From the Following List of Transactions, Prepare a Trial Balance

question 112

Essay

From the following list of transactions, prepare a trial balance dated March 31, 2014, for Niko Inc., which began operations on March 1, 2014.
a. Sold 600 common shares for $12,000.
b. Located a building suitable for a dry cleaning business, paying the first month's rent of $2,000.
c. Purchased cleaning supplies for $500 cash.
d. Purchased cleaning equipment on account costing $6,000.
e. Services of $5,000 were rendered for cash during the month.
f. Paid $1,500 salaries to employees for the month.
g. Paid utilities bill of $500 for the month.

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Definitions:

Statistic

A single measure, calculated from sample data, used to summarize a characteristic of the sample.

Critical Value

A point on the scale of a test statistic beyond which the null hypothesis is rejected, often determined by the desired significance level.

Null Hypothesis

A hypothesis that assumes no statistical significance or relationship between the variables studied, serving as a default position until evidence suggests otherwise.

Benefit Packages

A collection of non-wage compensations provided to employees, such as health insurance, retirement plans, and paid time off.