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DIRECTIONS                   Using the Trial Balance Shown Below for JW Jlegal LLC, Practice...

DIRECTIONS                  
Using the Trial Balance Shown Below for JW Jlegal LLC, Practice Problems 1, answer the questions.                  
The first question has been answered for you.                  

                  
    JW Legal LLC              
   Trial Balance              
   1.31.2020              
                  
       DR   CR      
   Cash   9,450.00           
   Accounts Receivable   3,000.00           
   Equipment   2,500.00           
   Accounts Payable       1,700.00       
   JW Legal LLC, Capital       10,000.00       
   Withdrawals   500.00           
   Legal Services Revenue       4,000.00       
   Utilities Expense   250.00           
                  
   TOTALS   15,700.00    15,700.00       
                  
                  
Questions       ANSWERS          
1. What kind of account is Cash?       Cash is an Asset          
                  
What is the normal balance in Cash?       The normal balance in Cash is a debit balance          
                  
On what finacial statement does Cash appear?       Cash is shown on the Balance Sheet          
                  
                  
2. What kind of account is Accounts Receivable?                  
                  
What is the normal balance in Accounts Receivable?                  
                  
On what financial statement does Accounts Receivable appear?                  
                  
3. What kind of account is Equipment?                  
                  
What is a normal balance in Equipment?                  
                  
On what finacial stamenet does Equipment appear?                  
                  
4. What kind is account is Accounts Payable?                  
                  
What is the normal balance in Accounts Payable?                  
                  
On what financial statement does Accounts Payable appear?                  
                  
5. What kind of account is Capital?                  
                  
What is the normal balance in a Capital account?                  
                  
On what finacial statement(s) doe Capital appear?                  
                  
                  
6. What kind of account is Withdrawals?                  
                  
What is a normal balance in a Withdrawals account?                  
                  
On what financial statement does Withdrawals appear?                  
                  
                  
7. Whar kind of account is Legal Fees Revenue?                  
                  
What is the normal balance in Legal Fees Revenue?                  
                  
On what finacial statement does Legal Fees Revenue appear?                  
                  
                  
8. What kind of account is Utilities Expense?                  
                  
What is a normal balance in Utilities Expense?                  
                  
On what financial statement does Utilities Expense appear?                  
                  
                  

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ekkarill92 answered 1 year ago
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