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P 1 - 5 A Financial statement information about four different companies is as follows. Instructions ( a ) Determine the missing amounts. ( Hint:
PA Financial statement information about four different companies is as follows. Instructions a Determine the missing amounts. Hint: For example, to solve for a Assets Liabilities Owner's equity $ b Prepare the owner's equity statement for Ramirez Company. c Write a memorandum explaining the sequence for preparing financial statements and the interrelationship of the owner's equity statement to the income statement and balance sheet. BE An inexperienced bookkeeper prepared the following trial balance. Prepare a correct trial balance, assuming all account balances are normal. WALTER COMPANY Trial Balance December PA Desiree Clark is a licensed CPA. During the first month of operations of her business, the following events and transactions occurred. May Clark invested $ cash in her business. Hired a secretaryreceptionist at a salary of $ per month. Purchased $ of supplies on account from Read Supply Company. Paid office rent of $ cash for the month. Completed a tax assignment and billed client $ for services provided. Received $ advance on a management consulting engagement. Received cash of $ for services completed for C Desmond Co Paid secretaryreceptionist $ salary for the month. Paid of balance due Read Supply Company. Desiree uses the following chart of accounts: No Cash, No Accounts Receivable, No Supplies, No Accounts Payable, No Unearned Service Revenue, No Owner's Capital, No Service Revenue, No Salaries and Wages Expense, and No Rent Expense. Instructions a Journalize the transactions. b Post to the ledger accounts. c Prepare a trial balance on May
PA Financial statement information about four different companies is as follows.
Instructions
a Determine the missing amounts. Hint: For example, to solve for a Assets Liabilities
Owner's equity $
b Prepare the owner's equity statement for Ramirez Company.
c Write a memorandum explaining the sequence for preparing financial statements and
the interrelationship of the owner's equity statement to the income statement and balance sheet.
BE An inexperienced bookkeeper prepared the following trial balance. Prepare a correct
trial balance, assuming all account balances are normal.
WALTER COMPANY
Trial Balance
December
PA Desiree Clark is a licensed CPA. During the first month of operations of her business,
the following events and transactions occurred.
May Clark invested $ cash in her business.
Hired a secretaryreceptionist at a salary of $ per month.
Purchased $ of supplies on account from Read Supply Company.
Paid office rent of $ cash for the month.
Completed a tax assignment and billed client $ for services provided.
Received $ advance on a management consulting engagement.
Received cash of $ for services completed for C Desmond Co
Paid secretaryreceptionist $ salary for the month.
Paid of balance due Read Supply Company.
Desiree uses the following chart of accounts: No Cash, No Accounts Receivable, No
Supplies, No Accounts Payable, No Unearned Service Revenue, No Owner's Capital,
No Service Revenue, No Salaries and Wages Expense, and No Rent Expense.
Instructions
a Journalize the transactions.
b Post to the ledger accounts.
c Prepare a trial balance on May
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