Question

On December 31, Year 1, Morgan Company had the following normal account balances in its general...

On December 31, Year 1, Morgan Company had the following normal account balances in its general ledger. Use this information to prepare a trial balance. Land $ 20,250 Unearned revenue 15,400 Dividends 5,400 Prepaid rent 5,850 Cash 58,920 Salaries expense 16,500 Accounts payable 2,280 Common stock 20,000 Operating expense 17,250 Office supplies 1,950 Advertising expense 2,500 Retained Earnings, 1/1/Year 1 15,430 Service revenue 82,280 Accounts receivable 6,770

Homework Answers

Answer #1

Morgan Company

Trial Balance

December 31, Year 1.

Accounts Titles Debit Credit
Land 20,250
Unearned revenue 15,400
Dividends 5,400
Prepaid rent 5,850
Cash 58,920
Salaries expense 16,500
Accounts payable 2,280
Common stock 20,000
Operating expense 17,250
Office supplies 1,950
Advertising expense 2,500
Retained Earnings, 1/1/Year 1 15,430
Service revenue 82,280
Accounts receivable 6,770
Total $135,390 $135,390
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Selected year-end account balances from the adjusted trial balance as of December 31, 2017, for Grouper...
Selected year-end account balances from the adjusted trial balance as of December 31, 2017, for Grouper Corp. is provided below. Debit Credit Accounts Receivable $82,760 Dividends 29,980 Depreciation Expense 15,050 Equipment 242,590 Salaries and Wages Expense 103,850 Accounts Payable $60,420 Accumulated Depreciation—Equipment 130,870 Unearned Rent Revenue 26,110 Service Revenue 209,530 Rent Revenue 7,070 Rent Expense 4,100 Retained Earnings 70,450 Supplies Expense 1,600 Collapse question part (a) Prepare closing entries.
The partial adjusted account balances of the Raiders Fitness Center at December 31 are as follows:...
The partial adjusted account balances of the Raiders Fitness Center at December 31 are as follows: Accounts                                 Account Balances       Accounts                           Account Balances Cash                                                $ 16,000              Service Revenue                       $107,000 Accounts Receivable                         15,000              Interest Revenue                          13,000 Supplies                                                4,000              Depreciation Expense                   28,000 Prepaid Insurance                                8,000              Insurance Expense                       12,000 Buildings                                           300,000              Salaries and Wages Expense        45,000 Accumulated Depreciation—Building 120,000             Supplies Expense                            5,000             Utilities Expense                            10,000 Accounts Payable                              19,000              Unearned Service Revenue            7,000 Common Stock                                  90,000 Retained Earnings                            115,000 Dividends                                            10,000 Instructions Prepare...
The accounting records for Gary’s Dog Training, Inc. contained the following balances at December 31 –...
The accounting records for Gary’s Dog Training, Inc. contained the following balances at December 31 – the company’s year-end. Adjusting entries have been journalized and posted. So, these account balances are the adjusted (correct) balances. REQUIRED: Prepare the closing entries for Gary’s Dog Training, Inc. Cash                                                                $32,350 Accounts receivable                                              5,400 Supplies                                                                  850 Prepaid insurance                                                 2,100 Building                                                           40,500 Accumulated depreciation-building                       7,500 Equipment                                                       22,300 Accumulated depreciation-equipment                    3,400 Accounts payable                                                 6,500 Unearned service revenue                                   15,900 Salary payable  ...
Trial Balance The accounts in the ledger of Hickory Furniture Company as of December 31, 2016,...
Trial Balance The accounts in the ledger of Hickory Furniture Company as of December 31, 2016, are listed in alphabetical order as follows. All accounts have normal balances. The balance of the cash account has been intentionally omitted. Accounts Payable $42,770 Accounts Receivable 116,900 Cash ? Common Stock 15,000 Dividends 24,000 Fees Earned 745,230 Insurance Expense 3,600 Land 50,000 Miscellaneous Expense 9,500 Notes Payable 50,000 Prepaid Insurance 21,600 Rent Expense 48,000 Retained Earnings 60,000 Supplies 4,275 Supplies Expense 6,255 Unearned...
QUESTION 13 Joshua Metal Company Adjusted Trial Balance for the Month Ending December 31, 2019 Account...
QUESTION 13 Joshua Metal Company Adjusted Trial Balance for the Month Ending December 31, 2019 Account Title Debit Credit 100-Cash 3,650 101-Accounts Receivable 4,500 102-Supplies 6,800 103-Prepaid Rent 22,000 150-Computer (Cost) 85,000 151-Accumulated Depreciation 2,600 200-Accounts Payable 5,000 201-Unearned Revenue 12,600 202-Salaries & Wages Payable 8,700 300-Owner's Capital 125,000 301-Owner's Drawings 10,000 400-Product Revenue 75,000 404-Service Revenue 36,000 500-Telephone Expense 2,450 601-Salaries & Wages Expense 125,000 650-Supplies Expense 2,500 750-Depreciation Expense 500 790-Rent Expense 2,500 264,900 264,900 Please prepare a...
Joshua Metal Company Adjusted Trial Balance for the Month Ending December 31, 2019 Account Title Debit...
Joshua Metal Company Adjusted Trial Balance for the Month Ending December 31, 2019 Account Title Debit Credit 100-Cash 3,650 101-Accounts Receivable 4,500 102-Supplies 6,800 103-Prepaid Rent 22,000 150-Computer (Cost) 85,000 151-Accumulated Depreciation 2,600 200-Accounts Payable 5,000 201-Unearned Revenue 12,600 202-Salaries & Wages Payable 8,700 300-Owner's Capital 125,000 301-Owner's Drawings 10,000 400-Product Revenue 75,000 404-Service Revenue 36,000 500-Telephone Expense 2,450 601-Salaries & Wages Expense 125,000 650-Supplies Expense 2,500 750-Depreciation Expense 500 790-Rent Expense 2,500 264,900 264,900 Please prepare a journal entry...
Jackson Consulting Unadjusted Trial Balance – December 31, 2018                                &nbs
Jackson Consulting Unadjusted Trial Balance – December 31, 2018                                                                                                           Debits                                          Credits Cash                                                                                               $ 11,500     Accounts Receivable                                                                        3,500 Supplies                                                                                           1,200 Prepaid Rent                                                                                  24,000 Equipment                                                                                   14,000 Accumulated Depreciation                                                                                                                $1,400 Accounts Payable                                                                                                                             1,900     Unearned Service Revenue                                                                                                             2,800 Common Stock                                                                                                                             10,300 Retained Earnings                                                                                                                            7,500 Dividends                                                                                       4,500 Service Revenue                                                                                                                              91,350 Salaries Expense                                                                        55,000 Advertising Expense                                                                         900       Utilities Expense                                                                               650                                                                     Total: Debits =$115,250 Credits total = $115,250 Additional Information: 1.) The equipment was purchased on January 1, 2017. The useful life is estimated to be 10 years. 2.) As of December 31, 2018,...
Jackson Consulting Unadjusted Trial Balance – December 31, 2018                                &nbs
Jackson Consulting Unadjusted Trial Balance – December 31, 2018                                                                                                           Debits                                          Credits Cash                                                                                               $ 11,500     Accounts Receivable                                                                        3,500 Supplies                                                                                           1,200 Prepaid Rent                                                                                  24,000 Equipment                                                                                   14,000 Accumulated Depreciation                                                                                                                $1,400 Accounts Payable                                                                                                                             1,900     Unearned Service Revenue                                                                                                             2,800 Common Stock                                                                                                                             10,300 Retained Earnings                                                                                                                            7,500 Dividends                                                                                       4,500 Service Revenue                                                                                                                              91,350 Salaries Expense                                                                        55,000 Advertising Expense                                                                         900       Utilities Expense                                                                               650                                                                     Total: Debits =$115,250 Credits total = $115,250 Additional Information: 1.) The equipment was purchased on January 1, 2017. The useful life is estimated to be 10 years. 2.) As of December 31, 2018,...
E4.21 (LO 4), AP Selected year-end account balances from the adjusted trial balance as of December...
E4.21 (LO 4), AP Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Tippy Corporation is provided below. Prepare closing entries. Debit Credit Accounts Receivable    $ 72,600    Dividends 26,300 Depreciation Expense 13,200 Equipment 212,800 Salaries and Wages Expense 91,100 Accounts Payable $ 53,000 Accumulated Depreciation—Equipment 114,800 Unearned Rent Revenue 22,900 Service Revenue 183,800 Rent Revenue 6,200 Rent Expense 3,600 Retained Earnings 61,800 Supplies Expense 1,400 Instructions a. Prepare closing entries b. Determine the post-closing...
The accounts in the ledger of Hickory Furniture Company as of December 31, 2016, are listed...
The accounts in the ledger of Hickory Furniture Company as of December 31, 2016, are listed in alphabetical order as follows. All accounts have normal balances. The balance of the cash account has been intentionally omitted. Accounts Payable $ 42,910 Notes Payable $ 45,000 Accounts Receivable 115,920 Prepaid Insurance 20,500 Cash ? Rent Expense 47,000 Elaine Wells, Capital 70,000 Supplies 4,880 Elaine Wells, Drawing 21,500 Supplies Expense 7,410 Fees Earned 746,900 Unearned Rent 13,000 Insurance Expense 3,400 Utilities Expense 26,150...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT