Answer Happy

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 & Taccounts. 1) In January, Initial stock issuance: 2) January, bought Equipment for $ 63000, 10 years life, $3000 residual value 3) November, paid total utility bills: 4) In January, paid in advance rent for two years: 5) In February, received prepayment from a customer for service to be provided: 6) Dec. 31st 2014, unearned revenue balance 7) In December, Dividend declared: $450,000 $63,000 $3,000 $8,500 $12,000 $42,000 $2,000 $10,000
0 Question 1 What is the Prepaid Rent balance on December 31st of the first year of operation? 12000 6000 0 0 O 6000 on the credit side of Trial Balance Question 2 O 3000 What is the Accumulated Depreciation-Equipment balance on December 31st of the first year of operation? 6300 6000 2 pts O 63000 2 pts
Question 3 What is the Unearned Revenue balance on December 31st of the first year of operation? O 2000 O 40000 00 O 42000 Question 4 What is the Total Adjusted Trial Balance on the debit side on December 31st of the first year of operation? O 502000 O 524000 O 514000 O 508000 2 pts 2 pts
Question 4 What is the Total Adjusted Trial Balance on the debit side on December 31st of the first year of operation? 502000 O 524000 O 514000 O 508000 Question 5 What is the Depreciation Expense balance on December 31st of the first year of operation? O 6000 O 57000 O 6300 O 63000 2 pts 2 pts