Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please write it in excel if possible. Assignment #2: Chapter 2 Exercise 13 (p. 63) 13. Sabourin Realty has been in business for several years.

Please write it in excel if possible.

image text in transcribed Assignment #2: Chapter 2 Exercise 13 (p. 63) 13. Sabourin Realty has been in business for several years. Here, in random order, are the balances in the accounts on September 30: Cash ?; Accounts Payable $5250; Land $183 200; Bank Loan $9570; Accounts Receivable $6325; Building $182 100; Mortgage $105 500; Equipment $9375; J. Sabourin, Capital $267 500; Supplies $1150. (a) Calculate the correct balance in the Cash account. (b) Open a T-account ledger in correct order using the balances shown above. (c) Record the following October transactions in the ledger. (d) Prepare a trial balance and a balance sheet on October 14, 20-. Oct. 1 Received $1000 due from a client since last month. 2 Purchased $25 worth of office supplies for cash. 4 Obtained an additional bank loan for $28 000 to purchase a company car. 5 Purchased a car from Mullen Motors for $28 250 cash. (Hint: open a new account.) 7 Made the regular $500 monthly mortgage payment. 9 A defective office chair purchased on credit last month was returned to the supplier. The chair originally cost $175. (Hint: use the Equipment account.) 10 Sold an unused portion of land beside the office for $80 000 cash. This amount was equal to the original cost of the land. 11 Purchased a new telephone system for the office for $3500. A down payment of $1000 was required, with the balance due on receipt of the invoice. 12 J. Sabourin purchased $75 worth of postage stamps for the business from his own funds. 14 Paid $250 to a creditor. o Complete this exercises in Google Sheet or Microsoft Excel

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Information Systems

Authors: Pat Wheeler, Ulric J Gelinas, Richard B Dull

9th Edition

0538469315, 9780538469319

More Books

Students also viewed these Accounting questions

Question

Purpose: What do we seek to achieve with our behaviour?

Answered: 1 week ago

Question

An action plan is prepared.

Answered: 1 week ago