Trial Balance (please help me ASAP)
The trial balance for Cozy Fireplaces Inc. for December 31, 2020, follows:
| Debit balances | Credit balances | |||
| Cash | $ 88,300 | |||
| Accounts receivable | 38,100 | |||
| Inventory | 94,900 | |||
| Supplies | 5,000 | |||
| Prepaid rent | 46,000 | |||
| Land | 80,000 | |||
| Building | 151,000 | |||
| Accumulated depreciation, building | $19,635 | |||
| Accounts payable | 21,400 | |||
| Wages payable | 0 | |||
| Interest payable | 0 | |||
| Income tax payable | 0 | |||
| Unearned revenue | 12,500 | |||
| Bank loan payable | 40,000 | |||
| Common shares | 149,000 | |||
| Retained earnings | 13,565 | |||
| Sales revenue | 844,000 | |||
| Cost of goods sold | 482,700 | |||
| Wages expense | 94,300 | |||
| Rent expense | 0 | |||
| Supplies expense | 0 | |||
| Depreciation expense | 0 | |||
| Interest expense | 0 | |||
| Miscellaneous expenses | 13,800 | |||
| Income tax expense | 0 | |||
| Dividends declared | 6,000 | |||
| Totals | $1,100,100 | $1,100,100 |
Additional information for adjusting entries:
| 1. | The deposits from customers were for future deliveries. As at December 31, three-quarters of these goods had been delivered. |
| 2. | There is $2,000 in wages owed at year end. |
| 3. | Rent is paid in advance on the last day of each month. There was a balance of $3,000 in the Prepaid Rent account on January 1, 2020. At the end of January, $3,000 was paid for the February rent and was debited to the Prepaid Rent account. All the rent payments during the year were treated the same way. The rent for July to December increased to $4,000 per month. (Hint: Determine the amount of rent expense for 2020, as well as the correct amount that has been prepaid for 2021, and make an adjustment that will bring both these accounts to the correct balances.) |
| 4. | A count of the supplies at year end revealed that $600 of supplies were still on hand. |
| 5. | The building is being depreciated over 20 years with a residual value of $20,100. |
| 6. | The bank loan was taken out on April 1, 2020. The first interest payment is due on April 1, 2021. The interest rate is 9%. |
| 7. | Income tax for the year should be calculated using a tax rate of 30%. (Hint: After you finish the other adjusting entries, you will have to determine the income before income tax and then calculate the tax as 30% of this amount.) |
Prepare the adjusting entries for the year 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
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The trial balance for Cozy Fireplaces Inc. for December 31, 2020, follows: Credit balances Debit balances...
The trial balance for Cozy Fireplaces Inc. for December 31, 2020, follows: Credit balances Debit balances $ 88,300 38,100 95,400 5,000 46,700 79,800 151,000 $19,635 21,400 Cash Accounts receivable Inventory Supplies Prepaid rent Land Building Accumulated depreciation, building Accounts payable Wages payable Interest payable Income tax payable Unearned revenue Bank loan payable Common shares Retained earnings Sales revenue Cost of goods sold Wages expense Rent expense Supplies expense Depreciation expense Interest expense Miscellaneous expenses Income tax expense Dividends declared 12,500...
Need this to be solved asap thanks. The trial balance for Cozy Fireplaces Inc. for December...
Need this to be solved asap thanks.
The trial balance for Cozy Fireplaces Inc. for December 31, 2020, follows: Credit balances Cash Debit balances $ 89,700 38,300 95,200 5,100 46,600 79,600 150,000 $19,500 21,600 Accounts receivable Inventory Supplies Prepaid rent Land Building Accumulated depreciation, building Accounts payable Wages payable Interest payable Income tax payable Unearned revenue Bank loan payable Common shares Retained earnings Sales revenue Cost of goods sold Wages expense Rent expense Supplies expense Depreciation expense Interest expense Miscellaneous...
please help me with parts 3,4,5 Following is the November 30, 2020 unadjusted trial balance of...
please help me with parts 3,4,5
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North Star prepared the following unadjusted trial balance at the end of its second year of...
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Please use the correct accounts List of Accounts : Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated...
Please use the correct accounts
List of Accounts :
Accounts Payable
Accounts Receivable
Accumulated Depreciation-Buildings
Accumulated Depreciation-Equipment
Accumulated Depreciation-Trucks
Accumulated Depreciation-Vehicles
Advertising Expense
Buildings
Cash
Common Shares
Cost of Goods Sold
Depreciation Expense
Dividends Payable
Equipment
Income Tax Payable
Interest Expense
Interest Payable
Inventory
Land
Miscellaneous Expense
Notes Payable
Operating Expense
Other Expenses
Prepaid Insurance
Prepaid Rent
Rent Expense
Rent Revenue
Retained Earnings
Selling and Administrative Expenses
Supplies Expense
Wages Payable
Wages Expense
Advances to Employees
Bank Loan Payable
Deposits...
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I wanna know how to fill these blanks. Thank You! A partial trial balance of Windsor...
I wanna know how to fill these blanks. Thank You!
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The trial balance for Cozy Fireplaces Inc. for December 31, 2020, follows: Credit balances Debit balances $ 88,300 38,100 95,400 5,000 46,700 79,800 151,000 $19,635 21,400 Cash Accounts receivable Inventory Supplies Prepaid rent Land Building Accumulated depreciation, building Accounts payable Wages payable Interest payable Income tax payable Unearned revenue Bank loan payable Common shares Retained earnings Sales revenue Cost of goods sold Wages expense Rent expense Supplies expense Depreciation expense Interest expense Miscellaneous expenses Income tax expense Dividends declared 12,500...
Need this to be solved asap thanks.
The trial balance for Cozy Fireplaces Inc. for December 31, 2020, follows: Credit balances Cash Debit balances $ 89,700 38,300 95,200 5,100 46,600 79,600 150,000 $19,500 21,600 Accounts receivable Inventory Supplies Prepaid rent Land Building Accumulated depreciation, building Accounts payable Wages payable Interest payable Income tax payable Unearned revenue Bank loan payable Common shares Retained earnings Sales revenue Cost of goods sold Wages expense Rent expense Supplies expense Depreciation expense Interest expense Miscellaneous...
please help me with parts 3,4,5
Following is the November 30, 2020 unadjusted trial balance of Zenith Delivery Company, Inc. The account balances represent the results of entries recorded during the first 11 months of 2020. There have been no stock transactions during the year. Zenith Delivery Company, Inc. Unadjusted Trial Balance November 30, 2020 ACCT# DEBITS CREDITS $ 69.660 4.600 730 1.200 6,500 295,000 $ 115,000 1,300 0 0 1.600 128.000 20,000 42.000 Cash Accounts Receivable Office Supplies Prepaid...
AP3-6A (Preparing journal entries and adjusting entries) Chapati Company started business on January 1, 2020. Some of the events that occurred in its first year of operations follow: Transactions 1. An insurance policy was purchased on February 28 for $1,800. The insurance policy was for one year of coverage that began on March 1 2020. 2. During the year, inventory costing $140,000 was purchased, all on account. 3. Sales to customers totalled $200,000. Of these, $40,000 were cash sales. 4....
AP3-1 (Juni posting preparing statement of Woumalizia, posting, preparing statemente income and statement of financial position, and preparing closing entries) Perfect Pizza had the following count balances December 31, 2019 Cash 533,000 Vies 80,000 Accounts Receivable 15,000 Accumulated Depreciation Vehicles 36,000 Inventory 10,000 Accounts Payable 7.000 Prepad Rest 3,000 Wages Payable 2,000 Equipment 60,000 Common Shares 110,000 Accumulated Depreciation Equipement 30,000 Retained Earnings 16,000 During 2020, the following transactions occurred: 1. Purchases of ingredients and supplies inventory) were $230,000, all...
Please use the correct accounts
List of Accounts :
Accounts Payable
Accounts Receivable
Accumulated Depreciation-Buildings
Accumulated Depreciation-Equipment
Accumulated Depreciation-Trucks
Accumulated Depreciation-Vehicles
Advertising Expense
Buildings
Cash
Common Shares
Cost of Goods Sold
Depreciation Expense
Dividends Payable
Equipment
Income Tax Payable
Interest Expense
Interest Payable
Inventory
Land
Miscellaneous Expense
Notes Payable
Operating Expense
Other Expenses
Prepaid Insurance
Prepaid Rent
Rent Expense
Rent Revenue
Retained Earnings
Selling and Administrative Expenses
Supplies Expense
Wages Payable
Wages Expense
Advances to Employees
Bank Loan Payable
Deposits...
Question 27 A partial trial balance of Skysong Corporation is as follows on December 31, 2018, Dr. Cr. $2.500 $1,500 Supplies Salaries and wages payable Interest Receivable Prepaid Insurance Unearned Rent Interest Payable 5,400 90,500 13,900 Additional adjusting data: 1. A physical count of supplies on hand on December 31, 2018, totaled $1,000. 2. Through oversight, the Salaries and Wages Payable account was not changed during 2018. Accrued salaries and wages on December 31, 2018, amounted to $4,000. 3. The...
I wanna know how to fill these blanks. Thank You!
A partial trial balance of Windsor Corporation is as follows on December 31, 2021. Dr. Cr. $2,500 $1,300 Supplies Salaries and wages payable Interest Receivable Prepaid Insurance Unearned Rent Interest Payable 5,500 85.800 0 13,700 Additional adjusting data: 1. 2. 3. 4. A physical count of supplies on hand on December 31, 2021, totaled $1,200. Through oversight, the Salaries and Wages Payable account was not changed during 2021. Accrued salaries...
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