50.1K

Verified Solution

Link Copied!

this is all one question!! i just need the blanks answered

to be some entors. Aequired: 1. In the Transactions panet descriptons of the transactona for the monet of March are prowided. Each of the transactions in the Transactons paner has been posted to the T accounts. Referning to the Tacoounts, select the date on which each transaction ocoured enter the amount of the transaction, and seiect the accourf to owber and credi? 2. The thal balanc. prepared by the intern can be found in the Thar Balance: Uhequal Toaly parel The intern a purriod by the unequar totaly. Prepare a conectod trial bulance on the Thur Balance: Correct panel. 3. Compare me thal balance prepared by the intem (Thal Balance: Uhegual Totals) to the tral balance that you prepared (Thal Balance: Corroct). Use the table provides in the Eirons in That Balance panel to select the acoounts for each type of encr 4. The intem is purzled and asks "Are you sure the accountry equation is sai in halance7" Vsing the corrected trial balance you prepared, prove thar the accountry wquation is in balance. Stil pcasied, the intern asks "Why do none or the amounts in the accounting equason equal he tolais on the triarbalancer Explan. T accounts \begin{tabular}{|l|l|l|l|} \hline \multicolumn{4}{|c|}{ Cash } \\ \hline Bal. & 8,000.00 & 3/3 & 2,300.00 \\ \hline 3/25 & 7,500.00 & 3/27 & 1,200.00 \\ \hline 3/28 & 5,000.00 & 3/29 & 3,425.00 \\ \hline 3/30 & 7,900.00 & 3/31 & 1,875.00 \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline \multicolumn{4}{|c|}{ Accounts Recelvable } \\ \hline Bal. & 1,950.00 & & \\ \hline 3/18 & 9,800.00 & 3/30 & 7,900.00 \\ \hline & & & \\ \hline \end{tabular} T accounts \begin{tabular}{|l|l|l|l|} \hline \multicolumn{4}{|c|}{ Accounts Payable } \\ \hline 3/27 & 1,200.00 & Bal. & 1,250.00 \\ \hline & & 3/7 & 1,500.00 \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline \multicolumn{2}{|||}{ Notes Payable } \\ \hline & 3/2 & 17,000.00 \\ \hline & & \\ \hline & Common Stock \\ \hline & Bal. & 7,500.00 \\ \hline & 3/28 & 5,000.00 \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|l|}{ Retained Earnings } \\ \hline & Bal. & 1.425.00 \\ \hline & & \\ \hline & \\ \hline \end{tabular} The intern has prepared the following trial balance for the month of March. Ie trial balance prepared by the intern can be found in the Trial Balance: Unequal Totals panel. The tern is puzzled by the unequal totals. Prepare a corrected trial balance. The infern is puzzled and asks "Are you sure the accounting equation is stil in balance?" Using the corrected trial balance you prepared, prove that the accounting oquatio is in balance. Still puzzled, the intern asks "Why do none of the amounts in the accounting equation equal the totals on the trial balance?" Check all that apply. You point out the fotal of the assets, liabilities and esockholders' equy is equal to the sum of the debit and credit totals in the trial baiance, This is because the revenue and expense accounts are part of the stockholders' equity element, The accounts with debit balances should be part of the total assete: The accounts with credit balances are not all classified in the same element of the accounting equation. For example, not all accounts with credit batances are liabilities. The accounts that make up the total for stockholders' equity have a mix of debit and credit balances: The accounts with debit balances are not all classified in the same element of the accounting equation. For example, not all accounts with debit balances are assets

Answer & Explanation Solved by verified expert

See Answer