Enter Name Corporation opened the year 20X6, with the following trial balance information: Cash Accounts Receivable Land
Posted: Wed Jul 06, 2022 6:10 am
- Enter Name Corporation Opened The Year 20x6 With The Following Trial Balance Information Cash Accounts Receivable Land 1 (12.09 KiB) Viewed 13 times
- Enter Name Corporation Opened The Year 20x6 With The Following Trial Balance Information Cash Accounts Receivable Land 2 (42.7 KiB) Viewed 13 times
- Enter Name Corporation Opened The Year 20x6 With The Following Trial Balance Information Cash Accounts Receivable Land 3 (48.57 KiB) Viewed 13 times
- Enter Name Corporation Opened The Year 20x6 With The Following Trial Balance Information Cash Accounts Receivable Land 4 (39.01 KiB) Viewed 13 times
b) What is your Net Income in the Income Statement?
c) What is the Retained Earnings (RE) balance at the end of theperiod?
d) What is the total asset in the Balance Sheet at the end ofthe period?
e) What is the total liability in the Balance Sheet at the endof the period?
Enter Name Corporation opened the year 20X6, with the following trial balance information: Cash Accounts Receivable Land Accounts Payable Loan Payable Capital Stock Retained Earnings Dividends Revenues Salaries Expense Rent Expense Supplies Expense Interest Expense $ 4,050,000 3,375,000 3,825,000 $ 11,250,000 $ 2,700,000 1,350,000 2,250,000 4,950,000 $11.250,000
As Per answers Guidelines, I am answering First Requirement with multiple sub parts. Please let me know if you have any doubts regarding the answer. Kindly don't Dislike or Don't Thumb down.....Please........ Answer to Requirement 1: Preparation of Journal Entries: Date Jan.2 Jan.5 Jan.7 Land Cash (To record purchase of land) Cash Account Title and Explaination Accounts Receivable (To record collection of receivables) Cash Loan Payable Journal Entries (To record cash borrowed) Post. Ref. $ $ $ Debit $ 900,000.00 450,000.00 267,000.00 $ $ $ Credit $ 900,000.00 450,000.00 267,000.00
Jan.9 Jan. 10 Jan. 12 Jan. 15 Jan. 16 Jan. 18 Accounts Receivable Service Revenue (To record service provided on account) Salaries Expense Cash (To record payment of salaries expense) Cash Service Revenue (To record service provided for cash) Office Supplies Expense Accounts Payable (To record office supplies purchased and used on account) Cash Accounts Receivable (To record collection of receivables) Salaries Expense Cash (To record payment of salaries expense) $ 675,000.00 $ $ $ $ $ 135,000.00 495,000.00 14,000.00 360,000.00 210,000.00 $ $ $ $ $ 675,000.00 135,000.00 495,000.00 14,000.00 360,000.00 210,000.00
Jan.21 Jan. 25 Jan.28 Jan. 31 Jan. 31 Rent Expense Cash (To record payment of rent expense) Accounts Payable Cash (To record payment of payables) Dividends Cash (To record payment of dividends) Interest Expense Cash (To record payment of interest on loan) Loan Payable Cash (To record repayment of loan) $ 450,000.00 $ 675,000.00 $ $ $ 225,000.00 45,000.00 270,000.00 $ $ $ $ $ 450,000.00 675,000.00 225,000.00 45,000.00 270,000.00