accounts Receivable 15,800 Office Supplies 6,500 Land 18,400 Building 47,900 Accumulated Depreciation—Building $36,100 Furniture 19,600 Accumulated Depreciation—Furniture 14,100 Accounts Payable 10,600 Salaries Payable 7,200 Unearned Revenue 16,000 Common Stock 30,000 Retained Earnings 31,400 Dividends 18,300 Service Revenue 49,800 Salaries Expense 28,600 Supplies Expense 8,400 Depreciation Expense—Building 2,900 Depreciation Expense—Furniture 1,300 Advertising Expense 13,500 Total $195,200 $195,200 Requirement 2. Prepare the statement of retained earnings...
Green Advertising Services Adjusted Trial Balance December 31, 2018 Balance Account Title Debit Credit Cash $14,000...
Green Advertising Services Adjusted Trial Balance December 31, 2018 Balance Account Title Debit Credit Cash $14,000 Accounts Receivable 15,800 Office Supplies 6,500 Land 18,400 Building 47,900 Accumulated Depreciation—Building $36,100 Furniture 19,600 Accumulated Depreciation—Furniture 14,100 Accounts Payable 10,600 Salaries Payable 7,200 Unearned Revenue 16,000 Common Stock 30,000 Retained Earnings 31,400 Dividends 18,300 Service Revenue 49,800 Salaries Expense 28,600 Supplies Expense 8,400 Depreciation Expense—Building 2,900 Depreciation Expense—Furniture 1,300 Advertising Expense 13,500 Total $195,200 $195,200 Requirement 3. Prepare the classified balance sheet as...
Number Name Normal Balance 1110 Cash Debit 1120 Accounts Receivable Debit 1130 Prepaid Insurance Debit 1140...
Number Name Normal Balance 1110 Cash Debit 1120 Accounts Receivable Debit 1130 Prepaid Insurance Debit 1140 Prepaid Rent Debit 1150 Office Supplies Debit 1211 Office Equip. Debit 1212 Accum. Depr.-Office Equip. Credit 1311 Computer Equip. Debit 1312 Accum. Depr.-Computer Equip. Credit 1411 Building Cost Debit 1412 Accum. Depr.-Building Credit 1510 Land Debit 2101 Accounts Payable Credit 2102 Advanced Payments Credit 2103 Interest Payable Credit 2105 Salaries Payable Credit 2106 Income Taxes Payable Credit 2201 Mortgage Payable Credit 2202 Notes Payable...
Account Title Debit Credit Cash $ 6,800 Accounts receivable 14,000 Office supplies 7,233 Trucks 196,000 Accumulated...
Account Title Debit Credit Cash $ 6,800 Accounts receivable 14,000 Office supplies 7,233 Trucks 196,000 Accumulated depreciation—Trucks $ 40,376 Land 50,000 Accounts payable 10,800 Interest payable 4,000 Long-term notes payable 35,000 K. Wilson, Capital 204,883 K. Wilson, Withdrawals 29,000 Trucking fees earned 126,000 Depreciation expense—Trucks 26,043 Salaries expense 61,674 Office supplies expense 19,000 Repairs expense—Trucks 11,309 Totals $ 421,059 $ 421,059 Use the above adjusted trial balance to prepare Wilson Trucking Company’s classified balance sheet as of December 31, 2015.
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT