ABC Inc. established its operation at January 1st, 2014. A) Enter all necessery Journal Entries that occured during the

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ABC Inc. established its operation at January 1st, 2014.A) Enter all necessery Journal Entries that occured during the year.B) Then prepare the adjusting entries, closing entries, financials, worksheet & T accounts.1) In January, Initial stock issuance: $450,0002) January, bought Equipment for $ 63000, 10 years life, $3000 residual value $63,000 $3,0003) November, paid total utility bills: $8,5004) In January, paid in advance rent for two years: $12,0005) In February, received prepayment from a customer for service to be provided: $42,0006) Dec. 31st 2014, unearned revenue balance $2,0007) In December, Dividend declared: $10,000

Abc Inc Established Its Operation At January 1st 2014 A Enter All Necessery Journal Entries That Occured During The 1 (37.61 KiB) Viewed 11 times

4/ What is the Prepaid Rent balance in the Trial Balance?
500
6000
0
12000
5/ What is the Dividend payable balance in the Trial Balance?
10000 on the credit side
$0.
None of the above.
10000 on the debit side
6/ Total Trial Balance on the Debit side is:
530000
52000
502000
492000
7/ What is the Utility Payable balance in the Trial Balance?
None of the above.
$0.
8500
850
8/ What is the Journal Entry for Dividend declared?
10000
Dividend debit 10000 and A/P credit
None of the above.
Dividend 10000
Dividend Payable 10000
9/ Common Stock issued is?
Bond Liability
Equity
Liability
Asset
10/ What is the Depreciation Expense-Equipment balance in the Trial Balance?
12000
6000
60000
0
Question 2 What are the Accounts Receivable balance in the Trial Balance? 0 10000 2000 O 12000 Question 3 What is the Accumulated Depreciation-Equipment balance in the Trial Balance? 6000 12000 O $0. 6300 1 pts 1 pts