Homework 4 - Emily Leung Accounting 221 February 21st, 2011...

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Emily Leung Accounting 221 February 21 st , 2011 TA: L. Martin (Lab 17) Homework: 3-20; 3-25; 3-26; 3-32; 9-1; 9-2; 9-14 and ATC 3-9 (3-20A) On December 31, 2011, Chang Company had the following normal account balances in its general ledger. Use this information to prepare a trial balance. Common Stock $25,000 Salaries Expense 16,000 Office Supplies 1,800 Advertising Expense 2,500 Retained Earnings, 1/1/2011 14,200 Unearned Revenue 18,000 Accounts Receivable 6,500 Cash 60,000 Service Revenue 76,000 Dividends 5,000 Prepaid Insurance 6,400 Land 22,000 Rent Expense 15,000 Accounts Payable 2,000 Chang Company Adjusted Trial Balance December 31, 2011 Account Title Debit Credit Chang Company
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Income Statement For the Year Ended December 31, 2011 Revenue Service Revenue Total Revenue Expenses Salaries Expense Advertising Expense Rent Expense Total Expenses Net Income Chang Company Balance Sheet As of December 31, 2011 Assets Cash Accounts Receivable Supplies Prepaid Insurance Land Total Assets Liabilities Account Payable Unearned Revenue Total Liabilities Stockholders Equity Common Stock Retained Earnings Total Stockholders’ Equity Total Liabilities and Stockholders’ Equity Chang Company Statement of Changes in Stockholders’ Equity For the Year Ended December 31, 2011 Beginning Common Stock Plus: Common Stock Issued Ending Common Stock Beginning Retained Earnings Plus: Net Income Less: Dividends Ending Retained Earnings Total Stockholders’ Equity (3-25A)
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Indicate whether each of the following accounts normally has a debit or credit balance. a. Land ________________ b. Salaries Expense ________________ c. Rent Expense ________________ d. Common Stock ________________ e. Cash ________________ f. Salaries Payable ________________ g. Accounts Receivable ________________ h. Insurance Expense ________________ i. Prepaid Insurance ________________ j. Retained Earnings ________________ k. Supplies Expense ________________ l. Prepaid Rent ________________ m. Service Revenue ________________ n. Supplies ________________ o. Accounts payable ________________ p. Unearned Revenue ________________ q. Operating Expense ________________ r. Dividends ________________ s. Interest Revenue ________________ t. Interest Receivable ________________ u. (3-26A) v. The following events apply to Box Enterprises. 1. Acquired $30,000 cash from the issue of common stock. 2. Paid Salaries to employees, $8,000 cash. 3. Collected $9,000 cash for services to be performed in the future. 4.
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Homework 4 - Emily Leung Accounting 221 February 21st, 2011...

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