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Summary Problem 12.02.1403
Summary Problem 12.02.1403
Summary Problem 12.02.1403
, on March 1, 2018, lists the entity’s assets, liabilities, and stockholders’ equity
on that date.
Requirements
1. Use the T-account format to create the following accounts and balances:
■■ Assets—Cash, $26,000; Accounts Receivable, $4,500; Supplies, no balance; Land, no balance
■■ Liabilities—Accounts Payable, $2,000; Note Payable, no balance
■■ Stockholders’ Equity—Common Stock, $10,000; Retained Earnings, $18,500; Dividends, no balance
■■ Revenues—Service Revenue, no balance
■■ Expenses—(none have balances) Salary Expense, Rent Expense, Interest Expense, Utilities Expense