The beginning balances should be entered in the general ledger as of April 30, 2017, as
follows:
A. Beg. Bal
Supplies
(Beg. Bal 500]
Equipment,
[Beg.Bal___ 24000]
‘Accounts Payable
72100 Beg. Bal
Notes Payable
110000 Beg. Bal
neared Service Revenue
1000 Beg. Bal
Common Stock
‘5000 Beg. Bal
Retained Earnings
11400 Beg. Bal
D.
Prepare the trial balance as follows:
PM Salonine.
Trial Balance
As on May 31, 2017
Account Titles Debit ($) Credit ($)
Cash 5100
Supplies 1200
Equipment 24000
‘Accounts Payable 1200
Unearned Service Revenue 1200
Notes Payable 10000
Common Stock 5000
Retained Earnings 11400
Service Revenue 6000
Salaries Expense 2400
Rent Expense 1000
Advertising Expense 500
Utilities Expense 400
Interest Expense 50
Income Tax Expense 150
Total 34800-34800
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if a company is operating at the full production capacity, then to fulfill more demand, the company will have to invest more in the production line.
The fact that support the idea that renting is a good is Landlords take care of most maintenance.
<h3>What is renting?</h3>
Renting refers to an agreement where a payment is made for the temporary use of a good, service or property owned by another.
It is obtaining a owner's property, in return for regular payments.
Hence, the fact that support the idea that renting is a good is Landlords take care of most maintenance.
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