Exercise 3-22B

PROBLEN Exercise 3-22B Recording events in the general journal, posting to T-accounts, and At the beginning of Year 2. Event Services Co. had the following normal balances in its accounts. b. What is the balance in LO 3-1, 3-2, 3-3, 3-4 preparing closing entries Account Balance Problem 3 Required Indicate wl a. Retaine Cash Accounts Receivable Accounts Payable Common Stock Retained Earnings $60,000 38,000 24.800 48,000 25,200 The following events apply to Event Services Co. for Year 2: 1. Provided $130,000 of services on account. 2. Incurred $6,200 of operating expenses on account. 3. Collected $112.000 of accounts receivable. 4. Paid $72,000 cash for salaries expense. 5. Paid $30,000 cash as a partial payment on accounts payable. 6. Paid a $16,000 cash dividend to the stockholders. b. Prepaid c. Insurar d. Accou e. Salaric f. Cash g. Com h. Rent I i. Salari j. Land Problem Required a. Record these events in a general journal. b. Open T-accounts and post the beginning balances and the preceding transactions to the appropriate accounts. Determine the balance of each account. c. Show the beginning balances and the events in a horizontal statements model such as the following The follo 1. Acqu 2. Reco 3. Paid 4. Paid 5. Colld 6. Paid 7. Paid 8. Paid one: Assets Liab. + Equity Rev. - Exp. = Net Inc. Cash Flow Cash + Accts. Rec. Accts. = Pay. Common + Stock Ret. + Earn. 9. Paid 10. Purc PROBLEN Exercise 3-22B Recording events in the general journal, posting to T-accounts, and At the beginning of Year 2. Event Services Co. had the following normal balances in its accounts. b. What is the balance in LO 3-1, 3-2, 3-3, 3-4 preparing closing entries Account Balance Problem 3 Required Indicate wl a. Retaine Cash Accounts Receivable Accounts Payable Common Stock Retained Earnings $60,000 38,000 24.800 48,000 25,200 The following events apply to Event Services Co. for Year 2: 1. Provided $130,000 of services on account. 2. Incurred $6,200 of operating expenses on account. 3. Collected $112.000 of accounts receivable. 4. Paid $72,000 cash for salaries expense. 5. Paid $30,000 cash as a partial payment on accounts payable. 6. Paid a $16,000 cash dividend to the stockholders. b. Prepaid c. Insurar d. Accou e. Salaric f. Cash g. Com h. Rent I i. Salari j. Land Problem Required a. Record these events in a general journal. b. Open T-accounts and post the beginning balances and the preceding transactions to the appropriate accounts. Determine the balance of each account. c. Show the beginning balances and the events in a horizontal statements model such as the following The follo 1. Acqu 2. Reco 3. Paid 4. Paid 5. Colld 6. Paid 7. Paid 8. Paid one: Assets Liab. + Equity Rev. - Exp. = Net Inc. Cash Flow Cash + Accts. Rec. Accts. = Pay. Common + Stock Ret. + Earn. 9. Paid 10. Purc