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1.From the following accounts, prepare in proper f...

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1.From the following accounts, prepare in proper form a post-closing trial balance for Morris Company on December 31. Accounts Receivable $2,200 Accounts Payable 2,000 Cash 1,000 Salaries Payable 1,200 Supplies 300 Prepaid Insurance 2,000 Morris, Capital 2,300 2.Given the following accounts: [1] Cash [2] Accounts receivable [3] Merchandise inventory [4] Supplies [5] Accounts payable [6] Sales [7] Sales returns and allowances [8] Sales discounts [9] Cost of goods sold [10] Purchases [11] Purchase returns and allowances [12] Purchase discounts [13] Purchase discounts [14] Freight in [15] Freight expense Indicate the account(s) to be debited and credited to record the following transactions. Explain how you reached your answer. Sold merchandise for cash. ? Periodic Debit ______ & ______ Credit ______ & ______,Thank dear tutor, Just please be very careful because you've answered few questions I sent you before and they were wrong. These are the questions that you gave me the wrong answer: 24) The August bank statement for Mobile Service shows a balance of $8,900, but the balance per books shows a cash balance of $8,310. Other information includes: 25) From the bank reconciliation no entry was recorded for the interest on a note collected. This would cause: 18) The business failed to close any of the revenue accounts, this error will cause: 8) The adjustment for the deferral of a prepaid item was omitted. This would: I sent you a total of 5 questions and 4 were wrong.,Hi, thank you. On answer number two, could you please explain how you reached your answer? Thank you once more!! Indicate the account(s) to be debited and credited to record the following transactions. Explain how you reached your answer. Sold merchandise for cash. ? Periodic Debit ______ & ______ Credit ______ & ____ Solution:- Computation of the Debit or Credit [1] Cash Debit [2] Accounts receivable Debit [3] Merchandise inventory Debit [4] Supplies Debit [5] Accounts payable Credit [6] Sales Credit [7] Sales returns and allowances Debit [8] Sales discounts Debit [9] Cost of goods sold Debit [10] Purchases Debit [11] Purchase returns and allowances [12] Purchase discounts Credit [13] Purchase discounts Credit [14] Freight in Debit [15] Freight expense Debit

 

Paper#4636 | Written in 18-Jul-2015

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