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153.  Robert Evans owns a business, Beachside Realty that rents condominiums and furnishings.  Below is the adjustedtrial balance at December 31. Debit Credit Cash 1,500 Accounts Receivable 2,000 Interest Receivable 100 Prepaid Insurance 1,600 Notes Receivable (long-term) 2,800 Equipment 15,000 Accumulated Depreciation 3,000 Accounts Payable 2,400 Accrued Expenses Payable 3,920 Income Taxes Payable 2,700 Unearned Rent Fees 500 Robert Evans, Capital 7,700 Robert Evans, Drawing 2,000 ? Rent Fees Earned 37,000 Furniture Rental Revenue 1,200 Interest Revenue 100 Wages Expense 19,000 Depreciation Expense 1,800 Utilities Expense 320 Insurance Expense 700 Maintenance Expense 9,000 Income Tax Expense .
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153.  Robert Evans owns a business, Beachside Realty, that rents condominiums and furnishings.  Below is the adjustedtrial balance at December 31. Debit Credit Cash 1,500 Accounts Receivable 2,000 Interest Receivable 100 Prepaid Insurance 1,600 Notes Receivable (long-term) 2,800 Equipment 15,000 Accumulated Depreciation 3,000 Accounts Payable 2,400 Accrued Expenses Payable 3,920 Income Taxes Payable 2,700 Unearned Rent Fees 500 Robert Evans, Capital 7,700 Robert Evans, Drawing 2,000 Rent Fees Earned 37,000 Furniture Rental Revenue 1,200 Interest Revenue 100 Wages Expense 19,000 Depreciation Expense 1,800 Utilities Expense 320 Insurance Expense 700 Maintenance Expense 9,000 Income Tax.
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153.    The following data were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April30, for Abigail Company: Accumulated Depreciation $42,400 Prepaid Rent 6,800 Supplies 850 Unearned Fees 7,310 Trucks 49,300 Cash 3,400 Abigail, Capital ? Prepare a classified balance sheet. 154.    .
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191.  Kirk Enterprises offers rug cleaning services to business clients.  Below are the adjustments data for the yearended July 31. Using this information along with the spreadsheet below, record the adjusting entries in propergeneral journal form. Adjustments: (a)    The equipment is estimated to last for 5 years with no salvage value.  The.
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153.  The following adjusted trial balance is the result of the adjustments made at the end of the month of March for ErikMartin Company. Use these adjusted values to journalize the closing entries for Erik Martin Company. Cash 24,750 Accounts Receivable 5,750 Office Supplies 3,525 Store Supplies 4,785 Machinery 9,750 Accumulated Depreciation 2,150 Accounts Payable 3,550 Notes Payable 7,500 Erik Martin, Capital 19,725 Erik Martin, Drawing 6,250 Service Revenue 36,500 Wages Expense 6,425 Office Supplies.
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153.    The following accounts appear in an adjusted trial balance of Blaine Auto Service Company.  Indicate whethereach account would be reported in the (a) current assets, (b) property, plant, and equipment, (c) current liabilities,(d) long-term liabilities, or (e) owner’s equity section of the December 31 balance sheet of Blaine Auto.
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50.A(n)system is the methods and procedures for collecting, classifying, summarizing and reporting abusiness’s financial and operating information. a.accounting b.fiduciary c.operations d.auditing 51.The phase of accounting system installation in which the information needs of people in the organization are takeninto account is a.analysis b.design c.implementation d.installation 52.Which of the following is notone of the three phases needed when changing an accounting.
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60.The primary ledger containing all the balance sheet and income statement accounts is the a.general ledger b.creditors ledger c.customers ledger d.subsidiary ledger 61.The subsidiary ledger that includes customer account activity is called the a.asset ledger b.accounts payable ledger c.expense ledger d.accounts receivable ledger 62.Every controlling account must have its own a.revenue ledger b.general ledger c.subsidiary ledger d.journal 63.At the end of the month, the total.
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90.An “Accounts Receivable Customer Balances” report shows a.revenues by customer for a specified date range b.customer balances owed as of a specific date c.cash payments to creditors for a specific date range d.sales by customer as of a specific date 91.A cash investment made by the owner should be recorded in the a.cash receipts journal b.purchases journal c.cash.
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153. The following is the adjusted trial balance for Miller Company. Miller Company Adjusted Trial Balance December 31 Cash 8,130 Accounts Receivable 3,300 Prepaid Expenses 2,750 Equipment 10,400 Accumulated Depreciation 2,200 Accounts Payable 2,700 Notes Payable 1,000 Diane Miller, Capital 11,200 Diane Miller, Drawing 4,870 Fees Earned 36,600 Wages Expense 12,450 Rent Expense 4,900 Utilities Expense 3,475 Depreciation Expense 2,150 Miscellaneous Expense 1,275 Totals 53,700 53,700 Prepare closing entries and the post-closing trial balance. 154.  .
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191.  The balances in the ledger of Good Landscape Services as of January 31 before adjustments are as follows: Cash $   6,750 Dalton Good, Capital $29,775 Supplies 3,900 Dalton Good, Drawing 3,425 Prepaid Insurance 8,400 Service Revenue 56,300 Equipment 41,750 Salary Expense 24,300 Accumulated Rent Expense 6,000 Depreciation 9,950 Miscellaneous Expense 1,500 Adjustment data are as follows:  supplies on hand, January 31, $900; insurance expired for January, $1,100;depreciation on equipment for January, $1,600; salaries.
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153.  Reconstruct the adjusting and closing entries from the following. PrepaidInsurance AccountsReceivable UnearnedRevenues Wages Payable 1,200 6,000 1,350     530 200 1,500     435     530 1,000 7,500 915 Madison Cox,Capital Madison Cox,Drawing IncomeSummary Fees Earned 7,000 2,100 9,935 8,000 5,280     2,100 4,655 1,500 2,100       0 5,280      435 10,180 0 9,935 0 Wages Expense Rent Expense InsuranceExpense UtilitiesExpense 2,600 1,145 200 180 530 1,145     200    180 3,130 0 0 0 0 154. .
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41.The columns included in special journals are standardized for all businesses. a.True b.False 42.Generally, subsidiary ledgers are used for general ledger accounts that consist of a large number of individual items. a.True b.False 43.In a computerized accounting system, all postings happen automatically at the end of the month. a.True b.False 44.In computerized accounting systems, reports may be generated at.
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153.    Indicate whether each of the following would be reported in the financial statements as a(n) (a) current asset, (b)current liability, (c) revenue, or (d) expense: (1) Supplies (5) Supplies Expense (2) Unearned Fees (6) Prepaid Insurance (3) Prepaid Advertising (7) Accounts Payable (4) Advertising Expense (8) Fees Earned 154.    The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet forApril.
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80.A cash purchase of supplies should be recorded in the a.cash receipts journal b.purchase journal c.general journal d.cash payments journal 81.When posting the column totals of a cash payments journal, a debit should be posted to a.Cash b.Accounts Payable c.Sales Discounts d.Unearned Revenue 82.In which journal is the receipt of a promissory note from a customer on account recorded? a.revenue journal b.cash.
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91.The classified balance sheet will show which asset subsections? a.current assets and other equity b.current assets and property, plant, and equipment c.current liabilities and short-term assets d.other revenues and property, plant and equipment 92.The classified balance sheet will show which liability subsections? a.current liabilities and long-term liabilities b.current liabilities and other liabilities c.other liabilities and long-term liabilities d.present liabilities.
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191.  Kirk Enterprises offers rug cleaning services to business clients.  Below is the trial balance for Kirk Enterprises,which was prepared on the end-of-period spreadsheet (work sheet) for the year ended July 31. Kirk EnterprisesEnd-of-Period SpreadsheetFor the Year Ended July 31 Trial Balance Adjustments Adjusted Trial Balance ? Debit Credit Debit Credit Debit Credit Cash 36 ? ? ? ? ? Prepaid Insurance 12 ? ? ? ? ? Fees Receivable 56 ? ? ? ? ? Supplies 12 ? ? ? ? ? Equipment 60 ? ? ? ? ? Accumulated Depreciation ? 12 ? ? ? ? Unearned Revenue ? 20 ? ? ? ? Accounts Payable ? 32 ? ? ? ? Wages Payable ? ? ? ? ? ? Ruben Ramon, Capital ? 84 ? ? ? ? Ruben.
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121.The entry to close C. Finley, Drawing would be a.debit C. Finley, Capital, $3,000; credit C. Finley, Drawing, $3,000 b.debit C. Finley, Capital, $12,000; credit C. Finley, Drawing, $12,000 c.debit C. Finley, Drawing, $3,000; credit C. Finley, Capital, $3,000 d.debit C. Finley, Drawing, $12,000; credit C. Finley, Capital, $12,000 122.The ending balance in C. Finley,.
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70.In which journal would an adjustment for an overcharge by a creditor be recorded? a.general journal b.purchases journal c.cash payments journal d.cash receipts journal 71.Which of the following transactions is recorded in the revenue journal? a.sale of excess office equipment for cash b.rendering services for cash c.rendering services on account d.sale of excess office equipment on account 72.Each individual entry.
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Match each journal entry that follows as one of the types of journal entries (a-c) below. a.  Journal entries b.  Adjusting journal entries c.  Closing journal entries 197. Cash Fees Earned 450 450 198. Income Summary ABC, Capital 650 650 199. Utilities Expense Cash 430 430 200. Wages Expense Wages Payable 870 870 201. Unearned Revenue 985 Fees Earned 985 202. Income Summary 597 Rent Expense 200 Supplies Expense 180 Utilities Expense 110 Miscellaneous Exp. 107 203.  RS, Drawing215 Cash215 204.  Accounts Receivable325 Fees Earned325 (Customer billed for.
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120.Which of the following is notan area where the Internet is used for business purposes? a.business cycle management b.customer relationship management c.supply chain management d.product life­cycle management 121.E-commerce a.accounts for less than 1% of all retail sales b.only relates to transactions between a company and a consumer c.can improve the speed and efficiency of transactions d.increases paperwork 122.Business may be.
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153.    Identify which of the following accounts should be closed with a debit or a credit to Income Summary at the end ofthe fiscal year.  If it is not closed to Income Summary, mark as n/a. 1.       Utilities Payable 2.       Utilities Expense 3.       Supplies 4.       Supplies Expense 5.       Fees Earned 6.       Unearned Fees 7.       Accounts Receivable 8.       Jason.
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153.     The following revenue and expense account balances were taken from the Income Statement columns of the worksheet for Fraser Services Co. for December 31: Depreciation Expense $  4,950 Insurance Expense 2,900 Miscellaneous Expense 1,200 Rent Expense 24,000 Service Revenue 92,500 Supplies Expense 3,150 Utilities Expense 5,000 Wages Expense 63,750 Prepare an income statement. 154.    .
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131.The end-of-period spreadsheet a.is an integral part of the accounting cycle b.eliminates the need to rewrite the financial statements c.is a working paper that is required d.is used to summarize account balances and adjustments for the financial statements 132.Which one of the steps below is notaided by the preparation of the end-of-period spreadsheet? a.preparing the adjusted.
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191.  Complete the following end-of-period spreadsheet for Danilo Enterprises. Danilo Enterprises End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance ? Income Statement ? Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Cash 14,500 Accounts Receivable 7,500 Supplies 500 Equipment 20,500 Accumulated Depr.—Equip. 15,000 Accounts Payable 9,500 Wages Payable 3,060 Tony Danilo, Capital 18,240 Tony Danilo, Drawing 1,000 Fees Earned 34,000 Wages Expense 18,000 Rent Expense 9,300 Depreciation Expense 8,500 Totals 79,800 79,800 Net Income (Loss) 192.  .
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141.Which of the accounts below would notappear in the balance sheet columns of the end-of-period spreadsheet? a.Terry James, Drawing b.Service Revenue c.Unearned Revenue d.Terry James, Drawing and Unearned Revenue 142.Which of these accounts would appear in the Balance Sheet columns of the end-of-period spreadsheet? a.Consulting Revenue b.Prepaid Insurance c.Rent Expense d.Fees Earned 143.Daniel's end-of-period spreadsheet at the end of July.
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153.    After all adjustments have been made, but before the accounts have been closed, the following balances weretaken from the ledger of Ramona’s Designs: Accounts Payable $  27,600 Rent Expense $  32,700 Accounts Receivable 64,500 Salary Expense 41,390 Accumulated Depreciation 73,325 Salaries Payable 8,150 Cash 17,150 Service Revenue 186,000 Depreciation Expense 13,500 Supplies 1,500 Equipment 165,000 Supplies Expense 2,500 Insurance Expense 2,510 Ramona Cross, Capital 99,950 Prepaid Insurance 6,275 Ramona Cross, Drawing 48,000 Journalize the entries to close the appropriate accounts. 154.  On the.
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153.  Austin Enterprises was started by Daniel Austin.  During the current year, Daniel Austininvested $8,000 in thebusiness. Based on the following end­of­year spreadsheet, prepare an income statement, statement of owner’sequity, and balance sheet for Austin Enterprises for the year ended December 31. Austin Enterprises End-of-Period Spreadsheet For the Year Ended December 31 ? Adjusted Trial.
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153.   Prepare closing entries from the following end-of-period spreadsheet. AustinEnterprises End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement ?Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Cash 26,500 26,500 Accounts Receivable 7,000 7,000 Supplies 1,000 1,000 Equipment 18,500 18,500 Accumulated Depr. 5,000 5,000 Accounts Payable 11,000 11,000 Wages Payable 1,000 1,000 Don Austin, Capital 8,000 8,000 Don Austin, Drawing 2,000 2,000 Fees Earned 59,500 59,500 Wages Expense 19,000 19,000 Rent Expense 7,000 7,000 Depreciation Expense 3,500   3,500   Totals 84,500 84,500 29,500 59,500 55,000 25,000 Net.
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153.  The end-of-period spreadsheet (work sheet) for the current year for Jamal Company shows Balance Sheetcolumns with a debit total of $630,430 and a credit total of $614,210.  This is before the amount for net income ornet loss has been included.  In preparing the income statement from the end-of-period spreadsheet,.
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100.Which transaction is normally recorded in a special journal? a.sales returnsb. depreciation expense c. purchases on accountd. issued stock dividend 101.An adjustment resulting from a creditor reducing the amount owed on an unpaid invoice due to an invoicing errorwould be recorded in the a.general journal b.purchases journal c.cash payments journal d.cash receipts journal 102.If a company uses special.
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153.  Selected T accounts appear below for the current year for Linda's Surveying Services. Linda Winter, Capital LindaWinter, Drawing 12/31 25,000 1/1 20,000 3/31 12,000 12/31 25,000 12/31 48,000 12/22 13,000 Income Summary 12/31 19,000 12/31 67,000 12/31 48,000 Prepare a statement of owner's equity. 154.    List and describe the purpose of the four closing entries. 155.  .
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21.A cash refund paid to a customer who overpaid an account receivable is recorded in the cash payments journal. a.True b.False 22.Even when special journals are used, a personal withdrawal of cash is recorded in the general journal. a.True b.False 23.Services provided for cash are recorded in the revenue journal. a.True b.False 24.Services provided on account are recorded in.
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110.Computerized accounting systems a.are only used by medium- and large-sized companies b.are generally not as accurate as manual systems c.record and post transactions at the same time d.must make use of special journals 111.The total on the "Cash Receipts" report generated by QuickBooks software at January 31 would be equal to the a.total revenue earned for.
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153.    Indicate whether each of the following would be reported in the section of financial statements identified as (a)current asset, (b) property, plant, and equipment, (c) current liability, (d) revenue, or (e) expense: (1) Truck (2) Accumulated depreciation (3) Telephone expense (4) Fees earned (5) Wages payable (6) Prepaid insurance (7) Office supplies (8) Dining expense (9) Unearned rent 154. .
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111.The post-closing trial balance differs from the adjusted trial balance in that it does not a.take into account closing entries b.take into account adjusting entries c.include balance sheet accounts d.include income statement accounts 112.The following accounts were taken from the Adjusted Trial Balance columns of the work sheet: Accumulated Depreciation$  3,200 Fees Earned17,400 Depreciation Expense1,300 Insurance Expense400 Prepaid Insurance4,800 Supplies900 Supplies Expense3,800 Net.
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129.  Briefly describe the three-step process of accounting system development. 130.  Define and describe an accounting system. 131.  Utilizing the revenue journal below, journalize the following five transactions of Porshe Creations: (a)           On March 20, Porshe sells 25 cell phone covers to Xtreme at $4.50 per cover oninvoice 887. (b)           On March 21, Porshe.
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11.Transactions must first be recorded into the general journal before they can be entered into specialized journals. a.True b.False 12.The format and number of specialized journals that a business uses depends upon the legal organization of thebusiness. a.True b.False 13.The basic procedure of posting from a revenue journal is to make all postings at the end.
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1.The methods and procedures for collecting, classifying, summarizing, and reporting a business's financial andoperating information are called the accounting system. a.True b.False 2.Systems analysis is the final phase in the creation or revision of an accounting system. a.True b.False 3.Processing methods are the means by which the system collects, summarizes, and reports accounting information. a.True b.False 4.Accounting systems evolve.
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31.The Post. Ref. column of the revenue journal will reference the account number of the customer. a.True b.False 32.The total of the accounts receivable subsidiary accounts and the balance of the accounts receivable control accountshould equal each other at the end of the period. a.True b.False 33.Adjusting journal entries are recorded in a special journal. a.True b.False 34.Even when.
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190.1) Dana Bowen Company is completing its first year of operations on April 30.  Reconstructthe entries for the year ended April 30 from the T accounts below.  Record them,assigning letters to each transaction, as follows: a - l   Transaction m- r   Adjusting Journal Entries 2)         Balance and prepare the Income Statement, Statement of.
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101.Which of the following account groups are nominal accounts? a.Cash, Dividends, Wages Payable b.Prepaid Insurance, Equipment, Fees Earned c.Common Stock, Dividends, Income Summary d.Rent Revenue, Fees Earned, Miscellaneous Expense 102.There are four closing entries. The first one is to close revenues, the second one is to close expenses, the third oneis to close              , and.
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153.  You have just accepted your first job out of college, which requires you to evaluate loan requests at EastwoodNational Bank. The first loan request you receive is from Richard Enterprises, a small proprietorship.  RichardTracy, the owner, is requesting $105,000 and brings you the following trial balance (or statement of.
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153.  Robert Evans owns a business, Beachside Realty, that rents condominiums and furnishings.  Below is the adjustedtrial balance at December 31. Debit Credit Cash 1,500 Accounts Receivable 2,000 Interest Receivable 100 Prepaid Insurance 1,600 Notes Receivable (long-term) 2,800 Equipment 15,000 Accumulated Depreciation 3,000 Accounts Payable 2,400 Accrued Expenses Payable 3,920 Income Taxes Payable 2,700 Unearned Rent Fees 500 Robert Evans, Capital 7,700 Robert Evans, Drawing 2,000 ? Rent Fees Earned 37,000 Furniture Rental Revenue 1,200 Interest Revenue 100 Wages Expense 19,000 Depreciation Expense 1,800 Utilities Expense 320 Insurance.
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153. Reconstruct adjusting and closing entries for the month ended September 30 from the T-accounts below. Prepaid Insurance ? Accounts Receivable ? Unearned Revenues ? Wages Payable 1,350 1,250 1,050 385 130 ? 275 235 385 1,220 1,525 815 Diane Lin,Capital ? Diane Lin,Drawing ? Income Summary ? Fees Earned 7,000 2,400 5,510 5,000 580 2,400 6,090 ? ? ? 275 2,400 ? 0 ? ? 580 ? ? 235 4,020 ? ? ? ? ? 0? ? 5,510 0? ? ? ? ? ? ? ? ? ? ? ? Wages Expense ? Rent Expense ? Insurance Expense ? Utilities Expense 3,600 ? ? 1,880 ? ? 130 ? 95 385 ? 1,880 ? 130 ? ? 95 ? 3,985 ? 0 ? ? 0 ? ? 0 ? 0 ? ? ? ? ? ? ? ? ? ? 154.    .
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153.    The following are all the steps in the accounting cycle.  List them in the order in which they should be done. -  Closing entries are journalized and posted to the ledger. -  An unadjusted trial balance is prepared. -  An optional end-of-period spreadsheet (work sheet) is prepared. -  A post-closing trial balance is.
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153. The following is the adjusted trial balance for Nadia Company. Nadia Company Adjusted Trial Balance December 31 Cash 5,130 Accounts Receivable 3,300 Prepaid Expenses 420 Equipment 12,400 Accumulated Depreciation 2,200 Accounts Payable 700 Notes Payable (due on June 30) 3,070 Nadia Porter, Capital 13,000 Nadia Porter, Drawing 700 Fees Earned 10,930 Wages Expense 2,450 Rent Expense 1,900 Utilities Expense 1,475 Depreciation Expense 1,150 Miscellaneous Expense 975   Totals 29,900 29,900 Prepare an income statement, balance sheet, and statement of owner’s equity. Assume that the capital.
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153.    The following balance sheet contains errors. Mark Brock Services Co. Balance Sheet For the Year Ended December 31 ? ? ? ? ? Assets ? ? Liabilities ? Current assets: ? ? Current liabilities: ? Cash $  7,170 ? Accounts receivable $  10,000 ?Accounts payable ?7,500 ? Accum. depr.—building ?12,525 ?Supplies ?2,590 ? Accum. depr.—equipment ?7,340 Prepaid insurance 800 ? Net income     11,500 Land   24,000 ? ? ? Total current assets ?$   42,060 Total liabilities $  41,365 ? ? ? ? ? ? ? ? Owner’s Equity ? Property, plant, and equipment: ? ? ? ? Wages payable ? $    1,500 Building $43,700 ? Brock Morton, capital     88,645 Equipment   29,250 ? Total owner’s equity 90,145 Total property, plant, and equipment ? ?    .
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