At the beginning of 2016,Grace Company's accounting records had the general ledger accounts and balances shown in the table below.During 2016,the following transactions occurred:
1.Received $95,000 cash for providing services to customers
2.Paid salaries expense,$50,000
3.Purchased land for $12,000 cash
4.Paid $4,000 on note payable
5.Paid operating expenses,$22,000
6.Paid cash dividend,$2,500
Required:
a)Record the transactions in the appropriate general ledger accounts.Record the amounts of revenue,expense,and dividends in the retained earnings column.Precede the amount with a minus sign if the transaction reduces that section of the equation.Enter 0 for items not affected.
Provide appropriate titles for these accounts in the last column of the table.

b)What is the amount of total assets as of December 31,2016?
c)What is the amount of total stockholders' equity as of December 31,2016?

Question

At the beginning of 2016,Grace Company's accounting records had the general ledger accounts and balances shown in the table below.During 2016,the following transactions occurred:
1.Received $95,000 cash for providing services to customers
2.Paid salaries expense,$50,000
3.Purchased land for $12,000 cash
4.Paid $4,000 on note payable
5.Paid operating expenses,$22,000
6.Paid cash dividend,$2,500
Required:
a)Record the transactions in the appropriate general ledger accounts.Record the amounts of revenue,expense,and dividends in the retained earnings column.Precede the amount with a minus sign if the transaction reduces that section of the equation.Enter 0 for items not affected.
Provide appropriate titles for these accounts in the last column of the table.
  
b)What is the amount of total assets as of December 31,2016?
c)What is the amount of total stockholders' equity as of December 31,2016?

Quizplus · Accepted Answer

The Answer of At the beginning of 2016,Grace Company's accounting records had the general ledger accounts and balances shown in the table below.During 2016,the following transactions occurred:
1.Received $95,000 cash for providing services to customers
2.Paid salaries expense,$50,000
3.Purchased land for $12,000 cash
4.Paid $4,000 on note payable
5.Paid operating expenses,$22,000
6.Paid cash dividend,$2,500
Required:
a)Record the transactions in the appropriate general ledger accounts.Record the amounts of revenue,expense,and dividends in the retained earnings column.Precede the amount with a minus sign if the transaction reduces that section of the equation.Enter 0 for items not affected.
Provide appropriate titles for these accounts in the last column of the table.
  
b)What is the amount of total assets as of December 31,2016?
c)What is the amount of total stockholders' equity as of December 31,2016?

At the Beginning of 2016,Grace Company's Accounting Records Had the General