ACC-120 Prin of Financial Accounting questions and answers Graded A+

ACC-120 Prin of Financial Accounting questions and answers Graded A+ Consider the following information from a company's unadjusted trial balance at December 31, 2018. All accounts have normal balances. -Explanation Total debit balances (listed in the order in which they appear above) = Accounts Receivable + Cash + Equipment + Insurance Expense + Land + Notes Receivable + Prepaid Insurance + Rent Expense + Salaries and Wages Expense= $6,100 + $1,860 + $6,500 + $480 + $5,400 + $1,360 + $480 + $1,480 + $3,860 = $27,520 During January 2018, the first month of operations, a consulting firm had following transactions: Issued common stock to owners in exchange for $10,000 cash. Purchased $2,500 of equipment, paying $750 cash and signing a promissory note for $1,750. Received $4,500 in cash for consulting services performed in January