Question

The following beginning balances are given for ATB Company at 01.01.2020. Account Name Amount (TL) Cash...

The following beginning balances are given for ATB Company at 01.01.2020.

Account Name

Amount (TL)

Cash

83.600

Banks

19.000

Checks

43.000

Accounts Receivable

56.000

Notes Receivable

67.400

Allowance for Uncollectible Accounts

16.000

Inventory

750.000

Prepaid Expenses - Rent

50.400

Accounts Payable

135.000

Notes Payable

152.600

Dividends

26.000

Tax payable

71.800

Bank Loan

228.000

Bonds Issued

230.000

Buildings

675.000

Furniture and fixture

250.000

Accumulated Depreciation - Buildings

30.000

Capital Stock

537.000

Unearned Revenue

110.000

Retained Earnings

510.000

  1. Prepare the adjusted trial balance at 31.01.2020.
  2. Journalize the closing entries and make the necessary updates in the T-accounts.                  

Homework Answers

Answer #1
ATB COMPANY
TRIAL BALANCE
AS ON 31.01.2020
AMT. TL
ACCOUNTS NAME DEBIT CREDIT
CASH 83.600
BANKS 19.000
CHECKS 43.000
ACCOUNTS RECEIVABLES 56.000
NOTES RECEIVABLES 67.400
ALLOWANCE FOR BAD DEBT 16.000
INVENTORY 750.000
PREPAID EXPENSES-RENT 50.400
ACCOUNTS PAYABLE 135.000
NOTES PAYABLE 152.600
DIVIDENDS 26.000
TAX PAYABLE 71.800
BANK LOAN 228.000
BONDS ISSUED 230.000
BUILDINGS 675.000
FURNITURE & FIXTURE 250.000
ACCUMULATED DEP.-BUILDING 30.000
CAPITAL STOCK 537.000
UNEARNED REVENUE 110.000
RETAINED EARNINGS 510.000
TOTAL 2020.400 2020.400
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