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Please complete the steps in Case 1 on pages 603-614 before answering the following questions.

Required:

1.What are the total debit and credit balances on the unadjusted trial balance?

2.What are the total debit and credit balances on your Adjusted trial balance?

3.What is the Statement Ending Balance on the reconciliation report?

4.What is the rent expense balance?

5.What is the depreciation expense for computer equipment?

6.What is the depreciation expense for furniture and equipment?

7.What is the amount of total income?

8.How much net income (or net loss) is reported on December 31?

9.What is the account balance in the Notes Payable account?

10.What is the total assets balance on December 31?

11.Is there an increase or decrease in Cash for the month of December?

12.What is the balance in the Owner’s Equity account?

1 Answer

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Final answer:

Without access to the textbook, I cannot provide specific balances or figures. Generally, debit and credit balances should equal in trial balances, and account specifics depend on individual entries and company policies. Refer to your textbook for exact figures.

Step-by-step explanation:

I'm sorry, but I cannot complete tasks as described because I do not have access to the pages of your textbook or the specific steps you're referring to. However, I can provide general guidance on how you might approach these types of questions. When asked to provide balances from an unadjusted or adjusted trial balance, you would typically sum all debit balances and credit balances to ensure they equal, indicating that the books are balanced.

For reconciling bank statements or calculating account balances, you normally start with the beginning balance, add any credits (like deposits or interest earned), and subtract any debits (like withdrawals or fees) to get the ending balance. The rent expense balance and depreciation expenses are usually calculated based on the company's accounting policies, and purchase or use of assets during the period. Total income generally refers to all revenue generated before expenses are deducted, and net income (or net loss) is what remains after all expenses have been subtracted from total income.

As for specific account balances, like Notes Payable or Owner's Equity, you would look to your ledger accounts or relevant financial statements for those figures. In regards to total assets, you would add up all assets as listed on the balance sheet. To determine if there is an increase or decrease in Cash, compare the cash amount at the beginning and end of the period. Again, for specific values, refer to your textbook materials or financial records on hand.

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