Laboy Tayo Travel and Tours have following ledger balances on December 31, 20X3:
Laboy Tayo Travel and Tours have following ledger balances on December 31, 20X3:
Account Titles
| Balances |
Accounts payable | 300,000 |
Accounts receivable | 100,000 |
Accumulated depreciation- Building | 600,000 |
Accumulated depreciation—Equipment | 200,000 |
Advertising expense | 35,000 |
Allowance for had bad debts | 20,000 |
Bad debts expense | 10,000 |
Building | 2,000,000 |
Cash | 280,000 |
Depreciation expense | 100,00 |
Equipment | 1,800,000 |
Land | 1,000,00 |
Miscellaneous expense | 2,000 |
Owner's capital | 2,000,000 |
Owner's drawings | 40,000 |
Prepaid supplies | 20,000 |
Salaries expense | 630,000 |
Salaries payable | 60,000 |
Service fees | 3,000,000 |
Supplies expense | 30,000 |
Taxes and licenses | 60,000 |
Transportation and travel expenses | 70,000 |
Utilities expense | 23,000 |
Utilities payable | 20,000 |
Requirement: Prepare the unadjusted trial balance.
Homework Answers
Solution
P. Total Rent revenue for 15 months is $ 60000
Rent for 12 months is $ 48000(60000*12/15)
Rent for 3 months is $ 12000(60000*3/15)
Journal Entries:-
Rent Revenue A/c Dr. 12000
To Accrued Rent A/c 12000
Q. Shipping and installation costs were wrongly included in the miscellaneous selling expense, hence excluding and capitalizing the leasehold improvements.
Total Value of Leasehold improvements is $ 180000 + S 2815 = $ 182,815.
Rate of Depreciation is 100%/15 Years *2 = 13.33% (Czar Uses double declining method for depreciation). Amount of depreciation is 182815*13.33% = $ 24,442
Journal Entries:-
Leasehold Improvement A/c Dr. 2815
To miscellaneous selling expense A/c 2815
Depreciation A/c Dr. 24442
To Leasehold Improvement A/c 24442
R. Value of Merchandise inventory as December 31, 2018
Inventory Balance as per Trail Balance $ 340000
Less: Cost of marketing games that belonged to Pellston Inc. - $ 10000
$ 330000
Less: Cost of Inventory in Transit -$ 5600
Value of inventory $ 324400
Journal Entries:-
Pellston Inc A/c Dr. 10000
To Merchandise inventory A/c 10000
Stock in Transit A/c Dr. 5600
To Merchandise inventory A/c 5600
Add Answer to:
Laboy Tayo Travel and Tours have following ledger balances on December 31, 20X3:
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