Select best answer. If the A/P account balance has increased on the Trial Balance, that means......
Select best answer.
If the A/P account balance has increased on the Trial Balance, that means...
A) inventory or services have been purchased.
B) your sales have dropped.
C) inventory has been returned.
D) your electric bill was lower.
Homework Answers
A.) Inventory or services have been purchased.
(A/P means Accounts Payable reflect inventory or services purchased on credit basis and for which payment to be made to the supplier for purchase of inventory or services. Account payable is the amount owed by an entity to its vendors/suppliers for inventory or services received.
If A/P account balance increased in Trial Balance it means that the company has purchased inventory or services on credit for which payment is yet to be made to supplier.
Sales and electric bill has no relation with A/P account balance.
Return of inventory will result in decrease of A/P account balance.)
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Select best answer.
If the A/P account balance has increased on the Trial
Balance, that means......
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Which of the following statements are true? Multiple Choice If the trial balance is in balance,...
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From the alphabetized account information above, select the best representation of what a Trial Balance would...
From the alphabetized account information above, select the best
representation of what a Trial Balance would look like using this
information. Assume all accounts have normal balances.
Trial Balance (A)
Cash
$50,480
Accounts Receivable
45,333
Supplies
6,800
Equipment
33,500
Building
156,000
Land
18,000
Accounts Payable
3,600
Notes Payable
85,500
Common Stock
110,000
Retained Earnings
60,606
Dividends
18,000
Fees Earned Revenue
225,430
Salaries Expense
151,900
Miscellaneous Expense
5,123
$485,136
$485,136
Trial Balance (B)
Cash
$50,480
Fees Earned Revenue
Accounts Receivable
45,333...
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29. ccount balances, after closing entries have Apost-closing trial balance will reflect account balances, after clos been posted to reset the temporary accounts, as follows: A) zero balances for balance sheet accounts. B) Balances only showing in income statement accounts C) Balances only showing for balance sheet accounts. D) zero balances for all accounts. 30. True or False: Ratio analysis expresses the relationship among selected items or financial statement data and includes liquidity, solvency and profitability ramos. A)...
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3B-5. Below is the unadjusted trial balance of JUPITER Incorporated: JUPITER INCORPORATED Unadjusted Trial Balance September 1, 20x1 Credit Balances Debit Balances $4,900 2,300 8.400 27.000 Account Names Cash Accounts receivable Office supplies Equipment Accumulated depreciation - equipment Salaries payable Interest payable Unearned rent revenue Common stock Retained earnings Rent revenue Supplies expense Salary expense Interest expense Depreciation expense - equipment Totals $6,400 500 2,900 4,200 8,000 15,300 7,000 800 900 $44,300 $44,300 The adjusting entry information is as follows:...
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From the alphabetized account information above, select the best
representation of what a Trial Balance would look like using this
information. Assume all accounts have normal balances.
Trial Balance (A)
Cash
$50,480
Accounts Receivable
45,333
Supplies
6,800
Equipment
33,500
Building
156,000
Land
18,000
Accounts Payable
3,600
Notes Payable
85,500
Common Stock
110,000
Retained Earnings
60,606
Dividends
18,000
Fees Earned Revenue
225,430
Salaries Expense
151,900
Miscellaneous Expense
5,123
$485,136
$485,136
Trial Balance (B)
Cash
$50,480
Fees Earned Revenue
Accounts Receivable
45,333...
Account Balance Sheet Income Statement DR Adjusted Trial Balance Adjustments Trial Balance DR CRT OR CRDR CRI 74,210 13,500 200 3.200 4,000 6,620 Cash Accounts Receivable Supplies Prepaid Rent Land Merchandise Inventory (24 @ $265; 1 $260) Accounts Payable Unearned revenue Salaries Payable Common Stock Retained Earnings Wages Expense Totals 1.950 980 1,000 50.000 47.800 101,730101,730 The following transactions took place during 2016 for Palicio Security Service 1. Paid the salaries payable from 2015. 1000 2. On March 1, 2016,...
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