Question

Consider the following information from a company's unadjusted trial balance at December 31, 2018. All accounts...

  1. Consider the following information from a company's unadjusted trial balance at December 31, 2018. All accounts have normal balances.

Accounts Receivable

$

7,500

Accounts Payable

650

Cash

3,700

Service Revenue

14,500

Common Stock, $2 par, 10,000 authorized

2,000

Common Stock, add’l pd in capital

7,000

Equipment, at cost

12,900

Accumulated depreciation

2,300

Depreciation Expense

700

Land

5,800

Notes Payable, Due 2021

8,000

Investment Securities

1,200

Prepaid Rent

1,400

Rent Expense

2,400

Retained Earnings, January 1, 2018

5,850

Salaries and Wages Expense

7,700

Unearned revenue

3,000

At year-end, the company accountant realizes that the following transactions have to be recorded:

  • November 5, purchase 100 shares for the Treasury at a cost of $7 per share
  • Perform half of the work customers paid for in advance
  • Dec 1, Issue 1,200 shares of common stock at issue price of $10 per share
  • Dec 31, declare and pay a dividend to common stock outstanding of $.50 per share
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Solution:

Note: In this question, all details are not mentioned. Hence above trial balance does not match.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
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,...
The following is the Bravo Unlimited unadjusted Trial Balance. Bravo Unlimited Unadjusted Trial Balance December 31,...
The following is the Bravo Unlimited unadjusted Trial Balance. Bravo Unlimited Unadjusted Trial Balance December 31, 2016 Account Title Debit Credit Cash $88,450 Accounts Receivable 331,860 Supplies 7,255 Prepaid Rent 16,000 Equipment 295,285 Accumulated Depreciation $224,260 Accounts Payable 78,555 Wages Payable 0   Capital Stock 220,000 Retained Earnings 111,145 Service Revenue 893,105 Interest Income 1,500 Rent Expense 60,500 Wages Expense 527,260 Supplies Expense 42,520   Utilities Expense 8,595 Depreciation Expense 144,000   Interest Expense 6,840 ________      Totals $1,528,565 $1,528,565 Adjusting Items: 1....
LM Company's December 31, 2020 unadjusted trial balance reported the following accounts: Accounts Payable ............ $37,000...
LM Company's December 31, 2020 unadjusted trial balance reported the following accounts: Accounts Payable ............ $37,000 Accounts Receivable ......... $61,000 Accumulated Depreciation .... $33,000 Cash ........................ $20,000 Common Stock ................ $54,000 Cost of Goods Sold .......... $47,000 Equipment ................... $71,000 Income Tax Expense .......... $12,000 Interest Expense ............ $16,000 Inventory ................... $70,000 Investment Revenue .......... $56,000 Mortgage Payable ............ $40,000 Prepaid Insurance ........... $26,000 Retained Earnings ........... $42,000 (at January 1, 2020) Sales Revenue ............... $95,000 Trademark ................... $22,000 Unearned...
The adjusted trial balance for China Tea Company at December 31, 2018, is presented below: Debit...
The adjusted trial balance for China Tea Company at December 31, 2018, is presented below: Debit Credit Cash 10,500 Accounts receivable 150,000 Prepaid rent 5,000 Inventory 25,000 Equipment 300,000 Accumulated depreciation - equipment 125,000 Accounts payable 30,000 Notes payable - due in three months 30,000 Salaries payable 4,000 Interest payable 1,000 Common stock 200,000 Retained earnings 50,000 Sales revenue 400,000 Costs of goods sold 180,000 Salaries expense 120,000 Rent expense 15,000 Depreciation expense 30,000 Interest expense 2,000 Advertising expense 2,500...
The adjusted trial balance for China Tea Company at December 31, 2018, is presented below: Debit...
The adjusted trial balance for China Tea Company at December 31, 2018, is presented below: Debit Credit Cash 10,500 Accounts receivable 150,000 Prepaid rent 5,000 Inventory 25,000 Equipment 300,000 Accumulated depreciation - equipment 125,000 Accounts payable 30,000 Notes payable - due in three months 30,000 Salaries payable 4,000 Interest payable 1,000 Common stock 200,000 Retained earnings 50,000 Sales revenue 400,000 Costs of goods sold 180,000 Salaries expense 120,000 Rent expense 15,000 Depreciation expense 30,000 Interest expense 2,000 Advertising expense 2,500...
The following is the Bravo Unlimited unadjusted Trial Balance. Bravo Unlimited Unadjusted Trial Balance December 31,...
The following is the Bravo Unlimited unadjusted Trial Balance. Bravo Unlimited Unadjusted Trial Balance December 31, 2016 Account Title Debit Credit Cash $88,450 Accounts Receivable 231,860 Supplies 6,255 Prepaid Rent 11,000 Equipment 395,285 Accumulated Depreciation $224,260 Accounts Payable 72,555 Wages Payable 0   Capital Stock 220,000 Retained Earnings 111,145 Service Revenue 893,105 Interest Income 1,500 Rent Expense 60,500 Wages Expense 527,260 Supplies Expense 42,520   Utilities Expense 8,595 Depreciation Expense 144,000   Interest Expense 6,840 _______      Totals $1,522,565 $1,522,565 Adjusting Items: 1....
4 Zelda’s Zipper Company has the following Adjusted Trial Balance on Dec 31, 2018 (Partial, NOT...
4 Zelda’s Zipper Company has the following Adjusted Trial Balance on Dec 31, 2018 (Partial, NOT all accounts are included): 5 DEBIT CREDIT Sales Revenue $875,000 Accounts Receivable $150,000 Supplies $22,400 Prepaid Rent $6,500 Accumulated Depreciation $25,000 Accounts Payable $225,000 Zelda’s Capital $950,000 Unearned Revenue $175,000 Salary Payable $54,500 Rent Expense $99,000 Salary Expense $125,000 Insurance Expense $130,450 Supplies Expense $10,000 Depreciation Expense $12,500 Zelda’s Drawing $12,300 Required: 1. Record the CLOSING ENTRIES in the Journal (Use either Zelda’s Capital...
The adjusted Trial balance of GaLochka Co as of December 31, 2018, is presented below. GaLochka...
The adjusted Trial balance of GaLochka Co as of December 31, 2018, is presented below. GaLochka Co Adjusted Trial Balance December 31, 2018 Cash 37,944 Accounts Receivable 13,840 Prepaid Rent 4,560 Equipment 36,100 Accumulated Depreciation – Equipment 9,790 Notes Payable 11,400 Accounts Payable 8,944 Interest Payable 166 Share Capital – Ordinary 40,000 Retained Earnings 22,620 Dividends 6,000 Service Revenue 25,180 Salaries and Wages Expense 13,680 Rent Expense 5,520 Depreciation Expense 290 Interest Expense 166 TOTAL 118,100 118,100 Instructions: 1. Prepare...
The adjusted trial balance for China Tea Company at December 31, 2018, is presented below: Debit...
The adjusted trial balance for China Tea Company at December 31, 2018, is presented below: Debit Credit Cash 12,400 Accounts receivable 169,000 Prepaid rent 6,900 Inventory 44,000 Equipment 490,000 Accumulated depreciation - equipment 144,000 Accounts payable 49,000 Notes payable - due in three months 49,000 Salaries payable 5,900 Interest payable 2,900 Common stock 295,000 Retained earnings 91,800 Sales revenue 590,000 Costs of goods sold 275,000 Salaries expense 139,000 Rent expense 34,000 Depreciation expense 49,000 Interest expense 3,900 Advertising expense 4,400...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT