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Determine the ending balance of each of the following T-accounts.

a. Cash

100

50

300

60

20

b. Accounts Payable

2,000

8,000

2,700

c. Supplies

10,000

3,800

1,100

d. Accounts Receivables

600

150

150

150

150

e. Wages Payable

700

700

f. Cash

11,000

4,500

800

6,000

100

1,300

Short Answer

Expert verified

Balance of the given accounts are as follow –

a. $310 (debit)

b. $3,300 (credit)

c. $7,300 (debit)

d. $0

e. $0

f. $100 (debit)

Step by step solution

01

a. Cash Account

a. Cash

100

50

300

60

20

Balance 310

02

b. Accounts Payable

b. Accounts Payable

2,000

8,000

2,700

Balance

3,300

03

c. Supplies

c. Supplies

10,000

3,800

1,100

Balance 7,300

04

d. Accounts Receivables

d. Accounts Receivables

600

150

150

150

150

Balance 0

05

e. Wages Payable

d. Wages Payable

700

700

Balance

0

06

e. Cash

d. Cash

11,000

4,500

800

6,000

100

1,300

Balance 100

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Most popular questions from this chapter

Zucker Management Services opened for business and completed these transactions in November.

Nov. 1 Matt Zucker, the owner, invested \(30,000 cash along with \)15,000 of office equipment in the company in exchange for common stock.

2 The company prepaid \(4,500 cash for six months’ rent for an office. (Hint:Debit Prepaid Rent for \)4,500.)

4 The company made credit purchases of office equipment for \(2,500 and of office supplies for \)600. Payment is due within 10 days.

8 The company completed work for a client and immediately received \(3,400 cash.

12 The company completed a \)10,200 project for a client, who must pay within 30 days.

13 The company paid \(3,100 cash to settle the payable created on November 4.

19 The company paid \)1,800 cash for the premium on a 24-month insurance policy.

22 The company received \(5,200 cash as partial payment for the work completed on November 12.

24 The company completed work for another client for \)1,750 on credit.

28 The company paid \(5,300 cash in dividends.

29 The company purchased \)249 of additional office supplies on credit.

30 The company paid $831 cash for this month’s utility bill.

Required

3. Prepare a trial balance as of the end of November.

Question:Order the following steps in the accounting process that focus on analyzing and recording transactions.

a. Prepare and analyze the trial balance.

b. Analyze each transaction from source documents.

c. Record relevant transactions in a journal.

d. Post journal information to ledger accounts.

Question:Indicate whether a debit or credit decreasesthe normal balance of each of the following accounts.

a. Interest Payable e. Common Stock i. Dividends

b. Service Revenue f. Prepaid Insurance j. Unearned Revenue

c. Salaries Expense g. Buildings k. Accounts Payable

d. Accounts Receivable h. Interest Revenue l. Land

Nuncio Consulting completed the following transactions during June.

a. Armand Nuncio, the owner, invested \(35,000 cash along with office equipment valued at \)11,000 in the new company in exchange for common stock.

b. The company purchased land valued at \(7,500 and a building valued at \)40,000. The purchase is paid with \(15,000 cash and a long-term note payable for \)32,500.

c. The company purchased \(500 of office supplies on credit.

d. Nuncio invested his personal automobile in the company in exchange for more common stock. The automobile has a value of \)8,000 and is to be used exclusively in the business.

e. The company purchased \(1,200 of additional office equipment on credit.

f. The company paid \)1,000 cash salary to an assistant.

g. The company provided services to a client and collected \(3,200 cash.

h. The company paid \)540 cash for this month’s utilities.

i. The company paid \(500 cash to settle the payable created in transaction c.

j. The company purchased \)3,400 of new office equipment by paying \(3,400 cash.

k. The company completed \)4,200 of services for a client, who must pay within 30 days.

l. The company paid \(1,000 cash salary to an assistant.

m. The company received \)2,200 cash in partial payment on the receivable created in transaction k.

n. The company paid $1,100 cash in dividends.

Required

3. Prepare a trial balance as of the end of June.

Question:The expanded accounting equation consists of assets, liabilities, common stock, dividends, revenues, and expenses. It can be used to reveal insights into changes in a company’s financial position.

Required

1. Form learning teamsof six (or more) members. Each team member must select one of the six components, and each team must have at least one expert on each component: (a) assets, (b) liabilities, (c) common stock, (d) dividends, (e) revenues, and ( f) expenses.

2. Form expert teamsof individuals who selected the same component in part 1. Expert teams are to draft a report that each expert will present to his or her learning team addressing the following:

d. Describe a transaction, with amounts, that decreases its component.

3. Each expert should return to his/her learning team. In rotation, each member presents his/her expert team’s report to the learning team. Team discussion is encouraged.

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