Cost of merchandise sold is often the largest expense on a ...

[D2AR0N]

Cost of merchandise sold is often the largest expense on a merchandising company income statement.
 a. True
  b. False
 
   Indicate whether the statement is true or false

Question 2

Using the information in the T-accounts below, prepare an unadjusted trial balance for T-Ball, Inc.:
 
  Cash Notes Payable Common Stock
  (a) 50,000
  (b) 30,000
 
  (e) 60,000
 
  40,000 (c)
 
  20,000 (f) 30,000(b) 50,000 (a)
 
   Accounts receivable
  (d) 10,000
  60,000(e)
 
   Computer
  (c)40,000
 
   Service revenue
   100,000(d)
 
   Salary Expense
  (f) 20,000
 
   T-Ball, Inc.
   Unadjusted Trial Balance
   December 31, 2011
   Debit Credit
 
  Totals

[prumorgan]

Answer to Question 1

True

Answer to Question 2

T-Ball, Inc.
Unadjusted Trial Balance
December 31, 2011
Debit Credit
Cash  80,000
Accounts receivable 40,000
Computer 40,000
Notes Payable  30,000
Common stock 50,000
Service revenue 100,000
Salary expense 20,000
Totals  180,000  180,000

[D2AR0N]

TYSM

[meganmoser117]

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