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jek_recluse [69]
3 years ago
15

Acquired $60,000 cash from the issue of common stock. Received an $8,200 cash advance for services to be provided in the future.

Purchased $2,000 of supplies on account. Earned $36,000 of service revenue on account. Incurred $16,100 of operating expenses on account. Collected $28,500 cash from accounts receivable. Made a $15,100 payment on accounts payable. Paid a $2,000 cash dividend to the stockholders. Recognized $1,600 of supplies expense. Recorded $3,100 of accrued salaries expense. Recognized $3,100 of revenue for services provided to the customer in Event 2.
Required
a.
Record the events in T-accounts and determine the ending account balances.

b. Test the equality of the debit and credit balances of the T-accounts by preparing a trial balance
Business
1 answer:
emmainna [20.7K]3 years ago
5 0

Answer:

<u>TRIAL BALANCE:</u>

                   Debit Credit

Cash            79600

AR                       7500

Supplies                  400

slaries expense 3100

op- expense        16100

supplies expense 1600

dividends        2000

Account Payable               3000

saalaries expense                3100

Unearned Revenue               5100

Common Stock             60000

Service revenue              39100

                       110300    110300

Explanation:

We have to record eahc time an accoutn is used and once we got all transactions we determiante the balance

Cash

Debit Credit

60000

8200

28500

        15100

        2000

<u>96700 17100</u>

<em>79600</em>

AR

Debit Credit

36000

<u>        28500</u>

7500

Supplies

Debit Credit

2000

<u>         1600</u>

 400

salaries expense op- expense supplies expense

Debit Credit    Debit Credit Debit Credit

3100        16100          1600

Account Payable

Debit Credit

       2000

       16100

15100

<u>15100  18100    </u>

        3000

Salaries Payable

Debit Credit

         3100

Unearned Revenue

Debit Credit

        8200

<u>3100               </u>

        5100

Common Stock

Debit Credit

       60000

Service revenue

Debit         Credit

      36000

<u>          3100   </u>

        39100

Then we construct the trial balance which all these account balance.

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