Question

. UHTUWIIIg selected transactions. 1. Bo Halladay invested $4,000 cash in the business. 2. Paid office rent of $840. 3. Performed consulting services and billed a client $5,200. 4. Bo Halladay withdrew $750 cash for personal use. Journalize each transaction. Question 4 (10 points) The accounts in the ledger of Overnite Delivery Service contain the following balances on July 31, 2017. Accounts Receivable $7,642. Prepaid Insurance $1,968. Accounts Payable $8,396. Maintenance and Repairs Expense $961. Cash $ ? Service Revenue $10,610. Equipment $49,360. Owner's Drawings $700. Gasoline Expense $758. Owner's Capital $42,000. Utilities Expense $523. Salaries and Wages Expense $4,428. Notes Payable $17,000. Salaries and Wages Payable $815. Prepare a trial balance with the accounts arranged as illustrated in the chapter and fill in the missing amount for Cash.

Answer 1

Please find the attached image for detailed trial balance.

Summary-

As we know the debit and credit of trail balance must be equal.Hence while reducing all the figures of debit from total,the balancing figure will be cash.

Please comment for any explanation.

Thanks

* Thail Balance Credit pebit &7,642 12 481* 1,968 Accounts Accounts Recoinable Cash ( Balancing digones Prepaid Jos unonce Accounts Payable maintenance and repairs expenses Senuice Revenue Equipment Olones's elrowing Casoline Expenses $8895 961. 10,610 $49,360 Too 758 Oronens Capital 42000 523 4,428 Utilities Expenses Saleries & wages expens Notes Payable salaries & coopes Payable Total J Food 815 $78,82 $78821