Question
In: Accounting
4. Use T-accounts to show the effect of the following on the balance sheets of the...
4. Use T-accounts to show the effect of the following on the balance sheets of the Fed and the banking system: a. The Fed increases discount loans by $2 billion. b. The Fed sells $2 billion Treasury securities to a bank.
Solutions
Expert Solution
| Fed and Banking System | |||
| Discount Loan | |||
| Account's tittle | Debit $ | Account's tittle | Credit $ |
| Cash | 2,000,000 | ||
| Balance | 2,000,000 | ||
| TOTAL | 2,000,000 | TOTAL | 2,000,000 |
| Treasury Securities | |||
| Account's tittle | Debit $ | Account's tittle | Credit $ |
| Cash | 2,000,000 | ||
| Balance | 2,000,000 | ||
| TOTAL | 2,000,000 | TOTAL | 2,000,000 |
| Cash | |||
| Account's tittle | Debit $ | Account's tittle | Credit $ |
| Treasury Securities | 2,000,000 | Discount Loan | 2,000,000 |
| TOTAL | 2,000,000 | TOTAL | 2,000,000 |
ekkarill92 answered 2 years agoRelated Solutions
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2017 2018
BALANCE SHEETS:
Assets:
Cash 74,181 66,301
Accounts Receivable 35,673 48,995
Inventory 4,855 3,986
Other Current Assets 13,936 12,057
Fixed Assets, net 33,783 41,304
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Other Current Liabilities 50,226
55,416
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TABLETTE REPAIR SERVICE, INC.
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Debit
Credit
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Accounts Receivable
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A: Open T-accounts for each of the accounts listed in the trial balance, and enter the...
A: Open T-accounts for each of the accounts
listed in the trial balance, and enter the opening balances for
2017.
B: Prepare journal entries to record each of
the January transactions.
Tom Zopf owns and manages a computer repair service, which had
the following trial balance on December 31, 2016 (the end of its
fiscal year).
TABLETTE REPAIR SERVICE, INC.
Trial Balance
December 31, 2016
Debit
Credit
Cash
$ 9,000
Accounts Receivable
15,100
Supplies
12,700
Prepaid Rent
2,800
Equipment
19,300...
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FOR THE GIVEN
INFORMATION BELOW CREATE T-accounts, trial balances FOR FEB, USE
THE OPENING BALANCE , DONT HAVE TO CREATE BALANCE FOR
JAN
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3Purchase of $570 of
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