Question

In: Accounting

Louis Ruiz Consulting Services has five accounts in its initial trial balance: Cash, Accounts Payable, Ruiz...

Louis Ruiz Consulting Services has five accounts in its initial trial balance: Cash, Accounts Payable, Ruiz Capital, Telephone Expense and Consulting Revenue. Using the chart for making journal entries, which account is listed third in the trial balance for the consulting services business?

A. Cash B. Accounts Payable C. Ruiz Capital D. Telephone Expense E. Consulting Revenue

Solutions

Expert Solution

Under charts of accounts, there is sequence for accounts name

1) Assets

2) Liabilities

3) Stockholder's equity

4) Revenue

5) Expense

6) Other income

7) Other expense

So Sequence of this accounts

a) Cash

b) Account payable

c) Ruiz capital

d) Consulting revenue

e) Telephone expense

So answer is c) Ruiz capital

ekkarill92 answered 2 years ago
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