Financial Accounting, Student Value Edition (5th Edition)
5th Edition
ISBN: 9780134728520
Author: Robert Kemp, Jeffrey Waybright
Publisher: PEARSON
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Textbook Question
Chapter 2, Problem 18AE
Balancing accounts and preparing a
The transactions for Zane’s Creations, Inc., for the month of January 2018 are posted in the following T-accounts:
| Cash | 111 | ||
| Jan 1 | 45,000 | Jan 2 | 1,400 |
| 6 | 1,250 | 4 | 6,000 |
| 23 | 2,700 | 9 | 400 |
| 15 | 900 | ||
| 26 | 4,800 | ||
| 28 | 425 | ||
| 29 | 1,150 | ||
| Bal | |||
| 112 | |||
| Jan 17 | 5,200 | Jan 23 | 2,700 |
| Bal | |||
| Supplies | 113 | ||
| Jan 3 | 750 | ||
| Bal | |||
| Equipment | 115 | |||
| Jan 4 | 6,000 | |||
| 26 | 4,800 | |||
| Bal | ||||
| Accounts Payable | 211 | ||
| Jan 9 | 400 | Jan 3 | 750 |
| Bal | |||
| Common Stock | 311 | ||||
| Jan 1 | 45,000 | ||||
| Bal | |||||
| Service Revenue | 411 | ||
| Jan 6 | 1,250 | ||
| 17 | 5,200 | ||
| Bal | |||
| Salaries Expense | 512 | |||
| Jan 15 | 900 | |||
| 29 | 1,150 | |||
| Bal | ||||
| Rent Expense | 504 | ||
| Jan 2 | 1,400 | ||
| Bal | |||
| Utilities Expense | 530 | ||
| Jan 28 | 425 | ||
| Bal | |||
Requirements
- 1. Calculate account balances at January 31, 2018.
- 2. Prepare the trial balance for Zane’s Creations, Inc., at January 31, 2018.
Quick solution:
- 1. Cash balance = $33,875
- 2. Trial balance total = $51,800
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Chapter 2 Solutions
Financial Accounting, Student Value Edition (5th Edition)
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