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    accthelpsctchr's Avatar
    accthelpsctchr Posts: 3, Reputation: 1
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    #1

    Jan 6, 2009, 01:47 PM
    General Ledger Questions UIL
    Accts Payable 6500
    Accts Receivable 2250
    Adv. Expense 410
    Cash 30,280
    Comp Equip 6000
    Office Equip 15,000
    Rent Expense 800
    Utilities Expense 360
    Service Revenue 4600
    Capital ?
    Drawing 2,000

    It is a sole proprietorship that have a balance after posting the transactions for a month, the 1st month of operation. All accounts have normal balances.

    1. What is the amount of capital on the trial balance at the end of the month?
    2. What is the amount of the balancing totals on the trial balance at the end of the month?
    3. What is the amount of net income for the month?
    4. What is the amount that the owner invested in the business?
    5. What is the amount of owner's equity to be shown on the balance sheet at the end of the month?
    aliciar's Avatar
    aliciar Posts: 2, Reputation: 2
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    #2

    Jan 6, 2009, 05:38 PM
    1. $46,000
    2. $57,100
    3. $ 3,030
    4. $46,000
    5. $46,000+3,030-2000=47,030
    accthelpsctchr's Avatar
    accthelpsctchr Posts: 3, Reputation: 1
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    #3

    Jan 7, 2009, 01:24 PM
    Quote Originally Posted by aliciar View Post
    1. $46,000
    2. $57,100
    3. $ 3,030
    4. $46,000
    5. $46,000+3,030-2000=47,030

    What did you add/subtract together to get answers 1-4?
    codyman144's Avatar
    codyman144 Posts: 544, Reputation: 31
    Senior Member
    		  
    #4

    Jan 10, 2009, 09:32 PM

    Please don't awnser peoples homework questions here. Your not helping them learn.
    aliciar's Avatar
    aliciar Posts: 2, Reputation: 2
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    #5

    Jan 12, 2009, 08:41 AM
    Trial Balance:
    Dr Cr

    Cash 30,280
    Accts Rec 2,250
    Comp Eq 6,000
    Office Eq 15,000

    Accts Pay 6,500

    Draw 2,000
    Capital 46,000 (computed)

    Revenue 4,600

    Adv 410
    Rent 800
    Util 360
    --------- -----------
    57,100 57,100

    Net Income = Revenues - Expenses

    Owner invested $46,000 in cash = Capital Account
    codyman144's Avatar
    codyman144 Posts: 544, Reputation: 31
    Senior Member
    		  
    #6

    Jan 12, 2009, 09:06 PM

    Well excuse me for trying to follow the rules.
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