The following is the list of all the accounts and their balances for Image Maker Saloon as at 31 December 2022. Account Titles Bank $ 24,000 Prepaid rent 2,400 Supplies 2,580 Supplies expense 14,710 Equipment 9,000 Depreciation expense 1,000 Accumulated depreciation - Equipment 2,000 Accounts receivable 9,000 Capital 30,000 Service revenue 91,390 Unearned service revenue 1,200 Utilities expense 6,220 Utility payable 420 Salaries expense 41,700 Rent expense 14,400 If all accounts have normal balances, present a trial balance for this business as at 31 December 2022. Compute the total assets from the trial balance prepared in (a). Compute the total liabilities from the trial balance prepared in (a).
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- The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.The general ledger of Zips Storage at January 1, 2021, includes the following account balances:Accounts Debits CreditsCash $ 24,600Accounts Receivable 15,400Prepaid Insurance 12,000Land 148,000Accounts Payable $ 6,700Deferred Revenue 5,800Common Stock 143,000Retained Earnings 44,500Totals $200,000 $200,000The following is a summary of the transactions for the year:1. January 9 Provide storage services for cash, $134,100, and on account, $52,200.2. February 12 Collect on accounts receivable, $51,500.3. April 25 Receive cash in advance from customers, $12,900.4. May 6 Purchase supplies on account, $9,200.5. July 15 Pay property taxes, $8,500.6. September 10 Pay on accounts payable,…The following transaction relate to the month of June 2020 and is taken from the books of Magnificent Ltd. Balances on customers' accounts, June 1: Dr. 83,160 Cr. 1,200 Balances on suppliers' accounts, June 1: 54,040 Sales (including cash sales of $20,000) 113,900 Credit purchases 52,760 Set-off between customers' and suppliers' accounts 1,500 Cash purchases 13,000 Payment to credit suppliers 50,520 Discounts received 1,180 Provision for doubtful debts (June 30) 1,900 Returns to credit suppliers 1,240 Interest on overdue receiveables 90 Returns from credit customers 2,440 Cash and cheques received from credit customers (in full settlement of balances amounting to $83,300) 82,000 Bad debts written off 900 Customer's cheque dishonoured 250 Debit balances on suppliers' accounts, June 30 460 Credit balances on customers' accounts, June 30 240 a) Prepare the following: i. The sales ledger control account ii. The purchases ledger control account b) State TWO reasons why a firm would maintain…
- . From the following, prepare a Schedule of Accounts Payable for Digital Co. for September 30, 2022. Account payable 210 Credit 100 9/5 GJ4 200 9/7 GJ5 300 9/15 GJ6 800 9/18 GJ6 L VON CO. CREDIT 100 9/5 GJ4 XON CO. CREDIT 300 9/15 GJ6 J. BEE CO. CREDIT 800 9/18 GJ6 ZERO CO. CREDIT 200 9/7 GJ5The Ledger of Darlene Subay Advertising contained the following account balance as of June 30, 2020.Cash $520,500Accounts Recievable $35,420Notes Recievable $16,800Prepaid Insurance $35,600Equipment $423,500Accounts payable $44,210 Loans Payable $310,000Subay, Capital $668,100Subay, Drawing $120,000Advertising Revenues $332,780Salaries Expense $89,000Marketing Expense $48,200Rent Expense $15,800Supplies Expense $22,000Utilities expense $17,990Miscellaneous Expense $10,280The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances:Accounts Debits CreditsCash $20,000Accounts Receivable 8,000Supplies 4,000Equipment 15,000Accumulated Depreciation $ 5,000Salaries Payable 7,500Common Stock 25,000Retained Earnings 9,500Totals $47,000 $47,000The following is a summary of the transactions for the year:1. March 12 Provide services to customers, $60,000, of which $21,000 is on account.2. May 2 Collect on accounts receivable, $18,000.3. June 30 Issue shares of common stock in exchange for $6,000 cash.4. August 1 Pay salaries of $7,500 from 2020 (prior year).5. September 25 Pay repairs and maintenance expenses, $13,000.6. October 19 Purchase equipment for…
- Given the ledger accounts of Barella Company as of January 31, 2020: Accounts Payable $3,000 Rent Expense $5,600 Accounts Receivable 4,400 Service Revenue 10,400 Cash 8,800 Supplies 2,200 Share Capital-Ordinary 5,200 Notes Payable 2,400 Compute the total of the credit side of the trial balance. (show your computation). A. 22,000 B. 28,000 C. 26,000 O D. 21,000On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances:Accounts Debit CreditCash $ 11,200Accounts Receivable 34,000Allowance for Uncollectible Accounts $ 1,800Inventory 152,000Land 67,300Buildings 120,000Accumulated Depreciation 9,600Accounts Payable 17,700Common Stock 200,000Retained Earnings 155,400Totals $384,500 $384,500During January 2021, the…Pharoah Company has a balance in its Accounts Payable control account of $8,460 on January 1, 2022. The subsidiary ledger contains three accounts: Hale Company, balance $2,970; Janish Company, balance $1,770; and Valdez Company. During January, the following payable-related transactions occurred. Purchases Payments Returns Hale Company $6,750 $5,990 $ 0 Janish Company 5,060 1,770 3,500 Valdez Company 5,885 6,430 0 What is the January 1 balance in the Valdez Company subsidiary account? Balance in the Valdez Company subsidiary account $
- On January 1, 2021, the general ledger of Tripley Company included the following sccount balances: Accounts Debit Credit $250, 0e 78,0ee Cash Accounts receivable Allowance for uncollectible accounts Inventory Building Accunulated depreciation Land $ 35,800 33,000 223,0ee 48, e00 248,6e0 Accounts payable Notes payable (8x, due in 3 years) 170, e00 216,e00 113,600 242, e00 Conmon stock Retained earnings Totals $816,680 $816, 600 The $33,000 beginning balance of inventory consists of 330 units, esch costing $100. During January 2021, the company had the following transsctions: January 2 Lent $58,000 to an employee by accepting a 6% note due in six Tonths. 5 Purchased 5,000 units of inventory on account for $550,eee ($110 cach) with terms 1/1e, n/30. 8 Returned 100 defective units of inventory purchased on January 5. 15 Sold 4,8ae units of inventory on account for $768,000 ($16e cach) with terms 2/10, n/30. 17 Customers returned 20e units sold on January 15. These units were initially…The genersl ledger of Zips Storage st January 1, 2021, Includes the following sccount balances: Accounts Dibits Credits $ 25,680 17,480 Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue 168,000 S 8, 700 Cormon Stock 163,80e 48, S0 Retained Earnings Totals $28,000 $228, 00 The following isa summary of the transactions for the yesar. 1. January 2. February 12 collect on accounts receivable, $53,580. 3. April 4. ay 5. July 6. Septenber 1e Pay on accounts payable, $13,480. 7. October 8. Novenber 20 Issue shars of common stock in exchange for $47,80e cash. 9. December 38 Pay $4,88e cash dividends to stockhalders. 9 Provide storage services for cash, $154, 188, and on account, $62,200. 25 Receive cash in advance from custoners, $14,980. 6 Purchase supplies on account, $13,280. 15 Pay property taxes, $10, sae. 31 Pay salaries, $143,680. Insurance explred during the year is $9,000. Supplies remaining on hand st the end of the year equal $4,900. Provide services…The following information was available for Shekinahs business as at 31st December, 2018 Balances as at 01st December 2018 Sales Ledger K929,240 Purchases Ledger K509,300 Totals for the month up to 31st December 2018 Purchases 1,529,480 Sales 2,520,480 Purchases returns 43,080 Bad debts written off 25,060 Discount Allowed 14,920 Discount Received 38,840 Cash from customer 2,409,280 Cash paid to creditors 1,409,520 Required: Prepare the debtors ledger control account and balance it offPrepare the creditors ledger control account and balance it off How much was owed to and how much did Shekinah owe as at 31st december 2018