Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. media marketing services has been operating for se

Media Marketing Services has been operating for several years. It showed the following trial balance...

80.2K

Verified Solution

Question

Accounting

image
image
image
Media Marketing Services has been operating for several years. It showed the following trial balance information in alphabetical order) for the month just ended March 31, 2020: 0.16 points Account Accounts payable Accounts receivable Building Cash Revenue San Smith, Capital Sam Smith, withdrawals Land Machinery Notes payable Office supplies office supplies expense Wages expense Totals Debit Credit $ 53,000 $ 3,700 87,000 20,500 142,100 129,000 21,500 91,000 57,000 121,00 3,700 7,700 153,000 $445,100 $445, 100 "The $129.000 balance includes $42.000 invested by the owner during March Answer is not complete. MEDIA MARKETING SERVICES $ 87,000 Statement of Changes in Equity For Month Ended March 31, 2020 Sam Smith, capital, March 1 Add: Investment by owner Total Less: Withdrawal by owner Add: Loss Sam Smith, capital, March 31 $ 87,000 0 X Answer is complete but not entirely correct. MEDIA MARKETING SERVICES Balance Sheet March 31, 2020 Assets Liabilities $ $ Building Land 87,000 91,000 57,000 Accounts payable Notes payable 53,000 121,000 OOOOOO 3,700 Total liabilities S Machinery Office supplies Accounts receivable Cash 174,000 3,700 Equity 20,500 Sam Smith, capital s 87,000 Total assets $ 262,900 Total liabilities and equity $ 261,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students