FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
State the entries in the
2020.
Enter the amounts including a +/- sign to note whether each balance increases/ decreases into
the following template on Moodle.
Transcribed Image Text:Question 10
Diego pays his telephone bill each quarter as follows:
Period covered
Date paid
14 December
Bill received
Amount
December
£750
Quarter to 30 November
2019
2019
March 2020
2019
Quarter to 29 February 2020
Quarter to 31 May 2020
Quarter to 31 August 2020
£780
17 March 2020
June 2020
£890
12 June 2020
September
2020
December
£810
15 September
2020
10 December
2020
Quarter to 30 November
£840
2020
2020
Quarter to 28 February 2021
March 2021
£960
13 March 2021
State the entries in the expanded accounting equation for the year ended 31 December
2020.
Enter the amounts including a +/- sign to note whether each balance increases/ decreases into
the following template on Moodle.
Assets
+ Expenses
Opening
capital
+ Liabilities
+ Income
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- Please Answer In Excel Sheet....!arrow_forwardList the two primary types of accounts found in the income statement. Provide the following information for each of the two accounts: Norm (normal) balance – debit or credit Balance at the beginning of the year Balance at the end of the year after the accounts are closedarrow_forwardThe following selected accounts and their current balances appear in the ledger of Maroon Co. for the fiscal year ended December 31, 2019. Accounts Payable 32,480 LT Note Payable 44,800 Misc. Administrative Accounts Receivable 96,800 1,280 Expense Misc. Selling Expense Office Equipment Office Salaries Expense Office Supplies Office Supplies Expense Paid-in Capital Prepaid Insurance Rent Expense Retained Earnings Accum Depr - Office Equip Accum Depr- Store Equip Advertising Expense 10,240 1,280 27,360 68,000 35,040 67,320 Cash 123,000 4,480 Common Stock 75,000 1,040 Cost of Goods Sold 620,000 52,000 Customer refunds Payable Depr Expense - Office Equip Depr Expense - Store Equip 12,000 2,720 25,080 301,600 1,920 992,000 10,160 5,120 Dividends 28,000 Salaries Payable Insurance Expense 3,120 Sales Sales salaries Expense 138,560 Interest Expense Inventory 4,000 140,000 Store Equipment 122,400 Maroon Co. has 10,000 shares of common stock authorized and 7,500 shares issued and outstanding…arrow_forward
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