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Problem 3-2A (Part Level Submission) The Concord Corporation opened for business on May 1, 2019. Its trial balance before adjustment on May 31 is as follows Concord Corporation Trial Balance May 31, 2019 Debit Account Number 101 126 130 140 141 149 201 208 275 311 429 610 726 732 Credit 3,500 2,150 1,800 12,000 58,800 15,600 Cash Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Rent Revenue Advertising Expense Salaries and Wages Expense Utilities Expense 11,900 3,400 40,000 35,700 7,550 650 3,200 850 $98,550S9R Ss $98,550 In addition to those accounts listed on the trial balance, the chart of accounts for Concord Corporation also contains the following accounts and account numbers: No. 142 Accumulated Depreciation-Buildings, No. 150 Accumulated Depreciation-Equipment, No. 212 Salaries and Wages Payable, No. 230 Interest Payable, No. 619 Depreclation Expense, No. 631 Supplies Expense, No. 718 Interest Expense, and NoIn addition to those accounts listed on the trial balance, the chart of accounts for Concord Corporation also contains the following accounts and account numbers: No. 142 Accumulated Depreciation-Buildings, No. 150 Accumulated Depreciation-Equipment, No. 212 Salaries and Wages Payable, No. 230 Interest Payable, No. 619 Depreciation Expense, No. 631 Supplies Expense, No. 718 Interest Expense, and No. 722 Insurance Expense. Other data: 1. 2. Prepaid insurance is a 1-year policy starting May 1, 2019. A count of supplies shows $800 of unused supplies on May 31. Annual depreciation is $2,940 on the buildings and $1,560 on equipment. The mortgage interest rate is 12%. (The mortgage was taken out on May 1.) 3. 4, 5. Two-thirds of the unearned rent revenue has been earned 6. Salaries of $700 are accrued and unpaid at May 31.No. Date Account Titles and Explanation Credit 1. May 31 Insurance Expense 150 Prepaid Insurance 150 2. May 31 Supplies Expense 1350 Supplies 1350 3. May 31 Depreciation Expense 375 Accumulated Depreclation-Buildings 245 Accumulated Depreclation-Equipment 130 4. May 31Interest Expense 400 Interest Payable 5. May 31 Unearned Rent Revenue 2267 Rent Revenue 2267 6. May 31 Salaries and Wages Expense 700 Salaries and Wages PayableYour answer is correct. Prepare a ledger using the three-column form of account. Enter the trial balance amounts into the balance column and then post the adjusting entries. (Post entries in the order of journal entries posted in the previous part of the question. Round answers to o decimal places, e.g. 5,275.) Cash No. 101 Date Explanation Ref Debit Credit Balance May 31 Balance 3500 Supplies No. 126 Date Explanation Ref Debit Credit Balance May 31 May 31 Prepaid Insurance Balance 2150 Adjusting J1 1350 800 No. 130 Date Explanation Ref Debit Credit Balance May 31 May 31 Land Balance 1800 1650 No. 140 Adjusting J1 150 Date Explanation Ref Debit Credit Balance May 31 Balance 12000 Buildings No. 141Buildings No. 141 Date Explanation Ref Debit Credit Balance May 31 Balance 58800 ings No. 142 Date Explanation Ref Debit Credit Balance May 31 Adjusting J1 245 245 Equipment No. 149 Date Explanation Ref Debit Credit Balance May 31 Balance 15600 ccumulated No. 150 Date Explanation Ref Debit Credit Balance May 31 Adjusting J1 130 130 Accounts Payable No. 201 Date Explanation Ref Debit Credit Balance May 31 Balance 11900 Unearned Rent Revenue No. 208 Date Explanation Ref Debit Credit Balance May 31 Balance 3400 May 31 Adjusting J1 2267 1133Salaries and Wages Payable No. 212 Date Explanation Ref Debit Credit Balance May 31 Adjusting J1 700 700 Interest Payable No. 230 Date Explanation Ref Debit Credit Balance May 31 Adjusting J1 400 400 Mortgage Payable No. 275 Date Explanation Ref Debit Credit Balance May 31 Balance 40000 Common Stock No. 311 Date Explanation Ref Debit Credit Balance May 31 Balance 35700 Rent Revenue No. 429 Date Explanation Ref Debit Credit Balance May 31 Balance 7550 May 31 Adjusting J1 2267 9817 No. 610 Date Explanation Ref Debit Credit Balance May 31 Balance 650No. 619 Date Explanation Ref Debit Credit Balance May 31 Adjusting J1 375 375 Supplies Expense No. 631 Date Explanation Ref Debit Credit Balance May 31 Adjusting J1 1350 1350 Interest Expense No. 718 Date Explanation Ref Debit Credit Balance May 31 Adjusting J1 400 400 Insurance Expense No. 722 Date Explanation Ref Debit Credit Balance May 31 Adjusting J1 150 150 Salaries and Wages Expense No. 726 Date Explanation Ref Debit Credit Balance May 31 May 31 Utilities Expense Balance 3200 Adjusting J1 700 3900 No. 732 Date Explanation Ref Debit Credit Balance May 31 Balance 850▼ (c) Prepare an adjusted trial balance on May 31. (Round answers to O decimal places, e.g. 5,275.) Concord Corporation Adjusted Trial Balance Debit CreditTotals

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Answer #1

The ledger accounts are as follows:

Cash Account DebitDate S3,500 Date Particulars Particulars Credit May-31 Balance S3,500 S3,500 May-31Balance c/d S3,500 Supplies Account Date May-31 Balance Particulars Debit Date S2,150 May-31 Supplies Expense Particulars Credit S1,350 May-31 Balance c/d 800 S2,150 S2,150 Prepaid Insurance Account Date Particulars DebitDate $1,800 May-31 Insurance Expense Particulars Credit S150 S1,650 $1,800 May-31 Balance May-31Balance c/d S1,800 Land Account Debit Date 12,000 Date Particulars Particulars Credit May-31 Balance May-31 Balance c/d 12,000 S12,000 12,000 Buildings Account Date Particulars Debit Date S58,800 Particulars Credit May-31 Balance May-31 Balance c/d S58,800 S58,800 S58,800Equipment Account Date Particulars Debit Date S15,600 Particulars Credit May-31 Balance May-31 Balance c/d S15,600 $15.600 S15.600 Advertisng Expense Account DebiDate Date Particulars Particulars Credit May-31 Balance S650 S650 S650 May-31Balance c/d S650 Salaries and Wages Expense Account Date May-31 Balance May-31 Salaries and wages payable Particulars Debit Date $3,200 Particulars Credit S700 May-31 Balance c/d $3,900 $3,900 $3,900 Utilities Expense Account DebiDate Date Particulars Particulars Credit May-31 Balance $850 May-31 Balance c/d S850 S850 S850 nsurance Expense Account DebitDate Date Particulars Particulars Credit May-31 Prepaid Insurance S150 S150 S150 May-31Balance c/d $150Supplies Expense Account Date Particulars DebitDate Particulars Credit May-31 Supplies S1,350 May-31 Balance c/d S1,350 S1,350 $1,350 Depreciaiton Expense Account DebitDate Date May-31 Accumulated May-31 Accumulated Particulars Particulars Credit $245 S130 May-31 Balance c/d $375 S375 S375 Interest Expense Account DebitDate Date Particulars Particulars Credit May-31 Interest Payable $400 May-31Balance c/d $400 S400 $400Accounts Pavable Account Date Particulars DebiDate Particulars Credit $11,900 May-31 Balance 11,900 S11,900 Balance c/d $11,900 Unearned Rent Revenue Account Date Particulars DebitDate S2,267 May-31 Balance S1,133 S3,400 Particulars Credit S3,400 May-31 Rent Revenue Balance c/d S3,400 Mortgage Payable Account Date Particulars DebitDate Particulars Credit $40,000 May-31 Balance S40,000 S40,000 Balance c/d S40,000 Common Stock Account DebitDate Date Particulars Particulars Credit S35,700 May-31 Balance Balance c/d S35,700 S35,700 S35,700 Rent Revenue Account Date Particulars DebiDate Particulars Credit $7,550 $2,267 $9,817 May-31 Balance Balance c/d S9.817 May-31 Unearned rent revenue $9,817Interest Pavable Account DebitDate Date Particulars Particulars Credit May-31 Interest Expense S400 $400 $400 Balance c/d 400 Salaries and Wages Payable Account DebiDate Date Particulars Particulars Credit May-31 Salaries and wages expense $700 Balance c/d S700 $700 S700 Accumualted Depreciation-building Account DebitDate Date Particulars Particulars Credit S245 May-31 Depreciaiton expense $245 S245 Balance cd S245 Accumualted Depreciation-equipment Account DebitDate Date Particulars Particulars Credit May-31 Depreciaiton expense S130 Balance c/d S130 S130 S130

The adjusted trial balance is as follows:

S. No Account Titles Debit Credit 1 Cash 2Supplies 3 Prepaid Insurance 4Land 5 Buildings 6 Equipment 7Advertising Expense S3,500 S800 $1,650 $12,000 $58,800 $15,600 S650 $3,900 S850 S150 $1,350 S375 $400 8 Salaries and Wages Expense 9 Utilities Expense 10 Insurance Expense 11 Supplies Expense 12 Depreciation Expense 13Interest Expense 14 Accounts Payable 15 Unearned Rent Revenue 16 Mortgage Payable 17 Common Stock 18 Rent Revenue 19 Interest Payable 20 Salaries and Wages Payable 21 Accumulated Depreciation-Buildings 22 Accumulated Depreciation-Equipment $11,900 $1,133 S40,000 $35,700 $9,817 S400 $700 $245 $130 S1,00,025 S1,00,025

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