During December, Barnett Auction Co. completed the following transactions: Barnett's business uses the following accounts: Cash, Accounts
Question:
During December, Barnett Auction Co. completed the following transactions:
Barnett's business uses the following accounts: Cash, Accounts Receivable, Supplies, Land,
Accounts Payable, Notes Payable, Common Stock, Dividends, Service Revenue, Salary Expense, Advertising Expense, and Utilities Expense.
Required
1. Journalize each transaction of Barnett Auction Co. Explanations is not required.
2. Prepare T-accounts for Cash, Accounts Payable, and Notes Payable. Post to these three accounts.
3. After these transactions, how much cash does the business have? How much in total liabilities does it owe?
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Related Book For
Financial Accounting
ISBN: 978-0135012840
7th edition
Authors: Walter T. Harrison, Charles T. Horngren
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