Question
The account balances for AB Company, Inc. as of May 31, 2009, are listed below in alphabetical order: Accounts Payable.................. $13,600 Equipment.......................... $18,900 Accounts Receivable.............
The account balances for AB Company, Inc. as of May 31, 2009, are listed below in alphabetical order:
Accounts Payable.................. $13,600 Equipment.......................... $18,900
Accounts Receivable............. $14,200 Land................................... $52,000
Building................................. $42,000 Notes Payable.................... $25,000
Cash...................................... $3,500
Capital Stock......................... $92,000
On June 3, the AB Inc. collected $2,400 of its accounts receivable and paid $4,800 of its accounts payable. In addition, 2,000 of additional shares of capital stock are issued for $10,400. Please answer the following questions (8 points) :
1 In a trial balance prepared on May 31, 2009, the sum of the debit columnis:
2 On June 4, the balance in the Cashaccount is:
3 On June 4, the balance in theCapital Stock account is:
4 In a trial balance prepared on June 4, the sum of the credit columnis:
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