Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

S Hello Sosten Announcement Financial Accounting, Seventh Canadian Edition by Kimmel, Weygandt, Kieso, Trenholm, Irvine, and Burnley PRINTER VERSION BACK Aug Exercise 3-10 b c

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
S Hello Sosten Announcement Financial Accounting, Seventh Canadian Edition by Kimmel, Weygandt, Kieso, Trenholm, Irvine, and Burnley PRINTER VERSION BACK Aug Exercise 3-10 b c Ivanhoe Ltd. had the following opening account balances at July 31: Cash $3,700; Accounts Receivable $1,800; Equipment $2,300; Accounts Payable $1,500; Common Shares $1,900; and Retained Earnings $4,400. Ivanhoe's general Journal for the month of August is presented here: GENERAL JOURNAL Date Account Titles Debit Credit 7 Cash 1,900 Service Revenue 1,900 10 Equipment 4,300 Cash 1,400 Bank Loan Payable 2,900 14 Accounts Receivable 1,550 Service Revenue 1,550 16 Cash 990 Unearned Revenue 990 28 Cash Accounts Receivable 680 30 Salaries Expense 2,000 Cash 2,000 31 Dividends Dedared 470 Cash 470 680 Using T accounts, enter the opening balances at July 31, post the August journal entries to the general ledger, and determine the ending balances in each account. (Post entries in the order presented in the problem statement.) Cash INS Windows US Hostes Announce Seenth Canadian Edition by Kimmel, Weygande, Kieso, Trenholm, Irvine, and Burnley Cash July 31 bal. Aug. 7 Aug. 10 Aug. 14 Aug. 16 Aug. 28 Aug. 30 Aug. 31 Bal. Accounts Receivable Equipment Accounts Payable Unearned Revenue Bank Loan Payable Common Shares Financial Accounting, Seventh Canadian Edition by Kimmel, Weygandt, Kieso, Trenholm, Irvine, a Help System Announcements Unearned Revenue Bank Loan Payable Common Shares Retained Earnings Dividends Declared Service Revenue Salaries Expense LINK TO TEXT LINK TO TEXT Prepare a trial balance at August 31. IVANHOE, LTD. Trial Balance IS Financial Accounting, Seventh Canadian Edition by Kimmel, Weygandt, Kieso, Tre Help System Announcements LINK TO TEXT LINK TO TEXT Prepare a trial balance at August 31. IVANHOE, LTD. Trial Balance Debit Credit Totals LINK TO TEXT LINK TO TEXT

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

Wiley CPAexcel Exam Review April Study Guide Regulation 2017

Authors: Wiley

2nd Edition

1119369436, 978-1119369431

More Books

Students also viewed these Accounting questions