MyBnB started a home rental company on January 1. As of November 30, MyBnB reported the...

 

 

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MyBnB started a home rental company on January 1. As of November 30, MyBnB reported the following balances. The company does not yet have a balance in Retained Earnings because this is its first year of operations so no net income has been reported in prior years. Accounts Payable Cash Cleaning Expense Common Stock E3-20 (Algo) Part 4 $ 360 Equipment 1,200 Repairs Expense 1,080 Service Revenue 3,600 Wages Expense $ 2,880 240 2,400 960 4. Prepare T-accounts that show the November 30 balances as December 1 beginning balances and then post the below journal entries to calculate updated December 31 balances. Retained Earnings has a beginning balance of $0. a. Provided rental services at a price of $360 and collected the full amount in cash. b. Paid $84 cash to a cleaning company for December work. c. Paid $72 cash to MyBnB's part-time employee for December wages. d. Paid $120 cash on account for amounts owed from a prior equipment purchase. e. Obtained repair services in December at a cost of $48, to be paid in January. MyBnB started a home rental company on January 1. As of November 30, MyBnB reported the following balances. The company does not yet have a balance in Retained Earnings because this is its first year of operations so no net income has been reported in prior years. Accounts Payable Cash Cleaning Expense Common Stock E3-20 (Algo) Part 4 $ 360 Equipment 1,200 Repairs Expense 1,080 Service Revenue 3,600 Wages Expense $ 2,880 240 2,400 960 4. Prepare T-accounts that show the November 30 balances as December 1 beginning balances and then post the below journal entries to calculate updated December 31 balances. Retained Earnings has a beginning balance of $0. a. Provided rental services at a price of $360 and collected the full amount in cash. b. Paid $84 cash to a cleaning company for December work. c. Paid $72 cash to MyBnB's part-time employee for December wages. d. Paid $120 cash on account for amounts owed from a prior equipment purchase. e. Obtained repair services in December at a cost of $48, to be paid in January.

Answer rating: 100% (QA)

Here are the Taccounts showing the November 30 balances as December 1 beginning balances and the sub... View the full answer