I need help with the following questions. 1. On June 30 of the current year, the assets and liabilities of Phoenix Phildell are as follows: Cash, $20,500; Accounts Receivable, $7, 250; Supplies, $650; Equipment, $12,000; Accounts Payable, $9,300. What is the amount of owner's equity as of July...

The entries that transfer the balances of the revenue, expenses and drawing accounts to the Owner's Capital account are best known as...

The Apricot Company in 2001 had notes payable of $1,200, accounts payable of $2,400, and long-term debt of $3,000. The corresponding entries for 2002 are $1,600, $2,000, and $2,800. For assets, Apricot had in 2001 $800 in cash, $400 in marketable securities, and $1,800 of inventory. The...

I have to do t-accounts, trial balance,income statement, owner's equity and a balance sheet on an example the teacher gave us. I completed the t-accounts and the trial balance. They are correct, but, I am stubled on the income statement and the owner's equity. I don't know how to figure if it was a...

Im having a problem. I have an account set up as contributions, drawings, and personal use of home accounts. I have a retained earnings and current earnings and total equity account. My question.I made some errors and have corrected them. I put entries in the retained earnings that shouldn't have...