Question

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 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 $3,500 2,150 1,800 12,000 58,800 15,600 11,900 3,400 40,000 35,700 7,550 650 3,200 850 $98,550 $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

Answer 1

Solution:

Cash
Date	Explanation	Debit	Credit	Balance
May-31	Balance	$3,500		$3,500
Supplies
Date	Explanation	Debit	Credit	Balance
May-31	Balance	$2,150		$2,150
May-31	Adjusting (2150-800)		$1,350	$800

Prepaid Insurance
Date	Explanation	Debit	Credit	Balance
May-31	Balance	$1,800		$1,800
May-31	Adjusting (1800/12)		$150	$1,650
Land
Date	Explanation	Debit	Credit	Balance
May-31	Balance	$12,000		$12,000
Building
Date	Explanation	Debit	Credit	Balance
May-31	Balance	$58,800		$58,800

Accumulated Depreciation- Building
Date	Explanation	Debit	Credit	Balance
May-31	Adjusting		$2,940	$2,940

Equipment
Date	Explanation	Debit	Credit	Balance
May-31	Balance	$15,600		$15,600
Accumulated Depreciation- Equipment
Date	Explanation	Debit	Credit	Balance
May-31	Adjusting		$1,560	$1,560
Accounts payable
Date	Explanation	Debit	Credit	Balance
May-31	Balance		$11,900	$11,900
Unearned Rent Revenue
Date	Explanation	Debit	Credit	Balance
May-31	Balance		$3,400	$3,400
May-31	Adjusting (3400*2/3)	$2,267		$1,133
Salaries and wages payable
Date	Explanation	Debit	Credit	Balance
May-31	Adjusting		$700	$700

Interest Payable
Date	Explanation	Debit	Credit	Balance
May-31	Adjusting (40000*12%*1/12)		$400	$400
Mortgage payable
Date	Explanation	Debit	Credit	Balance
May-31	Balance		$40,000	$40,000
Common Stock
Date	Explanation	Debit	Credit	Balance
May-31	Balance		$35,700	$35,700
Rent revenue
Date	Explanation	Debit	Credit	Balance
May-31	Balance		$7,550	$7,550
May-31	Adjusting (3400*2/3)		$2,267	$9,817
Advertisement expense
Date	Explanation	Debit	Credit	Balance
May-31	Balance	$650		$650
Depreciation expense
Date	Explanation	Debit	Credit	Balance
May-31	Adjusting	$4,500		$4,500
Supplies expense
Date	Explanation	Debit	Credit	Balance
May-31	Adjusting (2150-800)	$1,350		$1,350
Interest expense
Date	Explanation	Debit	Credit	Balance
May-31	Adjusting (40000*12%*1/12)	$400		$400
Insurance expense
Date	Explanation	Debit	Credit	Balance
May-31	Adjusting	$150		$150
Salaries and wages expense
Date	Explanation	Debit	Credit	Balance
May-31	Balance	$3,200		$3,200
May-31	Adjusting	$700		$3,900
Utilities expense
Date	Explanation	Debit	Credit	Balance
May-31	Balance	$850		$850