Chapter 2 Lectute 2

Chapter 2 Lectute 2 - ACIS 2115 - Chapter 2 Part 2...

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ACIS 2115 - Chapter 2 Part 2 Reporting Investing and Financing Results on the Balance Sheet
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The ending amounts from each T-account are used to prepare a Trial Balance . The trial balance is used to determine whether debits equal credits. Debit Credit Cash 15,000 Supplies 500 Equipment 30,000 Accounts payable 500 Notes payable 20,000 Contributed capital 25,000 Totals 45,500 45,500 Hokie Printshop Trial Balance At August 31, 2010 The trial balance is not a financial statement. The Trial Balance
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Preparing a Balance Sheet Current Assets Cash 15,000 $ Supplies 500 Total current assets 15,500 Equipment 30,000 Total assets 45,500 $ Current Liabilities Accounts payable 500 $ Total current liabilities 500 Notes payable 20,000 Total liabilities 20,500 Contributed capital 25,000 Retained earnings - Total stockholders' equity 25,000 Total liabilities and stockholders' equity 45,500 $ Stockholders' Equity Hokie Printshop Balance Sheet At August 31, 2010 Assets Liabilities Let’s use the trial balance to prepare a balance sheet. Assets and liabilities
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This note was uploaded on 12/06/2011 for the course ACIS 2115 taught by Professor Jayardley during the Fall '07 term at Virginia Tech.

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Chapter 2 Lectute 2 - ACIS 2115 - Chapter 2 Part 2...

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