Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. what would the unadjusted trial balance look like

What would the unadjusted trial balance look like for thefollowing transactions?1-JanCash4,000  ...What would the unadjusted...

Free

80.2K

Verified Solution

Question

Accounting

What would the unadjusted trial balance look like for thefollowing transactions?

1-JanCash4,000
   Common Stock4,000
2-JanCash5000
   Notes Payable5000
3-JanRent Expense900
   Cash900
4-JanSupplies450
   Accounts Payable450
5-JanEquipment7200
   Cash7200
6-JanEquipment2850
   Cash1350
   Accounts Payable1500
7-JanPrepaid Advertisement375
Advertisement Expense125
Cash500
8-JanInsurance Expense225
   Cash225
9-JanCash2625
   Service Revenue2625
10-JanCash5125
   Unearned Service Revenue5125
11-JanCash1500
   Accounts Receivable1500
12-JanAccounts Payable600
   Cash600
13-JanCash1300
   Accounts Receivable1300
14-JanDividends1000
   Cash1000

Answer & Explanation Solved by verified expert
3.8 Ratings (458 Votes)

The unadjusted trial balance for the above transactions is shown as follows:-

  Trial Balance (Amounts in $)

Account Titles Debit Credit
Cash (WN 1) 7,775
Common Stock 4,000
Notes Payable 5,000
Rent Expense 900
Supplies 450
Accounts Payable (450+1,500-600) 1,350
Equipment (7,200+2,850) 10,050
Prepaid Advertisement 375
Advertisement Expense 125
Insurance Expense 225
Service Revenue 2,625
Unearned Service Revenue 5,125
Accounts Receivable (1,500+1,300) 2,800
Dividends 1,000
Total 20,900 20,900

Working Notes:-

1) Calculation of Ending Cash Balance (Amounts in $)

Issue of Common Stock 4,000
Add: Issue of Notes payable 5,000
Less: Rent expense paid (900)
Less: Purchase of Equipment (7,200+1,350) (8,550)
Less: Advertisement expense paid (500)
Less: Insurance expense paid (225)
Add: Service Revenue received (2,625+5,125) 7,750
Add: Received from accounts receivable (1,500+1,300) 2,800
Less: Cash paid to Accounts payable (600)
Less: Dividends Paid (1,000)
Ending Cash Balance 7,775

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Transcribed Image Text

In: AccountingWhat would the unadjusted trial balance look like for thefollowing transactions?1-JanCash4,000  ...What would the unadjusted trial balance look like for thefollowing transactions?1-JanCash4,000   Common Stock4,0002-JanCash5000   Notes Payable50003-JanRent Expense900   Cash9004-JanSupplies450   Accounts Payable4505-JanEquipment7200   Cash72006-JanEquipment2850   Cash1350   Accounts Payable15007-JanPrepaid Advertisement375Advertisement Expense125Cash5008-JanInsurance Expense225   Cash2259-JanCash2625   Service Revenue262510-JanCash5125   Unearned Service Revenue512511-JanCash1500   Accounts Receivable150012-JanAccounts Payable600   Cash60013-JanCash1300   Accounts Receivable130014-JanDividends1000   Cash1000

Other questions asked by students

Q

Questions 25-26: A company claims that their fridges have an average of 22 gallons of useable...

Statistics
Q

1- How do you evaluate the power factor of the transformers when lightly loaded? And why? 2-...

Electrical Engineering
Q

41 A shell of mass 200 gm is ejected from a gun of mass 4...

Physics
Q

ONE CARD IS SELECTED AT RANDOM FROM A STANDARD 52 CARD DECK OF PLAYING CARDS...

Basic Math
Q

1 At the beginning of an experiment a scientist has 600 grams of radioactive Guyradium...

Basic Math
Q

Is it possible to multiply the following matrices 2 A 0 L5 O Yes 1...

Calculus
Q

Based on the degree of the polynomial f x given below what is the maximum...

Calculus
Q

Fego Limited is considering the purchase of Machine x, details of which...

Accounting
Q

On January 1, 2018, Nath-Langstrom Services, Inc., a computer software training firm, leased...

Accounting
Q

Using the FIFO perpetua/ inventory method, what was the cost of the 23 units sold?...

Accounting
Q

As a practical matter, planning and control mean exactly the same thing. Do you agree...

Accounting
Q

PRESENT VALUE Of an annuity due) Determine the present value of an annuity due of...

Finance