Dee Bell Company?s records showed the following April 30, 2020, account balances: Required 1. Using the chart
Question:
Dee Bell Company?s records showed the following April 30, 2020, account balances:
Required
1. Using the chart of accounts numbering system, assign an account number to each account.
2. Using the information provided and the analysis performed in QS 2-9, post the May transactions into the general ledger using T-accounts.
3. Calculate the May 31 balance in each T-account and prove the accounting equation.
Accounts Receivable Cash Car 3,200 Apr 30 15,000 Apr 30 Accounts Payable 6,000 Apr 30 Unearned Revenue Dee Bell, Capital 1,800 Apr 30 8,900 Apr 30 Wages Expense 1,500 Revenue 3,000 Apr 30 Apr 30
Step by Step Answer:
1 2 3 The account balance for each Taccount is shown above ...View the full answer
Fundamental Accounting Principles Volume I
ISBN: 978-1260305821
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
Related Video
Unearned revenue is money received by an individual or company for a service or product that has yet to be provided or delivered. It can be thought of as a \"prepayment\" for goods or services that a person or company is expected to supply to the purchaser at a later date. As a result of this prepayment, the seller has a liability equal to the revenue earned until the good or service is delivered. This liability is noted under current liabilities, as it is expected to be settled within a year.
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