Assume Jester Entertainment Company started operations on January 1, 2017. Jester had the following trial balance at December 31, 2017 after financial statements had been prepared.
Assume Jester Entertainment Company started operations on January 1, 2017. Jester had the following trial balance at December 31, 2017 after financial statements had been prepared.
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Assume Jester Entertainment Company started operations on January 1, 2017. Jester had the following trial balance at December 31, 2017 after financial statements had been prepared.
After the accountant of Samaras Co. had prepared the financial statements for the year ended 31...
After the accountant of Samaras Co. had prepared the financial statements for the year ended 31 January 2017, the following errors came to light: 1) A motor van purchased at a cost of $12,000, with accumulated depreciation at the beginning of the year of $4,000, had been depreciated at 20% using the reducing balance method rather than the straight-line method of depreciation. 2) The payment of $1,500 for a trade payable had been treated as a cash purchase. 3) Withdrawals...
The following trial balance was prepared for Tile, Etc., Inc. on December 31, 2017, after the...
The following trial balance was prepared for Tile, Etc., Inc. on December 31, 2017, after the closing entries were posted: Account Title Cash $ 160,000 Accounts receivable 135,000 Allowance for doubtful accounts $ 23,000 Inventory 445,000 Accounts payable 105,000 Common stock 500,000 Retained earnings 112,000 Tile, Etc. had the following transactions in 2018: Purchased merchandise on account for $630,000. Sold merchandise that cost $470,000 for $990,000 on account. Sold for $295,000 cash merchandise that had cost $180,000. Sold merchandise for...
The following trial balance was prepared for Tile, Etc., Inc. on December 31, 2017, after the...
The following trial balance was prepared for Tile, Etc., Inc. on December 31, 2017, after the closing entries were posted: Account Title Cash $ 110,000 Accounts receivable 125,000 Allowance for doubtful accounts $ 18,000 Inventory 425,000 Accounts payable 95,000 Common stock 450,000 Retained earnings 97,000 Tile, Etc. had the following transactions in 2018: Purchased merchandise on account for $580,000. Sold merchandise that cost $420,000 for $890,000 on account. Sold for $245,000 cash merchandise that had cost $160,000. Sold merchandise for...
The following trial balance was prepared for Tile, Etc., Inc. on December 31, 2017, after the...
The following trial balance was prepared for Tile, Etc., Inc. on December 31, 2017, after the closing entries were posted: Account Title Cash $ 160,000 Accounts receivable 135,000 Allowance for doubtful accounts $ 23,000 Inventory 445,000 Accounts payable 105,000 Common stock 500,000 Retained earnings 112,000 Tile, Etc. had the following transactions in 2018: Purchased merchandise on account for $630,000. Sold merchandise that cost $470,000 for $990,000 on account. Sold for $295,000 cash merchandise that had cost $180,000. Sold merchandise for...
Randall's Service Company began operations on January 1, 2019. The following Trial Balance was prepared on...
Randall's Service Company began operations on January 1, 2019. The following Trial Balance was prepared on December 31, 2019. Capital contributions during the year were $54,000. Randall's Service Company Trial Balance December 31, 2019 Account Title Debit Credit Cash $25,400 Accounts Receivable 5,000 Prepaid Rent 1,200 Office Supplies 3,400 Land 45,000 Building 16,500 Equipment 23,000 Accounts Payable $15,000 Unearned Revenue 5,000 Notes Payable 25,000 Common Stock 54,000 Dividends 6,300 Service Revenue 83,100 Salaries Expense 34,000 Rent Expense 15,000 Office Expense...
Donaldson's Delivery Company began operations on January 1, 2019. The following Trial Balance was prepared on...
Donaldson's Delivery Company began operations on January 1, 2019. The following Trial Balance was prepared on December 31, 2019. Donaldson's Delivery Service Company Trial Balance December 31, 2019 Credit Account Title Cash Accounts Receivable Prepaid Rent Debit $15,500 8,000 2.400 1,400 25,000 32,000 23,000 Office Supplies Land Building Equipment Accounts Payable Unearned Revenue Notes Payable Common Stock Dividends $10,400 2,500 20,000 55,000 6,200 55,000 6,200 82,400 Common Stock Dividends Service Revenue Salaries Expense Rent Expense Truck Expense Office Expense Total...
Donaldson's Delivery Company began operations on January 1, 2019. The following Trial Balance was prepared on...
Donaldson's Delivery Company began operations on January 1, 2019. The following Trial Balance was prepared on December 31, 2019. Donaldson's Delivery Service Company Trial Balance December 31, 2019 Account Title Credit Cash Accounts Receivable Prepaid Rent Office Supplies Land Debit $15,500 8,000 2,400 1,400 25,000 32,000 23,000 Building Equipment Accounts Payable Unearned Revenue Notes Payable Common Stock Dividends Service Revenue Salaries Expense Rent Expense $10,400 2,500 20,000 59.000 6,800 78,400 34,000 15,000 20,000 59,000 6,800 78,400 Notes Payable Common Stock...
Mason Advertising was founded in January 2013, Presented below are adjusted and unadjusted trial balances as of December 31, 2017 .
P3-2 (L03,4) EXCEL (Adjusting Entries and Financial Statements) Mason Advertising was founded in January 2013, Presented below are adjusted and unadjusted trial balances as of December 31, 2017 .Instructions (a) Journalize the annual adjusting entries that were made. (Omit explanations.) (b) Prepare an income statement and a statement of retained earnings for the year ending December 31, 2017, and an unclassified balance sheet at December 31.(c) Answer the following questions. (1) If the note has been outstanding 3 months, what is the annual interest...
1. You have been assigned to examine the financial statements of Jackson Inc. for the year ended December 31, 2019. You...
1. You have been assigned to examine the financial statements of Jackson Inc. for the year ended December 31, 2019. You discover the following situations in February 2020. Jackson Inc. has not accrued salaries payable at the end of each of the last 3 years, as follows. Salaries are expensed when paid. December 2017 $5,500 December 2018 $7,800 December 2019 $0 2) The physical inventory count has been incorrectly counted resulted in the following errors. December 2017 Overstated $20,000...
An adjusted trial balance A) Is prepared after the financial statements are completed B) Proves the...
An adjusted trial balance A) Is prepared after the financial statements are completed B) Proves the equality of the total debit balances and total credit balances of ledger accounts after all adjustments have been made. C) is a required financial statement under generally accepted accounting principles. D) cannot be used to prepare financial statements.
Donaldson's Delivery Company began operations on January 1, 2019. The following Trial Balance was prepared on December 31, 2019. Donaldson's Delivery Service Company Trial Balance December 31, 2019 Credit Account Title Cash Accounts Receivable Prepaid Rent Debit $15,500 8,000 2.400 1,400 25,000 32,000 23,000 Office Supplies Land Building Equipment Accounts Payable Unearned Revenue Notes Payable Common Stock Dividends $10,400 2,500 20,000 55,000 6,200 55,000 6,200 82,400 Common Stock Dividends Service Revenue Salaries Expense Rent Expense Truck Expense Office Expense Total...
Donaldson's Delivery Company began operations on January 1, 2019. The following Trial Balance was prepared on December 31, 2019. Donaldson's Delivery Service Company Trial Balance December 31, 2019 Account Title Credit Cash Accounts Receivable Prepaid Rent Office Supplies Land Debit $15,500 8,000 2,400 1,400 25,000 32,000 23,000 Building Equipment Accounts Payable Unearned Revenue Notes Payable Common Stock Dividends Service Revenue Salaries Expense Rent Expense $10,400 2,500 20,000 59.000 6,800 78,400 34,000 15,000 20,000 59,000 6,800 78,400 Notes Payable Common Stock...
P3-2 (L03,4) EXCEL (Adjusting Entries and Financial Statements) Mason Advertising was founded in January 2013, Presented below are adjusted and unadjusted trial balances as of December 31, 2017 .Instructions (a) Journalize the annual adjusting entries that were made. (Omit explanations.) (b) Prepare an income statement and a statement of retained earnings for the year ending December 31, 2017, and an unclassified balance sheet at December 31.(c) Answer the following questions. (1) If the note has been outstanding 3 months, what is the annual interest...
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