Refer to Exercise 2-18. In Exercise 2-18 Double Tree Cellular, Inc., completed the following transactions during April
Question:
In Exercise 2-18
Double Tree Cellular, Inc., completed the following transactions during April 20X6, its first month of operations:
Required
1. After journalizing the transactions of Exercise 2-18, post the entries to the ledger, using T-accounts. Key transactions by date. Date the ending balance of each account April 30.
2. Prepare the trial balance of Double Tree Cellular, Inc., at April 30, 20X6.
3. How much are total assets, total liabilities, and total stockholders' equity on April 30? Use the accounting equation.
Received $25,000 and issued common stock. 2 Purchased $800 of office supplies on account. 4 Paid $20,000 cash for land to use as a building site. 6 Performed service for customers and received cash of $2,000 9 Paid $100 on accounts payable. Apr. 1 Performed service for FedEx on account totaling $1,200. Collected $900 from FedEx on account. Paid the following expenses: salary, $1,000; rent, $500. 17 23 30
Step by Step Answer:
Cash Account Date Posting Reference Debit Date Posting Reference Credit 1Apr Common stock 25000 4Apr ...View the full answer
Financial Accounting
ISBN: 978-0135012840
7th edition
Authors: Walter T. Harrison, Charles T. Horngren
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
Students also viewed these Accounting questions
-
Double Tree Cellular, Inc., completed the following transactions during April 20X6, its first month of operations: Required Record the transactions in the journal of Double Tree Cellular, Inc. Key...
-
Refer to Exercise 2-29B. Requirements 1. Post the entries to the ledger, using T-accounts. Key transactions by date. Date the ending balance of each account September 30. 2. Prepare the trial balance...
-
Refer to Exercise 2-18A. Requirements 1. After journalizing the transactions of Exercise 2-18A , post the entries to the ledger, using T-accounts. Key transactions by date. Date the ending balance of...
-
Jefferson Company purchased a piece of equipment on January 1, 2014. The equipment cost $60,000 and has an estimated life of 8 years and a salvage value of $8,000. What was the depreciation expense...
-
The preparation of cash flow statements is required by Statement of Financial Accounting Standards No. 95, ''The Statement of Cash Flows,'' adopted by a four-to-three vote of the FASB. Several...
-
Find the force exerted by the biceps muscle in holding a 1-L milk carton (weight 9.9 N) with the forearm parallel to the floor. Assume that the hand is 35.0 cm from the elbow and that the upper arm...
-
Design teams are confronted with "multiobjective" decision making. Is it possible for objectives to lead to conflicting designs? Give an example(s).
-
Presented below is a list of accounts in alphabetical order. Accounts Receivable .......................Land Accumulated Depreciation-Building ....... Land for Future Plant Site Accumulated...
-
Let sequence (an) be -8, -3, 2, 7, ... (a = -8) a. Find recursive formula for an. b. Find explicit (iterative) formula for an
-
The ledger of Camila Ramirez and Ping Xue, attorneys-at-law, contains the following accounts and balances after adjustments have been recorded on December 31, 20Y2: Ping Xue, Capital Ping Xue,...
-
Refer to Exercise 2-16. Record the transactions in the journal of Randolph Noble, P.C. List the transactions by date and give an explanation for each transaction In Exercise 2-16 Randolph Noble...
-
Hourglass Software began with cash of $10,000. Hourglass then bought supplies for $2,000 on account. Separately, Hourglass paid $5,000 for a computer. Answer these questions. a. How much in total...
-
The income statement and additional data of Tullis Travel Products, Inc., follow: Additional data: a. Acquisition of plant assets was $ 95,000. Of this amount, $ 65,000 was paid in cash and $ 30,000...
-
At the current market wage rate how many workers will the firm hire? b. Which economics principle can be used to explain why Lisena should NOT hire a fifth worker? c. What is the minimum number of...
-
Explain Edgar Schein's model of organisational culture and explain one theory or model which examines human behaviour. Answer needs to: Address both parts of the question. Explain Edgar Schein's...
-
4. Two countries A & B have completely fixed and flexible prices respectively. Consider this data GDP A Prices A GDP B Prices B year 1 5200 units 26 5200 units 26 year 2 there occurs a negative...
-
5. [10 points] (Condition Number) Consider f: R R defined as f(x) = = xQx+bx+c where 1 = [2 i], 6= [1+c], b 1 - c=2. C (a) Find the condition number of the Hessian of f for (0, 1). (b) What...
-
Determine the theoretical air flowrate required to remove the following compounds in a stripping tower at the indicated concentrations (compound and water to be selected by instructor). Also estimate...
-
Apple offers device service and repair through its AppleCare program. Assumed data follow. Required 1. Compute time charge per hour of direct labor (in $). 2. Compute materials markup per dollar of...
-
The first national bank pays a 4% interest rate compound continuously. The effective annual rate paid by the bank is __________. a. 4.16% b. 4.20% c. 4.08% d. 4.12%
-
During 2010, Carson Network, Inc., which designs network servers, earned revenues of $800 million. Expenses totaled $590 million. Carson collected all but $28 million of the revenues and paid $610...
-
An accountant made the following adjustments at December 31, the end of the accounting period: a. Prepaid insurance, beginning, $500. Payments for insurance during the period, $1,500. Prepaid...
-
Bird-Bath, Inc., experienced four situations for its supplies. Compute the amounts that have been left blank for each situation. For situations 1 and 2, journalize the needed transaction. Consider...
-
Whole blood has a surface tension of 0.058 N/m and a density of 1,050 kg/m. To what height can whole blood rise in a capillary blood vessel that has a radius of 2.3 x 10-6 m if the contact angle is...
-
(a) A worker stands a distance d = 0.475 m from the left end of a board as shown in the figure. The board is supported by three lines. Find the tension in each line (in N). Assume the board is...
-
A 1 540-kg automobile has a wheel base (the distance between the axles) of 2.80 m. The automobile's center of mass is on the centerline at a point 1.00 m behind the front axle. Find the force exerted...
Study smarter with the SolutionInn App