2. After all transactions have been entered, enter the total assets and the total liabilities plus owner's equity in the entry boxes below the transactions. If the two totals are not equal, first check the addition and subtraction. If you still cannot find the error, reanalyze each transaction. Enter increases to accounts as positive amounts and decreases to accounts as negative amounts. If an amount box does not require an entry, leave it blank or enter "0". Assets = Liabilities + Owner's Equity Prepaid Office Accounts Haas, Haas, Cash Supplies + + Insurance + Equipment + Library = Payable + Capital Drawing Revenue Expenses (a) (b) Bal. (c) Bal. (d) Bal. (e) Bal. (f) Bal. (g) Bal. (h) Bal. (i) Bal. (s) Bal. (k) Bal. (1) Bal. (m) Haas, Attorney at Law, opened his office on October 1. The account headings are presented below. Transactions completed during the month follow. Assets Liabilities + Owner's Equity Prepaid Office Accounts Cash + Supplies + Insurance + Equipment + Library Payable + Capital Drawing Revenue Expenses a. Haas deposited $34,000 in a bank account in the name of the business. b. Bought office equipment on account from QuipCo, $9,825. c. Haas invested his personal law library, which cost $3,350. d. Paid the office rent for the month, $2,700, Ck. No. 2000 (Rent Expense). e. Bought office supplies for cash, $290, Ck. No. 2001. f. Bought insurance for two years, $1,140, Ck. No. 2002. g. Sold legal services for cash, $8,925 (Professional Fees). h. Paid the salary of the part-time receptionist, $1,855, Ck. No. 2003 (Salary Expense). i. Received and paid the telephone bill, $438, Ck. No. 2004 (Telephone Expense). j. Received and paid the bill for utilities, $435, Ck. No. 2005 (Utilities Expense). k. Sold legal services for cash, $9,850 (Professional Fees). 1. Paid on account to QuipCo, $2,770, Ck. No. 2006. m. Haas withdrew cash for personal use, $3,500, Ck. No. 2007.

Which of the following is incorrect? Group of answer choices A. In a double-entry accounting system every transaction will affect at least two accounts. B. Across all accounts, the total amount of debits must always equal the total amount of credits. C. A debit can be recorded on either side of the t-account depending on the type of account. D. The difference between the total debit and credit amounts for an account is called the account balance.

(b) To record estimated liability. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Period 1 Account Titles and Explanation Period 2 Account Titles and Explanation Save for Later Debit Debit Credit Credit Attempts: 0 of 1 used Submit Answer

answer in text form please (without image), Note: .Every entry should have narration please

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Hi I asked this question previously and the individual did not explain things clearly. For instance he provided the I'm guessing standard method of finding a missing amount on a certain type of T-Account but then would turn around and solve it using a different method. I am posting the response that were not clear below. If you could tell me what the actual method is and if there exceptions and if so what those are.Answer #1 I needed the BEGINNING balance of a debit account. As you can see the response below the individual provided a formula that included the BB which is UNKOWN because that is WHAT I NEED. At the bottom they change around the equation to come to the answer. So what is the proper way???Part-1. Begining balance of cash account is missing. The cash account is having a debit balance always. The formula for Cash account is as under:Ending balance of Cash Account = Begining Balance of cash account + All debits - All creditsHere,Ending Balance of cash = 9800All debits…

Identify the type of account (Asset, Liability, Equity, Revenue, Expense), normal balance (Debit, Credit), financial statement (Balance Sheet, Income Statement), and whether the account is closed at the end of the period (Yes, No) by selecting the letter that best describes those attributes. If an account is a contra or adjunct account, the answer will show the account type in parentheses. Answer items may be used once, more than once, or not at all. Retained Earnings 1. Equity, Credit, Balance Sheet, No 2. Freight-Out Liability, Credit, Balance Sheet, No V Loss on Impairment of Intangible Assets 3. Expense, Debit, Income Statement, Yes 4. Gain on Acquisition of Business (Equity), Debit, Balance Sheet, No 5. Amortization of Copyrights Asset, Debit, Income Statement, Yes Allowance for Doubtful Accounts 6. Expense or Loss, Credit, Income Statement, Yes Land 7. Revenue or Gain, Credit, Income Statement, Yes Federal Income Tax Withheld 8. (Revenue or Gain), Debit, Income Statement, Yes…

If a $335.00 debit item in the general journal is posted as a credit: By how much will the trial balance be out of balance? Explain how you might detect such an error.

Indicate whether a debit or credit decreases the normal balance of each of the following accounts. Decrease Normal Balance a. Prepaid Rent b. Cash c. Office Supplies d. Notes Receivable e. Accounts Receivable f. Interest Payable

please step by step solution. please introductio of this solution.