Trial balance without adjustments
Billy Bob's Bikes | ||||
Trial Balance worksheet for the month of March | ||||
Account | Transactions | Unadjusted | ||
Debit | Credit | Debit | Credit | |
Cash | 960039 | 647186 | 312853 | |
Accounts Receivable | 234105 | 188550 | 45555 | |
Inventory | 124272 | 87133 | 37139 | |
Supplies | 2751 | 2751 | ||
Prepaid Insurance | 8274 | 8274 | ||
Land | 276543 | 276543 | ||
Building | 920640 | 920640 | ||
Acc. Depr - Building | ||||
Equipment | 348304 | 348304 | ||
Acc. Depr. - Equipment | ||||
Accounts Payable | 96250 | 113248 | 16998 | |
Salaries payable | 4444 | 4444 | 0 | |
Interest payable | ||||
Income Tax Payable | ||||
Long Term Loan | 1020000 | 1020000 | ||
Common Stock | 789789 | 789789 | ||
Dividends | 6666 | 6666 | ||
Sales | 234105 | 234105 | ||
Sales returns and allowances | 18300 | 18300 | ||
Cost of goods sold | 81033 | 6346 | 74687 | |
Freight out | 1489 | 1489 | ||
Salaries Expense | 4444 | 4444 | ||
Utilities Expense | 3247 | 3247 | ||
Supplies Expense | ||||
Insurance Expense | ||||
Interest Expense | ||||
Depreciation Expense | ||||
Income Tax Expense | ||||
Total | 3090801 | 3090801 | 2060892 | 2060892 |
Income Summary | 0 | |||
Grand Total | 3090801 | 3090801 | 2060892 | 2060892 |
Trial balance with adjustments
Billy Bob's Bikes | ||
Trial Balance worksheet for the month of March | ||
Account | Adjusted | |
Debit | Credit | |
Cash | 312853 | |
Accounts Receivable | 45555 | |
Inventory | 37139 | |
Supplies | 351 | |
Prepaid Insurance | 6895 | |
Land | 276543 | |
Building | 920640 | |
Acc. Depr - Building | 1918 | |
Equipment | 348304 | |
Acc. Depr. - Equipment | 4444 | |
Accounts Payable | 16998 | |
Salaries payable | 1577 | |
Interest payable | 6617 | |
Income Tax Payable | 36353 | |
Long Term Loan | 1020000 | |
Common Stock | 789789 | |
Dividends | 6666 | |
Sales | 234105 | |
Sales returns and allowances | 18300 | |
Cost of goods sold | 74687 | |
Freight out | 1489 | |
Salaries Expense | 6021 | |
Utilities Expense | 3247 | |
Supplies Expense | 2400 | |
Insurance Expense | 1379 | |
Interest Expense | 6617 | |
Depreciation Expense | 6362 | |
Income Tax Expense | 36353 | |
Total | 2111801 | 2111801 |
Income Summary | 0 | |
Grand Total | 2111801 | 2111801 |
Depreciation Expense | ||
Building: | ||
Cost | 920640 | |
Estimated Life - years | 40 | |
Annual Depreciation | 23016 | |
Depreciation per month | 1918 | |
Equipment | ||
Cost | 348304 | |
Salvage Value | 55000 | |
Depreciable Value | 293304 | |
Estimated Life - years | 5.5 | |
Annual Depreciation | 53328 | |
Depreciation per month | 4444 | |
Total Depreciation per month | 6362 | |
Interest Expense: | ||
First Loan | ||
Amount of loan | 720000 | |
Rate of interest | 9.22% | |
Annual interest | 66384 | |
monthly interest | 5532 | |
Second Loan | ||
Amount of loan | 300000 | |
Rate of interest | 8.68% | |
Annual interest | 26040 | |
monthly interest | 2170 | |
Interest for march | 1085 | |
Total interest | 6617 |
Trail balance one including adjustments and one without ra 1. March 1: Stockholder's invest $789,789 into...
Chapter 5 Hand-out Assignment Question 1 On October 1, Keiler Motorcycle Shop had an inventory of 20 dirt bikes at a cost of $ 1,150 each. During the month of October, the following transactions occurred: Oct. 3 Purchased 10 bikes at a cost of $ 1,150 each from Lyons Bike Company, terms n/30. 6 Sold 10 bikes for $1,500 each, terms n/30. 6 The appropriate company paid freight of $ 250 on the October 6 sale was FOB shipping point....
Question 1: Draft a balance sheet as at 31 March 2006 for the following: 2006 March 1 Started business with $800 in the bank March 2 Bought goods on credit $156 5 Cash sales $87 6 Sold goods on credit to H Elliot $35 9 Bought goods for cash $46 10 Bought goods on credit from MHyatt $57 15 Bought shop fixtures on credit from Betta Bhd $50 17 Paid MHyatt by cheque $84 18 We returned goods to T...
5-2B
Aelsh regerding the March 2 sale. Collectec 16 7 Paid for the March 4 purchas ho a Pald for the March 10 purchsce Collected the balance owing ery erng he ssie of March 6. 31 Part 2 Based on the information provided above, caiculate (a) net ss, (b) cost of goods sold, and (c) gross profit for de month ended March 31, 2020, Problem 5-2B Journal entries for merchandising ectivities--perpetual LO3 Prepare general journal entries to record the following...
Marigold's Miniature Golf and Driving Range Inc. was opened on March 1 by Bob Dean. These selected events and transactions occurred during March. Mar. 1 Stockholders invested $55,000 cash in the business in exchange for common stock of the corporation 3 Purchased Snead's Golf Land for $40,400 cash. The price consists of land $22.400, building $9.170, and equipment $8,830. (Record this in a single entry) 5 Advertised the opening of the driving range and miniature golf course, paying advertising expenses...
Monty’s Miniature Golf and Driving Range Inc. was opened on March 1 by Bob Dean. These selected events and transactions occurred during March. Mar. 1 Stockholders invested $61,000 cash in the business in exchange for common stock of the corporation. 3 Purchased Snead’s Golf Land for $40,400 cash. The price consists of land $24,800, building $8,390, and equipment $7,210. (Record this in a single entry.) 5 Advertised the opening of the driving range and miniature golf course, paying advertising expenses...
Indigo's Miniature Golf and Driving Range Inc. was opened on March 1 by Bob Dean. These selected events and transactions occurred during March. Mar. 1 Stockholders invested $55,500 cash in the business in exchange for common stock of the corporation. 3 Purchased Snead's Golf Land for $41,000 cash. The price consists of land $24,500, building $9,190, and equipment $7,310. (Record this in a single entry.) 5 Advertised the opening of the driving range and miniature golf course, paying advertising expenses...
Concord's Miniature Golf and Driving Range Inc. was opened on March 1 by Bob Dean. These selected events and transactions occurred during March Mar. 1 Stockholders invested $68,500 cash in the business in exchange for common stock of the corporation. 3 Purchased Snead's Golf Land for $42,800 cash. The price consists of land $24,300, building $9,730, and equipment $8,770. (Record this in a single entry.) s Advertised the opening of the driving range and miniature golf course, paying advertising expenses...
1. Rackley Company completes these transactions and events during March of the current year (terms of all credit sales are 2/10,n/30, unless otherwise stated in the transaction): perpetual inventory system was adopted by Rackley Company in recording its inventory transactions. March 1 Received $87,200 of merchandise and an invoice dated March 1, terms 2/15, 1/30, from Fox Industries. 2. Sold merchandise on credit to Armand Leon. Invoice No. 854, for $33.600 (cost $16.800). 3. Purchased $2460 of office supplies on...
Bradley's Miniature Golf and Driving Range Inc. was opened on March 1 by Bob Dean. These selected events and transactions occurred during March. Mar 1 Stockholders invested $59,500 cash in the business in exchange for common stock of the corporation. 3 Purchased Snead's Golf Land for $47,100 cash. The price consists of land $25,000, building $9,300, and equipment $12,800. (Record this in a single entry.) Advertised the opening of the driving range and miniature golf course, paying advertising expenses of...
Pronghorn's Miniature Golf and Driving Range Inc. was opened on March 1 by Bob Dean. These selected events and transactions occurred during March. Mar. 1 Stockholders invested $61,000 cash in the business in exchange for common stock of the corporation. 3 Purchased Snead's Golf Land for $46,400 cash. The price consists of land $23,300, building $8,090, and equipment $15,010. (Record this in a single entry.) 5 Advertised the opening of the driving range and miniature golf course, paying advertising expenses...