Trial balance as of dec 1,2018 Cash 405,653 Accounts Receivable 615,000 Allowance for Doubtful...
Trial balance as of dec 1,2018
| Cash | 405,653 | |
| Accounts Receivable | 615,000 | |
| Allowance for Doubtful Accounts | 4,600 | |
| Marketable Securities | 18,000 | |
| Inventory | 100,000 | |
| Prepaid Rent | 40,600 | |
| Prepaid Insurance | 38,500 | |
| Supplies | 3,600 | |
| Equipment | 150,000 | |
| Accumulated Depreciation Equipment | 37,500 | |
| Truck | 56,500 | |
| Accumulated Depreciation Truck | 15,875 | |
| Land | 35,000 | |
| Patents | 75,000 | |
| Accounts Payable | 183,300 | |
| Salaries Payable | 36,000 | |
| Payroll Taxes Payable | 8,000 | |
| Income Tax Payable | 19,585 | |
| Note Payable -short term | 71,640 | |
| Note Payable -long term | 175,000 | |
| Bond Payable (net) | 213,712 | |
| Common Stock, $1 par, 35,000 shares issued and outstanding | 35,000 | |
| APIC Common Stock | 153,000 | |
| Retained Earnings | 45,000 | |
| Sales | 1,150,000 | |
| Cost of Goods Sold | 508,979 | |
| Compensation Expense | ||
| Salaries Expense | 45,000 | |
| Payroll Tax Expense | 7,490 | |
| Advertisting Expense | 22,000 | |
| Insurance Expense | 12,000 | |
| Utilities Expense | 6,000 | |
| Miscellaneous Expenses | 2,500 | |
| Interest Expense | 5,390 | |
| Realized Gains (Losses) | 1,000 |
Record the following adjusting entries in general journal form as of December 31, 2018:
- The fair market value of the securities (classified as marketable) is $19,500.
Homework Answers
Adjustment Entry
The fair market value of the securities (classified as marketable) is $19,500
The securities classified as marketable are reported at fair market value in balance sheet. The Unrealized gain or loss is recorded accordingly.
|
Debit |
Credit |
|
|
Marketable Securities (Fair Market Value 19,500 – Cost 18,000) |
$1,500 |
|
|
Unrealized Gain on Marketable Securities |
$1,500 |
|
|
(Being marketable securities are adjusted to their fair market value) |
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Trial balance as of dec 1,2018
Cash
405,653
Accounts Receivable
615,000
Allowance for Doubtful...
JPJones Trial Balance December 1, 2018 Acct Description DR CR 100 Cash 405,653 101 Accounts...
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