Question
Stine Inc. Trial Balance as at 31 December 2017 Account Title Debit Credit $ $ Share...
|
Stine Inc. |
||
|
Trial Balance as at 31 December 2017 |
||
|
Account Title |
Debit |
Credit |
|
$ |
$ |
|
|
Share Capital |
2,000,000 |
|
|
Plant, property and equipment (net) |
1,800,000 |
|
|
Accumulated depreciation - Equipment |
50,000 |
|
|
Inventory |
800,000 |
|
|
Provision for bad debts |
300,000 |
|
|
Trade creditors |
65,000 |
|
|
Trade debtors |
600,000 |
|
|
Retained profits at 1 January 2017 |
535,000 |
|
|
Revaluation surplus at 1 January 2017 |
200,000 |
|
|
Cash |
800,000 |
|
|
Sales |
2,000,000 |
|
|
Cost of sales |
600,000 |
|
|
Other operating expenses |
50,000 |
|
|
Tax expense |
300,000 |
|
|
Wages expense |
200,000 |
|
|
Total |
5,150,000 |
5,150,000 |
The following transaction about Stine Inc. during the year:
(i) On July 1 2017, an additional 300,000 shares were issued at $4 per share for cash.
(ii) On September 1 2017, One of Stine Inc.'s customer, who owes the company $200,000, went bankrupt.
(iii) On September 12 2017, Stine Inc. issued bonus shares, which was financed by capitalizing $ 200,000 retained profits.
(iv) On October 10 2017, The value of one equipment increased by $100,000
(v) Stine Inc. had not adjusted the bad debt provision or the year ended 2017
(vi) On December 30 2017, Stine Inc. received a $500,000 bill for audit fee from its auditor, which would be due on January 30, 2018
Prepare journal entries without narratives to record the above transaction (i) - (vi)
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