Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 23 Jul 2017 My Price 12.00

Telegraphic Link, Inc

Preparing a worksheet and using it to calculate net income The trial balance of Telegraphic Link, Inc., at November 30, follows:

TELEGRAPHIC LINK, INC.

Trial Balance

November 30, 2012

 

Balance

Account

Debit

Credit

Cash

$ 4,000

 

Accounts receivable

3,200

 

Prepaid rent

1,900

 

Supplies

3,000

 

Equipment

34,800

 

Accumulated depreciation

 

$ 1,600

Accounts payable

 

5,400

Salary payable

 

 

Common stock

 

15,700

Retained earnings

 

20,000

Dividends

2,100

 

Service revenue

 

8,600

Depreciation expense

 

 

Salary expense

1,700

 

Rent expense

 

 

Utilities expense

600

 

Supplies expense

 

 

Total

$51,300

$51,300

Additional information at November 30, 2012:

a. Accrued service revenue, $600.

b. Depreciation, $300.

c. Accrued salary expense, $800.

d. Prepaid rent expired, $500.

e. Supplies used, $100.

Requirements

1. Complete Telegraphic Link’s worksheet for the month ended November 30, 2012.

2. How much was net income for November?

Answers

Maurice Tutor
(5)
Status NEW Posted 23 Jul 2017 10:07 PM My Price 12.00

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