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 1 (93.49 KiB) Viewed 19 times

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
Question 1 What is the Cash balance in the Trial Balance? 408500 on the credit side 396500 on the debit side 396500 on the credit side 408500 on the debit side Question 2 What are the Accounts Receivable balance in the Trial Balance? 0 10000 2000 O 12000 1 pts 1 pts
Question 3 What is the Accumulated Depreciation-Equipment balance in the Trial Balance? 6000 O 12000 O $0. O 6300 Question 4 What is the Prepaid Rent balance in the Trial Balance? 500 6000 0 12000 1 pts 1 pts
Question 5 What is the Dividend payable balance in the Trial Balance? O 10000 on the credit side $0. O None of the above. O 10000 on the debit side Question 6 Total Trial Balance on the Debit side is: 530000 52000 502000 492000 1 pts 1 pts
Question 7 What is the Utility Payable balance in the Trial Balance? O None of the above. O $0. 8500 850 Question 8 What is the Journal Entry for Dividend declared? O 10000 O Dividend debit 10000 and A/P credit O None of the above. O Dividend 10000 Dividend Payable 10000 1 pts 1 pts
Question 9 Common Stock issued is? O Bond Liability O Equity O Liability O Asset Question 10 What is the Depreciation Expense-Equipment balance in the Trial Balance? 12000 O 6000 O 60000 O O 1 pts 1 pts