On a statement of owner's equity, beginning capital is $45,000, Net Income for the year is $18,500 and Drawing for the year is $7,500, the ending capital amount would be:
Multiple Choice
$45,000
$71,000
$56,000
$34,000
Question 2
Derrick Wells decided to start a dental practice. The first five transactions for the business follow.
1. Derrick invested $77,000 cash in the business.
2. Paid $17,000 in cash for equipment.
3. Performed services for cash amounting to $7,700.
4. Paid $2,500 in cash for advertising expense.
5. Paid $1,700 in cash for supplies.
(1) Select which two accounts are affected in each of the above transactions.
(2&3) Post the above transactions into the appropriate T accounts.
Requirement 1
Select which two accounts are affected in each of the above transactions
Req 2 and 3
Post the above transactions into the appropriate T accounts.
Question 3
The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals.
The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals.
| Cash | ||||
| (a) | 182,000 | (b) | 38,000 | |
| (d) | 22,000 | (e) | 620 | |
| (g) | 2,200 | (h) | 10,200 | |
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| (i) | 4,200 | |
| Equipment | ||||
| (c) | 72,000 |
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| Accounts Receivable | ||||
| (f) | 8,400 | (g) | 2,200 | |
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| Accounts Payable | ||||
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| (c) | 72,000 | |
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| Supplies | ||||
| (b) | 38,000 |
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| Wade Wilson, Capital | ||||
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| (a) | 182,000 | |
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| Fees Income | ||||
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| (d) | 22,000 | |
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| (f) | 8,400 | |
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| Telephone Expense | ||||
| (e) | 620 |
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| Wade Wilson, Drawing | ||||
| (i) | 4,200 |
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| Salaries Expense | ||||
| (h) | 10,200 |
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Required:
Prepare a trial balance and an income statement for Residential Relocators. The trial balance is for December 31, 2019, and the income statement is for the month ended December 31, 2019.
Question 4
The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals. The entries for the first transaction are labeled with the letter (a), the entries for the second transaction with the letter (b), and so on.
The total of the figures on the left side of a Cash account is $35,800. The total of the figures on the right side is $16,100. The balance of this account:
Multiple Choice
is $19,700 and would be recorded on the right side of the account.
is $51,900 and would be recorded on the left side of the account.
is $19,700 and would be recorded on the left side of the account.
is $51,900 and would be recorded on the right side of the account.
Question 6
Required information
[The following information applies to the questions displayed below.]
The accounts and balances for Paw Prints Pet Sitters on November 1 are provided below.
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| Cash | 19,650 |
| Fees Income | -0- |
| Accounts Receivable | 850 |
| Rent Expense | -0- |
| Office Equipment | 2,500 |
| Utilities Expense | -0- |
| Supplies | 250 |
| Salaries Expense | -0- |
| Accounts Payable | 1,500 |
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| Kelly Connor, Capital | 21,750 |
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| Kelly Connor, Drawing | -0- |
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The following transactions occurred during the month of November.
- Collected $350 from credit customers.
- Issued a check for $760 for November's rent.
- Paid $1,700 for salaries.
- The owner withdrew $560 in cash for personal expenses.
- Issued a check for $200 to pay the monthly utility bill.
- Received $2,725 in cash for services performed.
- Purchased office equipment for $1,350 on credit.
Post the above transactions into the appropriate T accounts.
Question 9
Required information
[The following information applies to the questions displayed below.]
The T account balances for the accounts of Rya's Planning Services as of January 31, 2019 are listed below.
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| Cash | $ | 22,100 |
| Accounts Receivable |
| 18,100 |
| Office Supplies |
| 850 |
| Equipment |
| 15,000 |
| Accounts Payable |
| 5,160 |
| Rya Page, Capital |
| 29,100 |
| Rya Page, Drawing |
| 6,200 |
| Planning Fees Income |
| 34,250 |
| Office Supplies Expense |
| 320 |
| Rent Expense |
| 920 |
| Salaries Expense |
| 4,200 |
| Utilities Expense |
| 820 |
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Prepare a Trial Balance as of January 31, 2019.
Question 10
Required information
[The following information applies to the questions displayed below.]
The T account balances for the accounts of Rya's Planning Services as of January 31, 2019 are listed below.
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| Cash | $ | 22,100 |
| Accounts Receivable |
| 18,100 |
| Office Supplies |
| 850 |
| Equipment |
| 15,000 |
| Accounts Payable |
| 5,160 |
| Rya Page, Capital |
| 29,100 |
| Rya Page, Drawing |
| 6,200 |
| Planning Fees Income |
| 34,250 |
| Office Supplies Expense |
| 320 |
| Rent Expense |
| 920 |
| Salaries Expense |
| 4,200 |
| Utilities Expense |
| 820 |
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- Prepare an income statement for the Rya's Planning Services for the month ended January 31, 2019.
- Prepare a statement of owner's equity for Rya's Planning Services for the month ended January 31, 2019.
- Prepare a balance sheet for Rya's Planning Services as of January 31, 2019.
