Question

To start her own business, patricia morris put $25,700 of her personal cash into the business account. given the following additional transactions calculate the ending balance of each of the following accounts after all journal entry amounts are posted:

item Description Debit Credit
1) Suplies 1.350
Cash 1.350
2) Suplies Exp 580
Suplies 580
3) Cash 1.465
Deffered exp 1.465
4) Deffered rev 1.080
Servis deff 1.080

Answer 1

To calculate the ending balance for each account, track the debits and credits for the given transactions. The online answer only removed some irrelevant sentence from the question so it can be ignored.

Step-by-step explanation:

To calculate the ending balance of each account, we will need to track the debits and credits for the transactions given:

1. Supplies: debit $1,350, Cash: credit $1,350
2. Supplies Expense: debit $580, Supplies: credit $580
3. Cash: debit $1,465, Deferred Expense: credit $1,465
4. Deferred Revenue: debit $1,080, Service Deferred: credit $1,080

Now, let's calculate the ending balances:

• Supplies: $25,700 + $1,350 - $580 = $26,470
• Cash: $25,700 - $1,350 + $1,465 = $26,815
• Deferred Expense: $1,465
• Deferred Revenue: $1,080