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erastova [34]
3 years ago
14

The company's adjusted trial balance as follows includes the following accounts balances:

Business
1 answer:
Zina [86]3 years ago
7 0

Answer:

Expense & revenue summary a/c (credit balance) = $3500

Explanation:

  1. Dr  Expense & revenue summary 52500

                          Cr Sales discount                     1500

                          Cr Sales return & allowance   3000

                          Cr   Depreciation expense      25000

                          Cr   Salaries expense               23000

         (Close expenses to expense & revenue summary a/c)

2. Dr Sales    56000

                           Cr  Expense & revenue summary  56000

       (Close sales to expense & revenue summary a/c)

3.  Dr Expense & revenue summary a/c 3500

                         Cr  Retained earning a/c           3500

      (To close expense & revenue summary a/c)

4. Dr Retained earning  2000

                          Cr Expense & revenue summary  2000

       (Close dividend to expense & revenue summary a/c)d

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A business issued a 90-day, 9% note for $70,000 to a creditor on account. Illustrate the effects on the accounts and financial s
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Answer:

The computation is shown below:

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The journal entries are shown below:

a. Account payable $70,000

           To Notes payable $70,000

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We assume 360 days in a year

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Balance sheet

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