FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- a list of each customer account and thre balance owed is a:arrow_forward2. Add two new expense accounts to the chart of accounts you prepared. Assign each account numbers based on where they would be placed in the chart of accounts. Miscellaneous Expense Utilities Expense Answer: Type answer here. 3. Prepare a T account for each transaction. Label the account title for each account affected. Use the chart for accounts you created in question 1. Write the debit and credit amounts for each T account to show how the accounts are affected. The first one is done. c. Received cash from owner, Roger Fisher, as an investment, $10,000.00 d. Paid cash for insurance, $ 2, 400.00 e. Bought supplies on a account to Salmon Slayers, $600.00 Paid cash for fuel, $500.00 Paid cash to owner, Roger Fisher, for personal use, $1,250.00arrow_forwardshow calculations where neededarrow_forward
- Using Excel, create a table that shows the relationship between the interestearned and the amount deposited, as shown. we will first create the dollar amount column and the interest row, as shown . Next we will type into cell B3 the formula = $A3*B$2. We can now use the Fill command to copy the formula in other cells, resulting in the table as shown. Note that the dollar sign before A3 means column A is to remain unchanged in the calculations when the formula is copied into other cells. Also note that the dollar sign before 2 means that row 2 is to remain unchanged in calculations when the Fill command is used.arrow_forwardHello, can you help me with questions 7,8, and 9 please, thanks!arrow_forwardOne of the columns in the sales journal is labeled as: Oa. Debit Sales. O b. Payment Received. c. Customer's Name. Od. Sales Amount.arrow_forward
- Match each of the numbered descriptions with the term, title, or phrase that it best reflects. Indicate your answer by entering the letter A through J in the blank provided. A. General journal B. Special journal C. Subsidiary ledger D. Accounts receivable ledger E. Accounts payable ledger F. Controlling account G. Sales journal H. Cash receipts journal I. Purchases journal J. Cash payments journal 1. Used to record all cash payments. 2. Used to record all credit purchases. 3. Used to record all receipts of cash. 4. Used to record sales of inventory on credit. 5. Stores transaction data of individual customers. 6. Stores transaction data of individual suppliers. 7. Account that is said to control a specific subsidiary ledger. 8. Contains detailed information on a specific account from the general ledger. 9. Used to record and post transactions of similar type. 10. All-purpose journal in which any transaction can be recorded.arrow_forwardRandomly listed below are the steps for preparing a trial balance: (1) Verify that the total of the Debit column equals the total of the Credit column. (2) List the accounts from the ledger and enter their debit or credit balance in the Debit or Credit column of the trial balance. (3) List the name of the company, the title of the trial balance, and the date the trial balance is prepared. (4) Total the Debit and Credit columns of the trial balance. a.(2), (3), (4), (1) b.(4), (3), (2), (1) c.(3), (2), (4), (1) d.(3), (2), (1), (4)arrow_forwardIf 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.arrow_forward
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