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T accounts? Trial Balance? The following events apply to Complete Business Service in 2018, its first year of operations: 1. Received $41,000 cash from the
T accounts? Trial Balance?
The following events apply to Complete Business Service in 2018, its first year of operations: 1. Received $41,000 cash from the issue of common stock. 2. Earned $36,000 of service revenue on account. 3. Incurred $15,500 of operating expenses on account. 4. Received $25,500 cash for performing services. 5. Paid $13,500 cash to purchase land. 6. Collected $27,500 of cash from accounts receivable. 7. Received a $7,100 cash advance for services to be provided in the future. 8. Purchased $1,450 of supplies on account. 9. Made a $13,000 payment on accounts payable. O. Paid a $6,100 cash dividend to the stockholders. 11. Recognized $940 of supplies expense. 2. Recognized $5,550 of revenue for services provided to the customer in Event 7. Required a. Record the events in the general journal. b. Post the events to T-accounts and determine the ending account balances. c. Test the equality of the debit and credit balances of the T-accounts by preparing a trial balance ASSETS STOCKHOLDERS' EQUITY LIABILITIES Accounts Payable Cash Common Stock Dividends Accounts Receivable Uneamed Revenue Service Revenue Ball Supplies Operating Expense B Land Supplies Expenses Complete this question by entering your answer Required A Required B Required C Test the equality of the debit and credit balances of the COMPLETE BUSINESS SERVICE Trial Balance As of year ended Account Titles Debit Credit Totals Step by Step Solution
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