Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

table [ [ balances 1 - 1 - 2 0 2 0 , Amount ( $ ) , , ] , [ cash ,

\table[[balances 1-1-2020,Amount ($),,],[cash,27000,,],[account receivable,11000,,],[supplies,4000,,],[equipment (purchased 1-1-2019),22000,,],[accumelated depreciation,2000,,],[unearned service revenues,6000,,],[note payable (12% issued 31-12-2019 for 3 years),17000,,],[shared capital balance,34000,,],[retained earning,5000,,],[transactions during 2020],[supplies purchased for cash,1300,,],[services performed (13 of it on account),46400,,],[salaries expense for cash,6300,,],[rent expenses for cash,3800,,],[utilities expense for cash,1500,,],[additional investment by owners for cash,9500,,],[dividends paid for cash,2800,,],[information relate to adjusting entries(31-12-2020)],[accrued salaries unpaid,1700,,],[supplies on hand 31-12-2020,2300,,],[23 of unearned service revenues become earned],[do not forget adjusting entries for depreciation & interest],[answer the following questions relate to 31-12-2020:,answers:],[your student id()],[what is the total debit on the trial balance],[what is the total credit on adjusted trial balance],[what is the total debit on after closing trial balance],[what is the total expenses that will appear in 2020 income statement],[what is the total revenues that will appear in 2020 income statement],[what is the net income for 2020],[what is the book value of equipment],[what is the total assets],[what is the total liabilities],[what is the ending retained earnings],[what is the supplies unused],[what is the supplies used during 2020],[what is the changes in equity during 2020],[what is the balance of income summary on 3112?2020 before it is closed],[what is the beginning retained earnings,,,]]
image text in transcribed

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

Managerial Accounting

Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer

13th Edition

978-0073379616, 73379611, 978-0697789938

More Books

Students also viewed these Accounting questions

Question

LO1.2 Describe the role of economic theory in economics.

Answered: 1 week ago