Solution-Adjusted trial balance cash

Adjusted trial balance cash

Assignment Help Finance Basics

Reference no: EM133005321

Adjusted Trial Balance Cash: 95.600 (Debit)Notes Receivable (current): 50.000 (Debit)

Prepaid Insurance: 16000 (Debit)

Prepaid Rent: 4000 (Debot)

Equipment: 170,000 (Debit)

Accumulated Depreciation- Equipment: 57,000 (Credit)

Accoutns payable: 52,000 ( Credit)

Long-term notes Payable: 63,000 (Credit)

C. Trout, Capital: 178,500 (Credit)

C.Trout, Withdrawals: 30,000 (Debit)

Repair services Revenue: 180,800 (Credit)

Interest Revenue: 7500 (Credit)

Depreciation expense-Equiment: 28,500 (Debit)

Wages, Expense: 85,000 (Debit)

Rent expense: 48,000 (Debit)

Insurance expense: 6,000 (Debit)

Interest expense: 5,700 (Dbeit)

Total: (Debit) 538,800

Total (Credit) 538,800

Explain each step in the accounting cycle (Hint: There are 10 steps)

2. Explain why permanent (balance sheet) accounts are not closed

3. Using the adjusted trial balance for Company Zee, complete the following:

Describe the temporary (income statement) accounts for Company Zeeb.
Explain the closing entries that Company Zee will need the end of the accounting period (Hint: There are 4 steps/closing entries required).
Explain the purpose of the Income Summary account

Reference no: EM133005321

Questions Cloud

Explain how the delivery of healthcare services can benefit : Explain how the delivery of healthcare services can benefit from automation, and provide two examples.

Method of working with the public : You work for Canadian Tire in their HR Department as an HR specialist with a training focus. The company wants to have a more solid presence in the USA. They wa

What are 4 strengths and weaknesses of a team charter : What are 4 strengths and weaknesses of a team charter? Please explain in detail and add references.

Develop a written message that states the message clearly : Think of a situation in your job in which you need to communicate a negative message.

Adjusted trial balance cash : Adjusted Trial Balance Cash: 95.600 (Debit)Notes Receivable (current): 50.000 (Debit)

Which one gives you the most flexibility to change : Which one gives you the most flexibility to change in reaction to changing requirements? Justify your answer.

Provide bucket address table : Provide bucket address table, all buckets, all pointers, and hash prefix for bucket address table and each bucket in your drawing

Major step in the training process : The first major step in the training process is the needs assessment. A needs assessment is the process of analyzing the difference between what is currently oc

Similarities and differences between groups and teams : Explain the similarities and differences between groups and teams. Also, what are the advantages and disadvantages of each?

User Account

All Pages

Adjusted trial balance cash

Reference no: EM133005321

Reference no: EM133005321

Questions Cloud

Reviews

Write a Review

Finance Basics Questions & Answers

Future value of all expected profits

What is the present value of eliminating the float

Small business retirement plan

Set of activities that forms goods and service

What was net capital spending for given year

What is the labor variance and rate variance

Create a chart summarizing the details of the investment

What is capital budgeting

Describe your initial impression of the methods

What is the total amount of dollars received

What is the amount of the firm disbursement float

How are project classifications used in the capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT