Selected transactions from the journal of June Feldman, investment broker, are presented below. Instructions (a) Post the
Question:
Instructions
(a) Post the transactions to T-accounts.
(b) Prepare a trial balance at August 31,2017.
Transcribed Image Text:
Date Account Titles and Explanation Ref. Debit Credit Aug. Cash 5,000 Owner's Capital 5,000 (Owner's investment of cash in business) 0 Cash 2,600 Service Revenue 2,600 (Received cash for services performed) 12 Equipment 5,000 Cash Notes Payable 2,300 2,700 (Purchased equipment for caslh and notes payable) 25 Accounts Receivable 1,700 Service Revenue 1,700 (Billed clients for services performed) 31 Cash 900 Accounts Receivable 900 (Receipt of cash on account)
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 70% (10 reviews)
a Cash Aug 1 5000 Aug 12 2300 10 2600 31 900 Bal 6200 Accounts Receivable Aug 25 1700 Aug 31 900 B...View the full answer
Answered By
Muhammad Ahtsham Shabbir
I am a professional freelance writer with more than 7 years’ experience in academic writing. I have a Bachelor`s Degree in Commerce and Master's Degree in Computer Science. I can provide my services in various subjects.
I have professional excellent skills in Microsoft ® Office packages such as Microsoft ® Word, Microsoft ® Excel, and Microsoft ® PowerPoint. Moreover, I have excellent research skills and outstanding analytical and critical thinking skills; a combination that I apply in every paper I handle.
I am conversant with the various citation styles, among them; APA, MLA, Chicago, Havard, and AMA. I also strive to deliver the best to my clients and in a timely manner.My work is always 100% original. I honestly understand the concern of plagiarism and its consequences. As such, I ensure that I check the assignment for any plagiarism before submission.
4.80+
392+ Reviews
587+ Question Solved
Related Book For
Accounting Principles
ISBN: 978-1118875056
12th edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
Question Posted:
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
-
Selected transactions from the journal of Galaxy Inc. during its first month of operations are presented here. Instructions(a) Post the transactions to T accounts.(b) Prepare a trial balance at...
-
Selected transactions from the journal of Eberle Inc. during its first month of operations are presented here. Instructions (a) Post the transactions to T-accounts. (b) Prepare a trial balance at...
-
Selected transactions from the journal of Baylee Inc. during its first month of operations are presented here. Instructions (a) Post the transactions to T-accounts. (b) Prepare a trial balance at...
-
In Exercises 1126, determine whether each equation defines y as a function of x. 4x = y 2
-
Assume that you are preparing a visual aid that will not fit on the page with the text that relates to it. Where would you place this visual aid in the report?
-
Which of the following statements about a journal is false? (a) It is not a book of original entry. (b) It provides a chronological record of transactions. (c) It helps to locate errors because the...
-
Upon graduation, Jeffrey Feldhusen borrows $15,000 to finance a late model used car. The loan is made by a family member who wishes to have equal annual payments at 9 percent over 4 years. a. How...
-
A furniture company manufactures desks and chairs. Each desk uses four units of wood, and each chair uses three units of wood. A desk contributes $400 to profit, and a chair contributes $250....
-
Consider Amanda and Zelda. They will both save $6,000 per year until they retire at age 70. Amanda and Zelda, however, will start saving at different ages. Amanda will start saving when she is 30...
-
As part of a forensic accounting engagement, you are asked to determine what factors influence the pricing of homes in the local community. Review the data in the following table that has been...
-
Teresa Alvarez has prepared the following list of statements about the general ledger. 1. The general ledger contains all the asset and liability accounts but no owners equity accounts. 2. The...
-
The T-accounts below summarize the ledger of Daggett Landscaping Company at the end of the first month of operations. Instructions (a) Prepare the complete general journal (including explanations)...
-
Choose a business message to evaluate. You could find a recent letter you have received from a business, go to a website and choose a message for customers or stockholders, or use a message specified...
-
Marketable Securities $ 100,000 $ - $ 60,000 Inventory $ 100,000 $ - $ 85,000 Land $ 125,000 $ - $ 450,000 Building (class 4) $ 140,000 $ 95,000 $ 300,000 Instruments (class 8) $ 70,000 $ 52,000 $...
-
What legal and social policies are served by allowing a tortfeasor to assert a defense or privilege?
-
Pratkanis & Aronson state that "the essence of propaganda is a well-designed package." Do you agree?why?
-
How is AI - artificial intelligence used in goals of strategic management? Explain with example
-
The following table consists of training data from product sales. For a given row entry, count represents the number of data tuples having the values for attributes given in that row. Profession...
-
For the Change column (E) in Figure G.5: a) Determine the upper and lower limits for a 3-standarddeviation accuracy check. b) Which, if any, values fall outside the limits computed in part (a)? A B C...
-
Study the pictures/images below. Obviously these was focus on LT sociology, anthropology and poltical science. Try to do some analysis by finding clues that are synonymous with the main concepts....
-
Can a business enter into a transaction in which only the left side of the basic accounting equation is affected? If so, give an example.
-
Are the following events recorded in the accounting records? Explain your answer in each case. (a) The owner of the company dies. (b) Supplies are purchased on account. (c) An employee is fired. (d)...
-
Indicate how the following business transactions affect the basic accounting equation. (a) Paid cash for janitorial services. (b) Purchased equipment for cash. (c) Invested cash in the business. (d)...
-
Bob and Sally are both shareholders of XYZ Corporation. The annual shareholders' meeting is coming up, and they want to know how many "votes" they each have. What things must they look at to...
-
Taking Possession of the Collateral When the debtor defaults, the secured party may take possession of the collateral. How does the secured party do so?
-
Collateral is required as enhancement of the borrowers credit. Elaborate on the purpose and extent of offering security from the perspective of the borrower.?
Study smarter with the SolutionInn App