Bill Rosenberg recently opened his legal practice. During the first month of operations of his business (a
Question:
Instructions
Prepare a correct trial balance.
Transcribed Image Text:
2 Invested $15,000 cash along with equipment valued at $10,000 in the business. 2 Hired a secretary-receptionist at a salary of $480 per week payable monthly Purchased $1,200 of supplies on account. (Debit an asset account.) Paid office rent of $750 for the month. April 3 7 11 Completed the preparation of a will and billed the client $1,500 for services rendered 12 17 21 30 30 30 (Use the Service Revenue account.) Received a $4,200 retainer for future services. Received cash of $2,900 for services completed for Botticelli Limited. Paid insurance expense of $180. Paid the secretary-receptionist $1,920 for the month. A count of supplies indicated that $220 of supplies had been consumed. Purchased a new computer for $4,100 paid for with personal funds. (The computer will be used only for business purposes.)
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 64% (25 reviews)
Apr 1 Cash 15000 Equipment 10000 Owners Capital 25000 2 ...View the full answer
Answered By
Pharashram rai
i am highly creative, resourceful and dedicated freelancer an excellent record of successful classroom presentations and writing . I have more than 4 years experience in tutoring students especially by using my note making strategies and engineering field . Especially adept at teaching methods of maths and writing , and flexible teaching style with the willingness to work beyond the call of duty. Committed to ongoing professional development and spreading the knowledge within myself to the blooming ones to make them fly with .
4.80+
65+ Reviews
270+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
Question Posted:
Students also viewed these Accounting questions
-
A partial adjusted trial balance of Joy Limited at January 31, 2014, shows the following: Instructions Answer the following questions, assuming the company's fiscal year begins January 1: (a) If the...
-
Information follows for Shakira Corporation for the month of January: Instructions Prepare the necessary closing entries. Cost of Goods Sold $228,000 Salary and Wages Expense 61,000 Cash Advertising...
-
The trial balance of Airbourne Travel Inc. on March 31, 2014, is as follows: Additional information: 1. A physical count reveals only S520 of supplies on hand. 2. Equipment is depreciated at a rate...
-
QUESTION 17 The moment of a force about a pivot point is; a. The force multiplied by the perpendicular distance fro the pivot point to the direction of the force b. the distance from the pivot to the...
-
For the IQ data on females in Appendix D (data set Add.dat on the website), test the null hypothesis that female = 100.
-
Use the fundamental principle of counting to solve the problem. A telephone messaging system requires a 4-digit security code. How many security codes are possible if numbers may be repeated?
-
You are the finance director of the Australian listed company, Yidaki Ltd that has A$ as the functional currency. Yidaki Ltd purchases goods from Hong Kong and has borrowings from a US bank. The...
-
Bennys Arcade has six video game machines. The average time between machine failures is 50 hours. Jimmy the maintenance engineer, can repair a machine in 15 hours on average. The machines have an...
-
In the space provided, 150- to 350-word summary of your financial analysis from Part 2: Financial Ratio Calculations. Include the following in your summary: Make final recommendations as to whether...
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
On September I, it rented storage space to a lessee (tenant) for six months for a total cash payment of $ l2,000 received in advance. Prepare two sets of journal entries for Store-it Here, with each...
-
Alberto Rock is the new owner of Summer Computer Services Inc. At the end of August 2014, his first month of ownership, Alberto is trying to prepare monthly financial statements. Information follows...
-
a) Perform the floating point addition. b) Draw an SM chart for a floating-point adder that adds F 1 x 2 E1 and F 2 x 2 E2 . Assume that the fractions are initially normalized (or zero) and the final...
-
50) An investor purchases a Eurobond for 108.93 and sells it one year later at 107.30. The bond pays an annual coupon of 6% and has 10 years until maturity. If the par value of the bond is 30,000...
-
Lever Products (LP) is considering the elimination of a press machine. The new press machine should reduce depreciation expenses by $36,000 annually. If LP's total fixed costs were $380,000 last...
-
Consider the following game G: Y Z 5,5 3,2 2,4 4,5 5,3 3,7 M 5,4 7,3 5,6 K Player 1 L Player 2 X What is the set of Nash equilibria of this game G, i.e., NE(G) =? Is (L. Y) a Pareto optimal strategy...
-
HTML for heading, photo, navigation links. The HTML below displays the heading, photo, navigation links. The links will not work until IDs matching the fragments are placed in the HTML .
-
9.20 Compare flow rates through 40-mm-diameter openings under 1.50-m static heads if the openings have been constructed as sharp-edged, rounded, short-tube, or Borda orifices. Ancient Rome's famous...
-
Fill in each blank so that the resulting statement is true. In the equation 3(x 2 + 4x) + 4(y 2 - 2y) = 32, we complete the square on x by adding________ within the first parentheses. We complete the...
-
Write an essay describing the differing approaches of nursing leaders and managers to issues in practice. To complete this assignment, do the following: 1. Select an issue from the following list:...
-
Inventory ErrorsPeriodic Thomason Company makes the following errors during the current year. (In all cases, assume ending inventory in the following year is correctly stated.) 1. Both ending...
-
Inventory ErrorsPeriodic Thomason Company makes the following errors during the current year. (In all cases, assume ending inventory in the following year is correctly stated.) 1. Both ending...
-
Inventory ErrorsPeriodic Thomason Company makes the following errors during the current year. (In all cases, assume ending inventory in the following year is correctly stated.) 1. Both ending...
-
What are the vulnerabilities of embedded operating systems, such as, but not limited to, IoT devices, programmable logic devices, and vehicle control systems.
-
Factor the polynomial completely. 7x-17x-12
-
What are some relevant recommendations about Coca-Cola's Planning, Design, and Implementation of an Enterprise Resource Planning System that other companies can apply to their own initiatives?
Study smarter with the SolutionInn App