Determine the ending balance of each of the following t-accounts.

Posted By Admin @ September 03, 2022

Question:

The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals. The entries for the first transaction are labeled with the letter (a), the entries for the second transaction with the letter (b), and so on.

Cash Equipment Account Receivable
(a) 95,000 (d) 15,000 (g) 1,500 (b) 23,000 (e) 350 (h) 5,500 (i) 2,500 (c)40,000 (f) 5,000 (g) 1,500
Accounts Payable Supplies Wade Wilson, Capital
(c) 40,000 (b) 23,000 (a) 95,000
Fees Income Telephone Expense Wade Wilson, Drawing
(d) 15,000 (f) 5,000 (e)350 (i) 2,500
Salaries Expense
(h)5,500
Required:
Determine the balance account.

Answer:

Answer:

 Balance Sheet    

                                         $            

                                     Assets                                                                                            

Cash Balance                 80,150

Equipment                      40,000

Account Receivable         3,500

Supplies                          23,000

Total Assets                    146,650

                             Capital & Liabilities

Capital (Wade Wilson)    95,000

Drawings (Wade Wilson)(2,500)    

Net Capital                     92,500

Fees Income                  20,000

Expenses (5500+350)    (5,850)

Net Income                       14,150

Accounts Payable           40,000

Total Capital & liabilities 146,650

Explanation:

Trial Balance                      $              $

Cash Balance                 80,150

Equipment                      40,000

Account Receivable         3,500

Accounts Payable                          40,000

Supplies                          23,000

Capital (Wade Wilson)                   95,000

Fees Income                                  20,000

Telephone Expense           350

Drawings (Wade Wilson) 2500

Salaries                             5500                  

Total                              155,000    155,000      

              Balance Sheet    

                                         $            

                                     Assets                                                                                            

Cash Balance                 80,150

Equipment                      40,000

Account Receivable         3,500

Supplies                          23,000

Total Assets                    146,650

                             Capital & Liabilities

Capital (Wade Wilson)    95,000

Drawings (Wade Wilson)(2,500)    

Net Capital                     92,500

Fees Income                  20,000

Expenses (5500+350)    (5,850)

Net Income                       14,150

Accounts Payable           40,000

Total Capital & liabilities 146,650

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