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 3 years agoRelated Solutions
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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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Other Non-current Liabilities 43,251 48,209
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Debit
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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
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Debit
Credit
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$ 9,000
Accounts Receivable
15,100
Supplies
12,700
Prepaid Rent
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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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