tor the month of March have been jyourmalized and posted to the proper 16 T0,000
ID: 2552713 • Letter: T
Question
tor the month of March have been jyourmalized and posted to the proper 16 T0,000 cash froem the owner of the basiness, Moris Tharps The busir accounts of a sole proprietorship Mar. 1 The business received froen gave capital to Morris Tharps Mar. 2 Paid the first month's rent of $1,000 Mar. 3 Purchased equipment paying Mar. 4 Purchased office supplies for $710 cashmpltd. Mar. 5 Billed a client for $9,000 of design Mar. 6 Received $7,600 on the by paying $2,000 cash and executing a note payable for $5,000 account for the services previously recorded What is the balance in Cash on March 6? A) $15,890 B) $14,890 D) 515,600 C) $13,890 Write your answer in the space provided or on a separate sheet of paper eoprietorship. The following transactions ocurred d 17) Jackson Enterprises is a new company organized as a sole p the first month of business. a) Received $15,000 cash from the owner, Marjorie Johnson, in exchange for capital b) Paid the first month's rent with $800 cash c) Purchased equipment by paying $4,000 cash and exvecuting a note payable for $4,000. d) Purchased office supplies for $200 cash. The supplies reamain at the end of the month e) Billed clients for a total of $7,000 for design services rendered f) Received $1,000 cash from clsents for services rendered above. Required 1. Prepare joumal entries and post the joumal entries to T-accounts 2. Prepare a trial balance at the end of the first month using the above transactions 18) Calculate the debt ratio using the fellowing trial balance of Superior Instruments Company as of December 31,2 Superior Instruments Company Adjusted Trial Balance December 31, 2019 Debit Credit Account Title Cash Accounts Receivable Office Supplies Land Building Equipment Accounts Payable Notes Payable Superior, Capital 5,000 3,400 70,000 16,500 2,000 5 15,000 1,200 4100 2.000 397.000 72,000 Service Revenue Utilities Expense Salaries Expense Advertising Expense TotalExplanation / Answer
16.
Cash balance on May 6
= Cash invested by owner - Cash paid for rent - Cash paid for equipment - Cash paid for supplies + Cash received from customers
= $10,000 - $1,000 - $2,000 - $710 + $7,600
= $13,890
Thus, the correct option is 'c. $13,890'.
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