where does the beginning balances coming from?
- I Am Snuggle To Understand If I Am Doing This Right As Well As Where Does The Beginning Balances Coming From 1 (131.32 KiB) Viewed 14 times
I am snuggle to understand if I am doing this right as well as where does the beginning balances coming from?
-
answerhappygod
- Site Admin
- Posts: 899603
- Joined: Mon Aug 02, 2021 8:13 am
I am snuggle to understand if I am doing this right as well as where does the beginning balances coming from?
I am snuggle to understand if I am doing this right as well as
where does the beginning balances coming from?
1. Prepare the journal entry for each of the above transactions. 2 2. Post the transaction activity from requirement 1 to the T-Accounts below. All accounts begin with zero balances because this is the first month of operations. 3. Prepare an unadjusted trial balance as of April 30. 4-a. Refer to the revenues and expenses shown on the unadjusted trial balance. Based on this information, calculate preliminary net income and net profit margin. 4-b. Determine whether the net profit margin is better or worse than the 30.0 percent earned by a close competitor. Complete this question by entering your answers in the tabs below. ■ eBook Req 1 P Reg 2 Req 3 Reg 4A Reg 48 Print Post the transaction activity from requirement 1 to the T-Accounts below. All accounts begin with zero balances because this is the first month of operations. Cash Accounts Receivable Debit Credit Debit Credit Beginning Balance Beginning Balance (c) (a) 24,000 (id) (e) [(h) Ending Balance 22,940 Ending Balance Prepaid Insurance Beginning Balance (1) Beginning Balance (1) 3,700 Ending Balance Ending Balance 3,700 Accounts Payable Beginning Balance Beginning Balance (b) (9) 1.820 3,100 (f) (1) Ending Balance Ending Balance 1,280 Notes Payable (long-term) Beginning Balance Beginning Balance (b) 70,000 Ending Balance Ending Balance 70,000 Service Revenue Beginning Balance Beginning Balance Ending Balance Ending Balance Utilities Expense Beginning Balance Beginning Balance Ending Balance Ending Balance Beginning Balance Ending Balance 10 points Debit Debit Debit Debit Debit Debit 210,000 22,500 3.950 1,060 147,390 Supplies 3,100 3,100 Buildings 70,000 (b) 1,820 (g) 3,700 (0) 14,600 (K) 140,000 140,000 Deferred Revenue Common Stock Credit Credit Rent Revenue Salaries and Wages Expense Credit Credit 210,000 (a) 210,000 Credit Credit < Req 1 Debit Debit Debit Debit Debit Req 3 > 1,060 (h) Credit Credit Credit Credit 24,000 (c) 24,000 Credit
where does the beginning balances coming from?
1. Prepare the journal entry for each of the above transactions. 2 2. Post the transaction activity from requirement 1 to the T-Accounts below. All accounts begin with zero balances because this is the first month of operations. 3. Prepare an unadjusted trial balance as of April 30. 4-a. Refer to the revenues and expenses shown on the unadjusted trial balance. Based on this information, calculate preliminary net income and net profit margin. 4-b. Determine whether the net profit margin is better or worse than the 30.0 percent earned by a close competitor. Complete this question by entering your answers in the tabs below. ■ eBook Req 1 P Reg 2 Req 3 Reg 4A Reg 48 Print Post the transaction activity from requirement 1 to the T-Accounts below. All accounts begin with zero balances because this is the first month of operations. Cash Accounts Receivable Debit Credit Debit Credit Beginning Balance Beginning Balance (c) (a) 24,000 (id) (e) [(h) Ending Balance 22,940 Ending Balance Prepaid Insurance Beginning Balance (1) Beginning Balance (1) 3,700 Ending Balance Ending Balance 3,700 Accounts Payable Beginning Balance Beginning Balance (b) (9) 1.820 3,100 (f) (1) Ending Balance Ending Balance 1,280 Notes Payable (long-term) Beginning Balance Beginning Balance (b) 70,000 Ending Balance Ending Balance 70,000 Service Revenue Beginning Balance Beginning Balance Ending Balance Ending Balance Utilities Expense Beginning Balance Beginning Balance Ending Balance Ending Balance Beginning Balance Ending Balance 10 points Debit Debit Debit Debit Debit Debit 210,000 22,500 3.950 1,060 147,390 Supplies 3,100 3,100 Buildings 70,000 (b) 1,820 (g) 3,700 (0) 14,600 (K) 140,000 140,000 Deferred Revenue Common Stock Credit Credit Rent Revenue Salaries and Wages Expense Credit Credit 210,000 (a) 210,000 Credit Credit < Req 1 Debit Debit Debit Debit Debit Req 3 > 1,060 (h) Credit Credit Credit Credit 24,000 (c) 24,000 Credit