Answer Questions/ Build a Balance Sheet Please know accounting
Instructions
I need someone to answer these questions and also have the book fundamentals of financial accounting (6th edition McGraw hill education)
Answer
Building a Balance Sheet M2-5Accounts Receivable is under CA.Notes payable(short-term) CLCommon stock SENotes payable (long-term)-NCLIncome taxes payable-CLEquipment NCARetained earnings-SEAccounts payable-CLCash-CAAll the CA and NCA normally have debit balances whereas CL and NCL have credit balances.E2-4Cash, a CA will increase assets and decrease SE by $10,000.Increase CA, cash and decrease accounts payable (short-term), CL by $7,000. Increase NCA, equipment and decrease cash, CA by the $800.Increase assets, land by $12,000, decrease cash by $1,000 and credit long-term notes by $11,000 (Wang, J. W., & Yu, W. W., 2015).Increase assets by $3,000, decrease cash by $1,000 bank by $2,000.E2-5 Dr Cash Cr Dr Equity Shares CrSE 10,000 Equipment 800 Cash 10,000Aps 7,000 Land 1,000 Equipment...
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