a. On April 1, when we collected $6,600 rent in advance, we debited Cash and credited
Unearned Rent Revenue. The tenant was paying one years rent in advance. At December 31,
we must account for the amount of rent we have earned.
Q1 A summary of all the account balances along
with the account reference number and
description is a tool know as a
Chart of accounts
Q2 The recording of chronological business
1. Great Northern Telephone and Telegram has these account balances at .
The current ratio equation is:
Current ratio = Total current assets / Total current liabilities
The current ratio for Great Northern Telephone and Telegram is:
Joy and Fun Distributors created a $848 imprest petty cash fund. During the first month of use,
the fund custodian authorized and signed petty cash tickets as follows:
Delivery Expense Delivery of pledge cards to donors / Miscellaneous Expense