Answers
| Cash Account | |||
| Particulars | Dr. $ | Particulars | Cr. $ |
| To Capital A/c | 187,000 | By Supplies A/c | 43,000 |
| To Fees A/c | 27,000 | By Telephone Expense A/c | 670 |
| To Accounts Recievable | 2,700 | By Salaries Expense A/c | 10,700 |
| By Drawings A/c | 4,700 | ||
| By Balance c/d | 157,630 | ||
| 216,700 | 216,700 | ||
Firstly, let us learn the steps to calculate the Closing Balances of Ledger:
Step 1 - Post all the Journal Entries in the Ledger
Step 2 - Calculate the totals of both Debit side and Credit Side.
Step 3 - The total the side higher of debit and credit is to be written in the total column for both Debit side and credit side. In the above case Total of Debit side is 216,700 and that of Credit side is 59,070. As the Debit side total of 216,700 is higher, it will appear in both Debit side and credit side Column.
Step 4 - The side with the lesser total will get the Balancing figure.
In the above case, total of Credit side is 59070 and hence, the balancing figure to be appearing on credit side will be calculated as (216,700 - 59,070) which is 157,630.
| Accounts Payable Account | |||
| Particulars | Dr. $ | Particulars | Cr. $ |
| To Balance c/d | 77,000 | By Equipment A/c | 77,000 |
| 77,000 | 77,000 | ||
| Fees Income Account | |||
| Particulars | Dr. $ | Particulars | Cr. $ |
| To Balance c/d | 36,400 | By Cash A/c | 27,000 |
| By Accounts Recievable | 9,400 | ||
| 36,400 | 36,400 | ||
| Salaries Expenses Account | |||
| Particulars | Dr. $ | Particulars | Cr. $ |
| To Cash A/c | 10,700 | By Balance c/d | 10,700 |
| 10,700 | 10,700 | ||
| Equipment Account | |||
| Particulars | Dr. $ | Particulars | Cr. $ |
| To Accounts Payable A/c | 77,000 | By Balance c/d | 77,000 |
| 77,000 | 77,000 | ||
| Supplies Account | |||
| Particulars | Dr. $ | Particulars | Cr. $ |
| To Cash A/c | 43,000 | By Balance c/d | 43,000 |
| 43,000 | 43,000 | ||
| Telephone Expense Account | |||
| Particulars | Dr. $ | Particulars | Cr. $ |
| To Cash A/c | 670 | By Balance c/d | 670 |
| 670 | 670 | ||
| Accounts Recievable Account | |||
| Particulars | Dr. $ | Particulars | Cr. $ |
| To Fees Income A/c | 9,400 | By Cash | 2,700 |
| By Balance c/d | 6,700 | ||
| 9,400 | 9,400 | ||
| Wade Wilson Capital Account | |||
| Particulars | Dr. $ | Particulars | Cr. $ |
| By Balance c/d | 187,000 | By Cash A/c | 187,000 |
| 187,000 | 187,000 | ||
| Wade Wilson Drawings Account | |||
| Particulars | Dr. $ | Particulars | Cr. $ |
| To Cash A/c | 4,700 | By Balance c/d | 4,700 |
| 4,700 | 4,700 | ||
| Balance of Each Account | $ |
| Cash | 157,630 Debit |
| Accounts Recivable | 6,700 Debit |
| Supplies | 43,000 Debit |
| Equipment | 77,000 Debit |
| Accounts Payable | 77,000 Credit |
| Wade, Wilson Capital | 187,000 Credit |
| Wade, Wilson Drawing | 4,700 Debit |
| Fees Income | 36,400 Credit |
| Telephone Expenses | 670 Debit |
| Salaries Expenses | 10,700 Debit |
Similar Solved Questions
1 answer
Consider the case of the bicepts muscle acting on a forearm holding a 43 N weight....
Consider the case of the bicepts muscle acting on a forearm holding a 43 N weight. The forearm is 30° below the horizontal and the bicepts muscle inserts at an angle of 45° with the forearm. The muscle insertion is at 5 cm from the elbow joint. The forearm has a weight of 21 N and has its ce...
1 answer
Which of the following services would not likely be available through discount brokerages? A) lower commissions...
Which of the following services would not likely be available through discount brokerages? A) lower commissions on most trades B) phone conversations and advice from a broker C) the ability to place limit and stop-loss orders D) fast execution of trades...
1 answer
Format L 01 X ✓ fx K L M N C X2 15 Question 14: Note...
Format L 01 X ✓ fx K L M N C X2 15 Question 14: Note that Y represents the dependent variable and X1-X3 represent 3 (quantitative) independent variables. Let a=0.05. A Y 155 168 147 192 134 152 B X1 99.43 99.67 97.95 99.97 97.16 98.62 97.32 97.99 98.79 99.26 99.63 97.86 98.97 97.81 99.23 D X3...
1 answer
Show entries in general journal form for the following of a private (nongovernmental, nonprofit) hospital. 1....
Show entries in general journal form for the following of a private (nongovernmental, nonprofit) hospital. 1. For the month just ended, the hospital received in cash $6,000 from the hospital’s gift shop sales, and received donated medicines with a fair value of $23,000. ...
1 answer
A3sb $eah Jp n0e u-ell IP es w 9 $en at uvb ecebcD ben mee 2...
A3sb $eah Jp n0e u-ell IP es w 9 $en at uvb ecebcD ben mee 2 7576 185 8u o le ar 7223 ?...
1 answer
7.26 Draw the curved arrows and the product for each of the following nucleophilic addition steps....
7.26 Draw the curved arrows and the product for each of the following nucleophilic addition steps. (b) 0 CHOK ? [ S + CHLI ? land L CHOK A MgBr (d) No. ooo? " Nabte —> ? a + NaBH — ? v Lon Mocht >> ? ".j ?....
1 answer
The concept of determining which reactant is limiting and which is in excess is akin to...
The concept of determining which reactant is limiting and which is in excess is akin to determining the number of sandwiches that can be made from a set number of ingredients. Assuming that a cheese sandwich consists of 2 slices of bread and 3 slices of cheese. determine the number of whole cheese s...
1 answer
What is the most familiar type of asexual reproduction in plants and what does this entail?...
What is the most familiar type of asexual reproduction in plants and what does this entail? HTML Editor lấy BIU A AIXE313 x' x, BEDEN VE V D1 12pt Paragra o i Question 2 5 pts When adventitious buds develop on roots and mature they form a stem which has nodes from which roots and shoots ca...
1 answer
Brief Exercise 9-60 Cost of Debt Financing Crackle Company instituted an aggressive plan to lower its...
Brief Exercise 9-60 Cost of Debt Financing Crackle Company instituted an aggressive plan to lower its cost of financing over the next decade. Currently Crackle's cost of debt financing is 8%, its cost of equity financing is 14%, and its tax rate is 35%. Crackle currently has $2,500,000 of debt. ...
1 answer
If the price of white bread increases, how will it affect a consumer's demand for wheat...
If the price of white bread increases, how will it affect a consumer's demand for wheat bread? Describe both the substitution and income effect that the change in price would cause....
1 answer
04. IfR -B and their magnitudes are given by A-B-C, then the vectors A and Bare...
04. IfR -B and their magnitudes are given by A-B-C, then the vectors A and Bare oriented A) parallel to each other (in the same direction). B) perpendicular to each other Cl antiparallel to each other (in opposite directions). D) Angle between this two vectors is 45°, E) It is impossible to know...
1 answer
Option 1: You won $5,000,000 in the Massachusetts Lottery's Halloween Bonanza game. It pays out 10...
Option 1: You won $5,000,000 in the Massachusetts Lottery's Halloween Bonanza game. It pays out 10 years from now. How much is it worth today? Option 2: You won a similar prize, but it pays out $500,0000/yr for the next 10 years. Option 3: You won a prize that pays out $600,000/yr for the next 1...
1 answer
Based on the USDA classification scheme, determine the textural class of a soil that is 10%...
Based on the USDA classification scheme, determine the textural class of a soil that is 10% clay and 30% sand....
1 answer
Draw the major product obtained when the following alkyl halide undergoes an E2 reaction. If you...
Draw the major product obtained when the following alkyl halide undergoes an E2 reaction. If you expect no reaction to occur, submit the starting material as your answer. Interactive 3D display mode Draw the molecule on the canvas by choosing buttons from the Tools for bonds). Atoms and Advanced Tem...
1 answer
PICOT question for surgical infections regarding central lines
PICOT question for surgical infections regarding central lines...
1 answer
The pKvalues for the dibasic base B are pKb = 2.10 and pKb2 = 7.77. Calculate...
The pKvalues for the dibasic base B are pKb = 2.10 and pKb2 = 7.77. Calculate the pH at each of the points in the titration of 50.0 mL of a 0.60 M B(aq) solution with 0.60 M HCl(aq). What is the pH before addition of any HCI? pH = 6.06 What is the pH after addition of 25.0 mL HCI? pH = What is the p...
1 answer
Introduction: Globally, eye diseases are considered as one of the major contributors of nonfatal disabling conditions....
Introduction: Globally, eye diseases are considered as one of the major contributors of nonfatal disabling conditions. In Bangladesh, 1.5% of adults are blind and 21.6% have low vision. Therefore, this paper aimed to identify the community-based prevalence and associated risk factors of eye diseases...
1 answer
How to use implicit differentiation to find d2y/dx2 of the following equation? y2 - xy + x2 = 7
How to use implicit differentiation to find d2y/dx2 of the following equation? y2 - xy + x2 = 7...
1 answer
6. (a) Calculate the density of GaAs (the lattice constant of GaAs is 5.65 Å, and...
6. (a) Calculate the density of GaAs (the lattice constant of GaAs is 5.65 Å, and the atomic weights of Ga and As are 69.72 and 74.92 g/mol, respectively). (b) A gallium arsenide sample is doped with tin. If the tin displaces gallium atoms in crystal lattice, are donors or acceptors formed? Wh...
1 answer
When did animal life begin to appear in the oceans?
When did animal life begin to appear in the oceans?...