At the Beginning of the Year,Gonzales Company's Accounting Records Had

question 3

Essay

At the beginning of the year,Gonzales Company's accounting records had the general ledger accounts and balances shown in the table below.During the year,the following transactions occurred:
1.received $80,000 cash for providing services to customers
2.paid rent expense,$10,000
3.purchased land for $9,000 cash
4.paid $5,000 on note payable
5.paid operating expenses,$52,000
6.paid cash dividend,$6,000
Required:
a)Record the transactions in the appropriate general ledger accounts.Record the amounts of revenue,expense,and dividends in the Retained Earnings column,providing appropriate titles for these accounts in the last column of the table. b)What is the amount of total assets as of the end of the year?
c)What is the amount of total stockholders' equity as of the end of the year?

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Definitions:

Qur'an

The central religious text of Islam, believed by Muslims to be a revelation from God (Allah).

Stock Option Plan

A compensation strategy that gives employees the option to buy company stock at a future date at a price established when the option is granted.

Incentive Plans

Designed compensation strategies that aim to motivate employees by tying a portion of their earnings to performance metrics.

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Groups of employees who are assigned to collaborate and work together towards achieving a common goal or completing a specific project.